Call for activism over six-member rule

I Love SMSF founder Grant Abbott has called on sector practitioners to email members of the Senate immediately imploring them to pass the legislation that will change the maximum number of members in a self-managed fund from four to six.

Abbott sent his call to action out via email and social media in a message that included a form email and a list of senators to whom the correspondence should be sent. This list includes all coalition members of the upper house, as well as the sitting minor party senators.

According to Abbott, the only chance of having this legislation passed is before an election is called.

“We have a chance this week to get the bill increasing the number of members from four to six members through both houses of parliament. The Senate economics committee has already recommended it to be passed,” he said.

“But if it does not get through this week and an election is called, then don’t expect the Labor Party to support it as it runs counter to their desire to increase industry fund inflows to make them more powerful. We are starting to see these funds push a union-based agenda to the detriment of their members.”

The email itself asks for political support for the Treasury Laws Amendment (2019 Measures No 1) Bill 2019 because the current four-member maximum for SMSFs limits the ability of trustees to include all members of their family and make their self-managed funds true family super funds.

Further, it says I Love SMSF clients will be notified of the specific level of support the bill received.

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