Advice under development – superannuation issues
Effect of COVID-19 on our work
Our public advice and guidance program continues to have a focus on COVID-19 related issues, including:
- consideration 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.
However, we have returned to our ongoing program of work and are updating the status of issues listed on the Program.
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
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
Mid 2021
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
Mid 2021
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
Mid 2021
Contact
PAGSEO@ato.gov.au
[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:
[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
Mid 2021
Contact
PAGSEO@ato.gov.au
We are developing advice and guidance on the following superannuation issues.