Although the government was anticipated to include it in a guillotine motion, SMSF Adviser has confirmed that the bill is not part of that motion.

As it currently stands, the bill has been scrapped having been considered too controversial and too hard to pass.

According to SMSFA CEO Peter Burgess this is “a big win for the sector”.

He told SMSF Adviser that this is a “sure sign” that the government knows they have issues with this bill.

“Only non-controversial bills are guillotined,” Burgess said.

According to the Parliamentary Practice and Procedure Guidelines, guillotines are used where the government can obtain the support of a majority of the Senate to provide finite debating times for a particular bill or to bring protracted debates to a close.

Earlier this week, Finance Minister Katy Gallagher assured that the changes to Division 296 remain Labor policy, but conceded that the bill faces opposition in the Senate, calling the upper house “an obstructionist chamber”.

“There’s a big cross bench with different views, we’ve got an opposition that doesn’t want to work with the government, that wants to stop progress, but we are going to be fighting right up to the end.”

What’s among the 36 bills

In the pile of 36 bills Labor is trying to push through are RBA reforms, as well as some of the Future Made in Australia legislation.

Gallagher hinted in an interview with ABC Radio on Thursday that politicians may be subject to a 24-hour marathon sitting.

“If that is how we get these important bills through, then we are prepared to sit and wait,” she said.