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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
    Final Practical Compliance Guideline
    ATO compliance approach for large APRA-regulated super funds in respect of pension tax bonuses not included in members' opening account balances on commencement of a pension

    Registered
    September 2018

    Purpose
    The final Guideline will provide the ATO's compliance approach for large APRA-regulated super funds in respect of pension tax bonuses not included in members’ opening account balances on commencement of a pension.

    Expected completion
    To be advised

    Comments
    Draft PCG 2019/D2 published 17 July 2019. Comments period closed 14 August 2019.

    Contact
    Ricardo Coburn, Public Groups and International
    Phone: (03) 9275 2040
    Ricardo.Coburn@ato.gov.au

    [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
    Late 2019

    Contact
    PAGSEO@ato.gov.au

    [3970] Self-managed super funds – property development

    Title
    SMSF Regulator's Bulletin
    Self-managed super funds and property development

    Registered
    May 2019

    Purpose
    This Bulletin will outline the potential tax and regulatory consequences of arrangements self-managed super funds enter into to develop property.

    Expected completion
    October 2019

    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 2019

    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 2019

    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
    Late 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 2019

    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
    October 2019

    Contact
    PAGSEO@ato.gov.au

    [3977] Superannuation guarantee – remission of penalty

    Title
    Draft Law Administration Practice Statement
    Remission of additional super guarantee charge

    Registered
    June 2019

    Purpose
    This draft Practice statement will discuss the imposition and appropriate remission of penalty, and provide further guidance to ATO staff on the various steps during an audit, the finalising of remission decisions and how the penalty concessions may apply.

    Expected completion
    September 2019

    Contact
    PAGSEO@ato.gov.au

    Last modified: 02 Sep 2019QC 50320