Off-market transfer legislation delayed
Specialist self-managed superannuation funds (SMSFs) company Cavendish Superannuation says Treasury officials have confirmed a deferral of the legislation which would have impacted off-market transfers.
Cavendish head of education David Busoli said the legislation was to have taken effect from 1 July, but that the legislation had yet to be introduced to the Parliament.
"Essentially, what has been expected is the banning of off-market transfers into self-managed superannuation funds where a trading market exists," he said.
Busoli said this would mean that funds wishing to acquire listed securities from members would need to do so by having the member sell them on market, while the SMSF purchased them on market instead of the current situation where they merely had to complete the transfer form.
He said he was hopeful the delay would lead to more consultation capable of influencing the view of regulators on the desirability of the proposed changes.
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