With a federal election not far away and the Government now in ‘caretaker mode’, any outstanding Bills within Parliament have now dissolved. Given the level of activity over the past six months or more, it would be very easy to be confused about what has become law and what actually didn’t make.
Therefore, we’ve provided for you below a summary of the measures that passed, and those that didn’t that impact self-managed super funds:
| Issue | Status |
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Passed by both houses on 12 February 2019 and Royal Assent received on 1 March 2019 – Treasury Laws Amendment (2018 Measures No. 4) Bill 2018. |
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Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018 remains in the Senate (since 25 June 2018). |
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Following consultation that simplified these measures, Treasury Laws Amendment (Work Test Exemption) Regulations 2018 have now been made by the Federal Executive Council to amend the SIS Regulation from 1 July 2019 to provide an extra year to contribute to superannuation (where a member’s TSB <$300k). |
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Treasury released consultation on draft legislation on 27 February to make technical amendments (closed 27 March).
ATO released CRT Alert 066/2018 in response to this matter for Market Linked Pensions. |
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Treasury Laws Amendment (2019 Measures No.1) Bill 2019 introduced into Parliament, however referred to Senate Economics Committee – recommendation to proceed with measure.
Removed from Bill – not proceeding. |
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Following closure of the Treasury consultation on 31 August 2018, no draft legislation has yet been issued for this proposal to commence from 1 July 2019. |
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On 22 March 2019, the Government released report by CFR & ATO on 3 year findings into LRBAs post FSI inquiry. At this stage they were satisfied that LRBAs posed no material systemic risk, however they would continue to monitor the market accordingly. Furthermore, the Productivity Commission’s final report made similar comments (see Finding 10.4). |
You can find out more about many of these issues and much more in our SMSF Day online course, commencing from 20 May 2019. To find out more, visit https://smartersmsf.com/smsfday
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