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Div 296 bill officially lapses
The election announcement this morning means that the controversial Division 296 tax has officially lapsed.
Peter Burgess, chief executive of the SMSF Association, said that with the Better Targeted Superannuation Bill failing to pass the Senate before the calling of the election this morning, it has now lapsed.
“Given the bill has not been passed, it means we do not need to rely on a Coalition government to repeal this legislation if they win the election,” Burgess said.
“It also means a re-elected Albanese government will need to start the process again, presumably with a more hostile lower house. So, we may well have dodged a bullet.”
Burgess added that given the government has chosen to retain the budgeted revenue from this measure in full it means they will now need to take the notion of taxing unrealised capital gains to the election, despite growing community concerns about the dangerous precedent this will set in the face of a growing budget deficit.
Prime Minister Anthony Albanese called on the Governor-General early this morning to ask for permission to dissolve parliament, bringing an end to the 47th parliament.
The election is to be held on 3 May.
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