SMSF new changes

The following super reform Bills received Royal Assent on 22 June 2021 (after being passed by Parliament on 17 June):

• Treasury Laws Amendment (More Flexible Superannuation) Bill 2020 (Act No 45 of 2021). The Bill implements the 2019-20 Budget measure to extend the bring forward age limit to 65 and 66 (ie under age 67) for non-concessional contributions from 1 July 2020
• Treasury Laws Amendment (Your Future, Your Super) Bill 2021 (Act No 46 of 2021). The Bill with a delayed start of 1 November 2021, implements the Government’s Your Future, Your Super (YFYS) reforms from the 2020-21 Budget, including “stapled” single default accounts, a best “financial” interests duty for trustees and APRA benchmark testing of investment performance
• Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020 (Act No 47 of 2021). The Bill increases from 4 to 6 the maximum number of allowable members in new and existing SMSFs and small APRA funds, it commences from 1 July 2021. It also amends s 35B of the SIS Act to require the accounts and statements of SMSFs with 3-6 directors or trustees to be signed by “at least half of” the directors or individual trustees.