After all the fanfare by the Coalition Government to increase the number of members within a SMSF to six (6) members in response to Labor’s proposed measure to ban franking credit refunds, this item on budget night has died and will not proceed.
After introducing Treasury Laws Amendment (2019 Measures No. 1) Bill 2019 into Parliament on 13 February 2019, this Bill was subsequently referred to a Senate Economics Committee for further review to report back by 26 March 2019. With the committee recommending for this measure to proceed, in the final sitting days before Parliament would enter caretaker mode (when an election is called), it would require the support of minor parties and/or independent Senators for it to seek passage. It appears on face value that this would not occur, and we have seen today (2 April 2019) amendments to the Bill be made where the measures to increase membership within a SMSF to six members be removed.
It would appear that the only resulting benefit from this change is that the other aspect to this Bill to support craft brewers in relation to excise tax relief will proceed…. and I’ll drink to that!
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