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Source: Australia Government Ministerial Statements

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.

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