The Turnbull Government is supporting Australians who want to manage their own superannuation affairs by expanding access to self-managed superannuation funds (SMSFs), and making it easier to roll existing superannuation funds into a self-managed fund.
The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today announced that the Turnbull Government will expand the limit on the maximum number of members in self-managed super funds from four to six.
“The change will allow for greater flexibility and, given the growth in the sector to date, will ensure SMSFs remain compelling retirement savings vehicles into the future,” said Minister O’Dwyer.
SuperStream will also be extended to include SMSF rollovers, allowing SMSF members to initiate and receive rollovers electronically between an APRA fund and their SMSF.
“This will reduce compliance costs, expedite the rollover process and further improve the integrity of the super system.”
“I have asked the ATO to work with industry on the design and implementation of this important reform, which is expected to commence late next year.”
“SMSFs and their members can rest assured that unlike the Labor Party and Bill Shorten, who continue to unfairly target SMSFs through policies like their regressive retiree tax, the Government recognises the valuable role SMSFs play in providing competition in the superannuation sector and providing Australians with an opportunity to exert more control over their own retirement.”
“After all, it is their money, and all Australians should have the right to choose how they want to manage their retirement savings,” Minister O’Dwyer concluded.