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  • Advice under development – superannuation issues

    We are currently developing advice and guidance on the following superannuation issues.

    [3934] Pension tax bonuses

    Title
    Draft Practical Compliance Guideline
    ATO compliance approach to non-inclusion of pension tax bonuses in members’ opening account balances when members transfer to pension phase

    Registered
    September 2018

    Purpose
    The draft Guideline will provide a transitional compliance approach for large APRA-regulated superannuation funds in respect of pension tax bonuses not included in members’ opening account balances on commencement of a pension.

    Expected completion
    To be advised

    [3938] Superannuation income stream

    Title
    Addendum to Taxation Ruling TR 2013/5
    Income tax: when a superannuation income stream commences and ceases

    Registered
    30 August 2018

    Purpose
    TR 2013/5 has been impacted by the legislative amendments flowing from the 2016 Budget announcement of the transfer balance cap, which limits the superannuation interests that a person can have in retirement phase. The Addendum will particularly address the consequences of a superannuation income stream commencing or ceasing.

    Expected completion
    By March 2019

    [3960] Non-arm's length income

    Title
    Final Law Companion Ruling
    Income tax: non-arm's length income – expenditure incurred under a non-arm's length arrangement

    Registered
    December 2018

    Purpose
    The final Ruling will provide the ATO's view in respect of the amendments in the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018, concerning the application of the non-arm's length income provisions where a trustee incurs non-arm's length expenditure under a scheme.

    Expected completion
    To be advised

    Comments
    Draft LCR 2018/D10 published on 19 December 2018. Comments period closes on 22 February 2019.

    [3961] Total superannuation balance

    Title
    Addendum to Law Companion Ruling LCR 2016/12
    Superannuation reform: total superannuation balance

    Registered
    December 2018

    Purpose
    The final Ruling will provide the ATO's view of amendments in Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018, once passed, which require the outstanding balance of a borrowing made under a limited recourse borrowing arrangement in certain circumstances to be included in an individual's total superannuation balance.

    The final Ruling will provide practical examples of how the proposed amendments will apply.

    Expected completion
    To be advised

    Comments
    Draft consolidation LCR 2016/12DC published on 19 December 2018. Comments period closes on 22 February 2019.

    Last modified: 11 Feb 2019QC 50320