Explanatory Memorandum
(Circulated by authority of the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator the Hon Jane Hume)Chapter 2 - Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020
2.1 This Bill is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview
2.2 This Bill amends the superannuation and income tax laws to increase the maximum number of allowable members in SMSFs from four to six.
2.3 This Bill also amends provisions that relate to SMSFs and small APRA funds. These amendments ensure continued alignment with the increased maximum number of members for SMSFs.
Human rights implications
2.4 This Bill does not engage any of the applicable rights or freedoms.
Conclusion
2.5 This Bill is compatible with human rights as it does not raise any human rights issues.