The Government has announced that they will not proceed with their plan to increase the maximum number of members of SMSFs and small APRA funds from four to six.
Treasury Laws Amendment (2019 Measures No 1) Bill 2019 was due to be debated in the Senate last week. However, the ALP had indicated they will not support the change and without the backing of the independents/minor parties, the Bill would not have succeeded.
Despite the Government remaining committed to making the change, they moved amendments to remove the 6 member concept from the Bill so the rest of the proposals (excise concessions for craft beer) could proceed.
Whilst we expect there were not large numbers of SMSFs intending to take advantage of the increased limit, this backdown will be a disappointment to those that were.
Article amended 8 April 2019 to reflect passage of legislation
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