The increase in the maximum number of allowable members in self-managed superannuation funds (SMSFs) and small APRA funds from four to six was supposed to start on 1 July 2019. Instead, the measure will start from when the relevant legislation receives royal assent.
Measures to reduce red tape for super funds in relation to exempt current pension income changes have been revised from their initial start date of 1 July 2020 to 1 July 2021.
Targeted amendments to Division 7A as part of the government’s Ten Year Enterprise Tax Plan have had their start date revised from 1 July 2020 to the income years commencing on or after the date of royal assent of the relevant legislation.
The removal of the capital gains discount at the trust level for Managed Investment Trusts and Attribution MITs was supposed to begin on 1 July 2020. That has now been rescheduled to start on the income years commencing on or after three months after the date of royal assent of the relevant legislation.
The change of the petroleum resource rent tax settings to get a fair return has been revised from 1 July 2019 to the income year commencing on or after three months after the date of royal assent of the enabling legislation.
In a statement, Assistant Treasurer Michael Sukkar said the super and tax revisions are aimed at providing clarity and certainty for taxpayers and superannuation fund managers.
“The government is committed to legislating to implement each of these measures and will continue to progress them for delivery as soon as possible,” Mr Sukkar said.