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This is a Bill, not an Act. For current law, see the Acts databases.
2019-2020
The Parliament of the
Commonwealth of Australia
THE SENATE
Presented and read a first time
Treasury Laws Amendment (Self
Managed Superannuation Funds) Bill
2020
No. , 2020
(Treasury)
A Bill for an Act to amend the law relating to
taxation and superannuation, and for related
purposes
No. , 2020
Treasury Laws Amendment (Self Managed Superannuation Funds) Bill
2020
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Amendments
3
Part 1--Main amendments
3
Superannuation Industry (Supervision) Act 1993
3
Part 2--Other amendments
4
Corporations Act 2001
4
Income Tax Assessment Act 1997
4
Superannuation Industry (Supervision) Act 1993
5
Superannuation (Unclaimed Money and Lost Members) Act 1999
7
No. , 2020
Treasury Laws Amendment (Self Managed Superannuation Funds) Bill
2020
1
A Bill for an Act to amend the law relating to
1
taxation and superannuation, and for related
2
purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act is the
Treasury Laws Amendment (Self Managed
6
Superannuation Funds) Act 2020
.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
2
Treasury Laws Amendment (Self Managed Superannuation Funds) Bill
2020
No. , 2020
1
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. The whole of
this Act
The first 1 January, 1 April, 1 July or
1 October to occur after the day this Act
receives the Royal Assent.
Note:
This table relates only to the provisions of this Act as originally
2
enacted. It will not be amended to deal with any later amendments of
3
this Act.
4
(2) Any information in column 3 of the table is not part of this Act.
5
Information may be inserted in this column, or information in it
6
may be edited, in any published version of this Act.
7
3 Schedules
8
Legislation that is specified in a Schedule to this Act is amended or
9
repealed as set out in the applicable items in the Schedule
10
concerned, and any other item in a Schedule to this Act has effect
11
according to its terms.
12
Amendments
Schedule 1
Main amendments
Part 1
No. , 2020
Treasury Laws Amendment (Self Managed Superannuation Funds) Bill
2020
3
Schedule 1--Amendments
1
Part 1--Main amendments
2
Superannuation Industry (Supervision) Act 1993
3
1 Paragraph 17A(1)(a)
4
Repeal the paragraph, substitute:
5
(a) it has no more than 6 members;
6
2 Paragraphs 35B(3)(a) and (b)
7
Repeal the paragraphs, substitute:
8
(a) if there is a single corporate trustee--by:
9
(i) if the corporate trustee has one or 2 directors--each
10
director; or
11
(ii) otherwise--at least half of the directors; or
12
(b) if there is a group of individual trustees--by:
13
(i) if there are only 2 trustees--both trustees; or
14
(ii) otherwise--at least half of the trustees.
15
Schedule 1
Amendments
Part 2
Other amendments
4
Treasury Laws Amendment (Self Managed Superannuation Funds) Bill
2020
No. , 2020
Part 2--Other amendments
1
Corporations Act 2001
2
3 Subsection 1017BB(6) (definition of
small APRA fund
)
3
Omit "less than 5 members", substitute "no more than 6 members".
4
Income Tax Assessment Act 1997
5
4 Paragraph 294-55(1)(c)
6
Repeal the paragraph, substitute:
7
(c) the superannuation interest is in a
*
small superannuation fund
8
at the time of the payment.
9
5 Subsection 294-55(4)
10
Repeal the subsection.
11
6 Paragraph 295-387(2)(a)
12
Repeal the paragraph, substitute:
13
(a) the fund is a
*
small superannuation fund at a time during the
14
income year; and
15
7 Paragraph 307-231(1)(d)
16
Repeal the paragraph, substitute:
17
(d) the fund is a
*
small superannuation fund at that time; and
18
8 Subsection 307-231(4)
19
Repeal the subsection.
20
9 Subsection 995-1(1) (definition of
small superannuation
21
fund
)
22
Omit "4 or fewer members", substitute "no more than 6 members".
23
Amendments
Schedule 1
Other amendments
Part 2
No. , 2020
Treasury Laws Amendment (Self Managed Superannuation Funds) Bill
2020
5
Superannuation Industry (Supervision) Act 1993
1
10 Section 4 (table item dealing with Part No. 24B, column
2
headed "Matter dealt with")
3
Omit "fewer than 5 members", substitute "no more than 6 members".
4
11 Paragraph 29P(7)(a)
5
Omit "fewer than 5 members", substitute "no more than 6 members".
6
12 Subparagraphs 29T(1)(d)(i) and (ii)
7
Omit "5 or more members", substitute "7 or more members".
8
13 Subparagraphs 29U(2)(g)(i) and (ii)
9
Omit "5 or more members" (wherever occurring), substitute "7 or more
10
members".
11
14 Subsection 52(9)
12
Omit "fewer than 5 members", substitute "no more than 6 members".
13
15 Subsection 52(12)
14
Omit "fewer than 5 members", substitute "no more than 6 members".
15
16 Subsection 58(1)
16
Omit "fewer than 5 members", substitute "no more than 6 members".
17
17 Paragraph 66(2)(b)
18
Omit "fewer than 5 members", substitute "no more than 6 members".
19
18 Subsection 68AAA(1) (note)
20
Omit "fewer than 5 members", substitute "no more than 6 members".
21
19 Subsection 68AAB(1) (note)
22
Omit "fewer than 5 members", substitute "no more than 6 members".
23
20 Subsection 68AAC(1) (note)
24
Omit "fewer than 5 members", substitute "no more than 6 members".
25
Schedule 1
Amendments
Part 2
Other amendments
6
Treasury Laws Amendment (Self Managed Superannuation Funds) Bill
2020
No. , 2020
21 Section 68AAD (heading)
1
Omit "
fewer than 5 members
", substitute "
no more than 6
2
members
".
3
22 Section 68AAD
4
Omit "fewer than 5 members", substitute "no more than 6 members".
5
23 Paragraph 70B(b)
6
Omit "fewer than 5 members", substitute "no more than 6 members".
7
24 Paragraph 71(1)(g)
8
Omit "fewer than 5 members", substitute "no more than 6 members".
9
25 Paragraph 71E(1)(a)
10
Omit "fewer than 5 members", substitute "no more than 6 members".
11
26 Section 92 (heading)
12
Omit "
more than 4
", substitute "
more than 6
".
13
27 Subsection 92(1)
14
Omit "more than 4", substitute "more than 6".
15
28 Subsection 92(13)
16
Omit "less than 5 to 5 or more", substitute "less than 7 to 7 or more".
17
29 Paragraph 93(5)(a)
18
Omit "less than 5", substitute "less than 7".
19
30 Paragraph 93(5)(b)
20
Omit "greater than 4", substitute "greater than 6".
21
31 Subsection 107(1)
22
Omit "fewer than 5 members", substitute "no more than 6 members".
23
32 Part 24B (heading)
24
Omit "
fewer than 5 members
", substitute "
no more than 6
25
members
".
26
Amendments
Schedule 1
Other amendments
Part 2
No. , 2020
Treasury Laws Amendment (Self Managed Superannuation Funds) Bill
2020
7
33 Division 1 of Part 24B (heading)
1
Omit "
fewer than 5 members
", substitute "
no more than 6
2
members
".
3
34 Subsection 252A(1)
4
Omit "fewer than 5 members", substitute "no more than 6 members".
5
Superannuation (Unclaimed Money and Lost Members) Act
6
1999
7
35 Subsection 16(2A) (note)
8
Omit "fewer than 5 members", substitute "no more than 6 members".
9
36 Paragraph 16(2B)(a)
10
Omit "fewer than 5 members", substitute "no more than 6 members".
11
37 Subparagraph 20QA(1)(a)(i)
12
Omit "5 or more", substitute "7 or more".
13
38 Subsection 20QB(3) (note)
14
Omit "fewer than 5 members", substitute "no more than 6 members".
15
39 Paragraph 20QB(4)(a)
16
Omit "fewer than 5 members", substitute "no more than 6 members".
17
40 Subsection 24C(3) (note)
18
Omit "fewer than 5 members", substitute "no more than 6 members".
19
41 Paragraph 24C(4)(a)
20
Omit "fewer than 5 members", substitute "no more than 6 members".
21