The Liberal Party looks set to push ahead with its measure to increase the SMSF member limit as an election policy, despite the removal of the measure shortly before Parliament was dissolved.
In a policy document on its website outlining its plans for retirees and superannuation, the Liberal Party has listed its proposal to increase the number of members in an SMSF to six as one of its key election policies.
The Liberal Party said that it plans to “extend the maximum size of SMSFs from four to six members, enabling more families to take control of their retirement savings”.
Earlier this month, the Morrison government agreed to remove the amendment to increase the SMSF member limit from the bill it was contained in, in order to pass the other measures in the bill including an amendment to extend concessional rates of excise to craft beer brewers.
The Labor Party was strongly opposed to the measure, stating that there had been “no detailed analysis” or any formal consultation.
Source: https://www.smsfadviser.com/news/17539-six-member-smsfs-flagged-as-election-policy-by-liberals
By Miranda Brownlee
SMSF Adviser
17 April 2019
