The Assistant Treasurer has announced that the government has deferred the commencement date of previously announced, but not yet legislated measures.
In particular, significant changes to Division 7A, which amongst other things proposed to scrap the current 7 and 25-year complying loan arrangements and replace them with a 10-year loan arrangement, are now proposed to take place from the income year commencing on or after the day the enabling legislation receives Royal Assent. (This would be from the income year starting 7 July 2027 at the earliest.)
Likewise, the proposal to expand the maximum number of allowable members in self-managed superannuation funds and small APRA funds from four to six, has its start date revised from 1 July 2019 to the date the enabling legislation receives Royal Assent.
Read the full media release here.