Labor’s commitment not to introduce a superannuation balance cap should it form government later this year has been applauded by the SMSF Association.

Six-member SMSFs could become a reality by the start of the new financial year after parliament passed legislation allowing their creation.

Indexation of the general transfer balance cap will occur on 1 July, leading to a departure from a standard figure for super fund members.

Changes lifting the ages for the work test and spouse contributions will begin from 1 July 2020 after enabling regulations were registered late last week.