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.

Draft legislation has been introduced by the federal government to modify the work test rules associated with superannuation contributions for older Australians.