SMSF Association Submission
The SMSF Association welcomes the opportunity to put forward our Pre-Budget submission for the first Federal Budget of the Albanese Government. We look forward to working with Government and Treasury.
We would also like to take the opportunity to highlight several key measures announced in Budget 2021-22 which remain outstanding. We acknowledge that these were policy proposals of the previous Government. However, these measures address two significant issues for the SMSF sector.
The measures relate to the two-year amnesty for legacy pensions conversions, the removal of the active member test and the extension of the temporary absence rule for non-residents from 2 to 5 years. Both measures were intended to apply from 1 July 2022.
These measures are important reforms for the SMSF sector, and we ask the Government and Treasury to undertake the necessary industry consultation and progress the required legislation as a matter of priority.