The Morrison Government has today announced revised start dates for a number of technical superannuation and taxation measures to provide clarity and certainty for taxpayers and superannuation fund managers.
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.
| Measure | Revised start date |
|---|---|
| Superannuation — increasing the maximum number of allowable members in self-managed superannuation funds and small APRA funds from four to six | Start date revised from 1 July 2019 to Royal Assent of the enabling legislation. |
| Tax Integrity – removing the capital gains discount at the trust level for Managed Investment Trusts and Attribution MITs | Start date revised from 1 July 2020 to the income years commencing on or after three months after the date of Royal Assent of the enabling legislation. |
| Petroleum Resource Rent Tax — changing the PRRT settings to get a fair return (compliance and administration changes) | Start date revised from 1 July 2019 to the income year commencing on or after three month after the date of Royal Assent of the enabling legislation. |
| Ten Year Enterprise Tax Plan — targeted amendments to Division 7A | Start date revised from 1 July 2020 to income years commencing on or after the date of Royal Assent of the enabling legislation. |
| Superannuation — reducing red tape for superannuation funds (exempt current pension income changes) | Start date revised from 1 July 2020 to 1 July 2021 |
The Government is committed to legislating to implement each of these measures and will continue to progress them for delivery as soon as possible.