The legislation to increase the maximum number of self-managed superannuation fund (SMSF) members from four to six will remain on the backburner as the Royal Commission recommendations remain priority for the Government.
Assistant Minister for Superannuation, Financial Services and Financial Technology, Jane Hume, spoke at the SMSF Association National Conference on the Gold Coast on Wednesday and said the Government was still committed to the legislation being passed.
“This proposed change increases the flexibility of our SMSF sector and will allow situations of families of up to four children to be part of a single family fund and it remains part of the government’s legislative priorities,” she said.
“But implementing the recommendations of Hayne Royal Commission is the number one priority.”
Hume noted the Government was also committed to improving the flexibility of the super system for older Australians by assisting them to save for their retirement such as the work test exemption, non-concessional contributions with the bring forward rule, and spousal contributions.
“The Government remains committed in passing this legislation ahead of the 1st July start date,” she said.