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  • Advice under development – superannuation issues

    Effect of COVID-19 on our work

    Our public advice and guidance program is currently focused on:

    • supporting the community with a range of tax and super issues arising from the impacts of COVID-19 on the community, and
    • providing practical guidance on the tax and super aspects of the Government’s economic response.

    This is affecting the delivery of other advice and guidance products. We have considered the relative priority of the issues listed on this program. We will provide updates if we further revise our scheduling.

    If you are concerned about the delay in the delivery of particular pieces of public advice and guidance, email us at publicguidance@ato.gov.au

    See also

    [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 update the legislative references in the Ruling as a result of these amendments as well as address other amendments - including to the definition of superannuation income stream benefit.

    Expected completion
    To be advised

    Comments
    Completion of this Addendum has been delayed to enable further consideration of issues relating to reversionary pensions.

    Contact
    PAGSEO@ato.gov.au

    [3971] Self-managed super funds – rectification directions

    Title
    Law Administration Practice Statement
    Rectification direction for contraventions to the Superannuation Industry (Supervision) Act 1993

    Registered
    May 2019

    Purpose
    This practice statement will provide guidance to staff on the relevant matters to be considered when deciding whether to give a trustee or a director of a body corporate that is a trustee of a self-managed super fund a written rectification direction under section 159 of the Superannuation Industry (Supervision) Act 1993.

    Expected completion
    Late-2020

    Contact
    PAGSEO@ato.gov.au

    [3972] Self-managed super funds – education directions

    Title
    Law Administration Practice Statement
    Education direction for contraventions of the Superannuation Industry (Supervision) Act 1993

    Registered
    May 2019

    Purpose
    This practice statement will provide guidance to staff on the relevant matters to be considered when deciding whether to give a trustee or a director of a body corporate that is a trustee of a self-managed super fund a written education direction under section 160 of the Superannuation Industry (Supervision) Act 1993.

    Expected completion
    Late-2020

    Contact
    PAGSEO@ato.gov.au

    [3975] Super benefits in breach of rules

    Title
    Law Administration practice statement
    The Commissioner’s discretion to exclude illegally accessed superannuation benefits from assessable income

    Registered
    June 2019

    Purpose
    This practice statement will provide guidelines on the Commissioner's discretion as set out in subsection 304-10(4) of the Income Tax Assessment Act 1997 to not include a super benefit in assessable income.

    Expected completion
    Late-2020

    Contact
    PAGSEO@ato.gov.au

    [3976] Self-managed super funds – administrative penalties

    Title
    Law Administration Practice Statement
    Administration of the penalty for contraventions of the Superannuation Industry (Supervision) Act 1993 in relation to self-managed super funds

    Registered
    June 2019

    Purpose
    This Practice statement will provide guidelines on when an entity becomes liable to one or more administrative penalties and the Commissioner's remission considerations.

    Expected completion
    Mid / late 2020

    Comments
    Targeted consultation occurred on this issue in October 2019 and feedback received is being reviewed.

    Contact
    PAGSEO@ato.gov.au

    See also:

    [3984] Non-arm's length expenditure

    Title
    Final Law Companion Ruling
    Non-arm's length income - expenditure incurred under a non-arm's length arrangement

    Registered
    September 2019

    Purpose
    This Ruling will provide the Commissioner’s view of amendments in the Treasury Laws Amendment (2018 Superannuation Measures No 1) Act 2019, 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 2019/D3 published on 2 October 2019. Comments period closed on 15 November 2019. The related item, Practical Compliance Guideline PCG 2020/5 Applying the non-arm's length income provisions to 'non arm's length expenditure' – ATO compliance approach for complying superannuation entities published on 1 June 2020.

    Contact
    PAGSEO@ato.gov.au

    See also:

    [4001] Super guarantee – employment of jockeys

    Title
    Decision impact statement
    Commissioner of Taxation v Scone Race Club Limited [2019] FCAFC 225 and Commissioner of Taxation v Racing Queensland Board [2019] FCAFC 224

    Registered
    July 2020

    Purpose
    This Decision impact statement will provide the ATO’s view on the outcome of these cases.

    Expected completion
    August 2020

    Contact
    PAGSEO@ato.gov.au

    [4002] Self-managed super funds – interests in another entity

    Title
    Draft SMSF Determination
    What constitutes an ‘interest in another entity’ for the purposes of Division 13.3A of Superannuation Industry (Supervision) Regulations 1994 (SISR)?

    Registered
    April 2020

    Purpose
    This draft Determination is being developed to consolidate and update ATO interpretive decisions ATO ID 2008/51 and ATO ID 2008/52.

    Expected completion
    Late-2020

    Contact
    PAGSEO@ato.gov.au

    [4004] Remission of additional superannuation guarantee charge

    Title
    Final law Administration Practice Statement
    Remission of additional superannuation guarantee charge

    Registered
    July 2020

    Purpose
    This Practice Statement will outline the Commissioner's approach to Part 7 penalties after the conclusion of the super guarantee amnesty. The amnesty is currently open and ends on 7 September 2020.

    Expected completion
    To be advised

    Comments
    Draft PS LA 2020/D1 published on 30 July 2020. Comments period closes on 28 August 2020.

    Contact
    PAGSEO@ato.gov.au

    Last modified: 05 Aug 2020QC 50320