New SMSF measures expected in parliament

21 May 2019
| By Oksana Patron |
image
image
expand image

The Coalition Government, which has now officially returned, can now focus once again on the self-managed super funds (SMSF) measures which it introduced initially into parliament before the election.

According to Peter Burgess, SuperConcepts general manager, many of these measures might be re-introduced into parliament even early next month.

““On the table are the measures announced in this year’s Federal budget to encourage older Australia’s to contribute to super, as well as the super measures announced in previous federal budgets which had not been passed by the parliament at the time the election was called,” he said.

These would include the superannuation guarantee opt-out rules for high incoming earnings individuals with multiple employers, changes to the definition of NALI and changes to the calculation of a member’s TSB if they entered into a LBRA and whether they satisfied a CoR or the loan was a related party loan, he said.

“With a possible outright majority in the lower house and a slightly less hostile senate, we may even see the re-emergence of the Government’s proposal to increase the maximum number of SMSF members from four to six,” Burgess said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 4 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 2 days ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 6 days ago