Revised start dates for several super and taxation measures

According to a statement issued by Assistant Treasurer Michael Sukkar, these revisions are a result of the reprioritisation of government resources and the shortened parliamentary sitting period in 2020 due to the COVID-19 crisis.

Among the revisions is the increase in the maximum number of allowable members in self-managed superannuation funds and small APRA funds from four to six, which will be postponed from 1 July 2019 to royal assent of the enabling legislation.

Also being pushed back to the income years commencing on or after three months after the date of royal assent of the enabling legislation is the tax integrity measure, which removes the capital gains discount at the trust level for Managed Investment Trusts and Attribution MITs.

Targeted amendments to Division 7A are also on the list, with their implementation date now to be revised from 1 July 2020 to “income years commencing on or after the date of royal assent of the enabling legislation”. 

Lastly, the Assistant Treasurer said, the reduction of red tape for superannuation funds (exempt current pension income changes) is not expected to commence until 1 July 2021, instead of the planned 1 July 2020 start date. 

"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 concluded.