Minister Shorten clarifies position on statutory deeming clauses for SMSFs

The Assistant Treasurer, Bill Shorten, has confirmed that the Government no longer intends to amend superannuation legislation to incorporate deeming clauses in SMSFs.  The Minister, after due consideration, has decided that SMSFs should have flexibility to tailor their governing rules.  Consequently, the Government will not amend superannuation legislation to automatically deem anything permitted by superannuation or taxation legislation to be permitted by their governing rules.

This announcement has confirmed the critical role played by the governing rules of SMSFs and the need for governing rules to be kept up-to-date in light of changing legislative requirements and industry practices.

The announcement is part of the Stronger Super Information Pack released on 21 September 2011.