An in-specie backdown

The government has scrapped its plan to scrap in-specie super transfers.

Summary: The federal government had previously made it clear it would outlaw in-specie transfers of assets, such as shares, into self-managed super funds from July. But, last week, the government quietly dumped its amendment to ban the practice.

Key take-out: The government has also backed down on its plan to require an independent qualified valuation on the transfer of business real property into, or out of, a SMSF.

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