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Super and taxation measures given revised start dates

Adrian Flores
Adrian Flores
01 July 2020 1 minute readShare
Super and taxation

The government has revised the start dates for a range of technical superannuation and taxation measures in response to the shortened parliamentary sitting period in 2020 due to the COVID-19 pandemic.

Superannuation measures

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.

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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.

Tax measures

 

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.

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“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.

Super and taxation measures given revised start dates
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Adrian Flores
Adrian Flores

Adrian Flores is the deputy editor of MyBusiness. Before that, he was the deputy editor for SMSF Adviser as well as features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

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