Ann: Half Yearly Report and Accounts, page-210

Yes and no....Turnbull introduced the 1.6m cap.

Shorten would have banned SMSFs entirely during his first or second term of government.
Fortunately he didn't get elected.

SMSFs, like any superannuation funds, are there for those who wish to prepare for their retirement and that has not yet changed. Why should anyone be penalised for striving for financial independence now and in later life?

Depending on your age and whether your asset is increasing....there are other ATO guidelines impacting on SMSF caps. ATO guidelines ultimately govern SMSFs.

From what I continue to read and recently have read and learnt from many other sources, if your asset/s is/are not sold and they are appreciating, you can retain it/them. Then there is/are preservation age and/or retirement clauses etc etc.

How I read it, is if you don't sell your assets in your SMSFs and they continue to appreciate, you will be OK. It is worth reading the legislation though and seeking qualified advice.

I won't have to sell my assets at present and if I wait until I reach 60 and retire, I can withdraw (sell/realise) or transfer assets depending on my personal other non-SMSF income e.g. rent from an investment property.

I'm not a financial advisor at all and I am sorry I alarmed you. I was very alarmed when Shorten started quoting his policies re superannuation. Hence my researching of the subject.