Michael Sukkar MP

Federal Member for Deakin.
Minister for Housing & Assistant Treasurer.
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REVISED START DATES FOR TECHNICAL SUPERANNUATION AND TAXATION MEASURES



The Hon MICHAEL SUKKAR MP

Minister for Housing and Assistant Treasurer

MEDIA RELEASE

30 June 2020

REVISED START DATES FOR TECHNICAL SUPERANNUATION AND TAXATION MEASURES

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.