In our first issue of Stronger Super and SMSFs, we examined a series of changes to the superannuation system that affected self managed superannuation funds (SMSFs). We also identified that the following measures were yet to pass Parliament:
• the penalties and rectification/education direction regime;
• rollovers from APRA super funds to SMSFs to comply with Anti-Money Laundering rules;
• 45% tax on illegally accessed super benefits; and
• early access scheme penalties.
Due to the election being called, the Bills which sought to introduce these measures have now lapsed. These measures will therefore not become law unless the next Government re-introduces the Bills into Parliament.
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