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  • Feature: Helping industry prepare for new super measures

    We engaged with the superannuation industry to help SMSF trustees, APRA-regulated funds and the professionals that support them, prepare for the implementation of the new superannuation measures that commenced on 1 July 2017.

    Our focus was on early engagement, providing certainty, and recognising and responding to transitional issues. We:

    • established special purpose consultative groups with industry to work through the administrative and technical issues, as well as in the development of a range of technical advice and guidance products
    • provided early certainty through seven law companion guidelines
    • provided three practical compliance guidelines for new super measures
    • issued 16 guidance notes on specific aspects of the superannuation reforms
    • hosted nine webinars and live-stream events on the superannuation changes, between February and June 2017
    • updated our general advice at ato.gov.au/superchanges
    • developed transitional reporting arrangements to enable funds to meet legislative reporting requirements from 1 July 2017.

    From 1 July 2017, individuals are able to access their personal super balance information online via myTax. Individuals and tax agents (on behalf of their clients), can also contact the ATO directly to find out the super account balances.

    From May 2017, around 580,000 communications – via letters, emails or SMS – were sent to individuals with a view to preventing them from possibly breaching some contributions caps and other new superannuation measures. This information is particularly important for those approaching or exceeding the transfer balance cap.

    End of Helping industry prepare for new super measures feature

     

      Last modified: 30 Oct 2017QC 53662