Advice under development – superannuation issues
We are developing advice and guidance on the following superannuation issues.
[3938] Superannuation income stream
Title
Addendum to Taxation Ruling TR 2013/5
Income tax: when a superannuation income stream commences and ceases
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
Mid 2022
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
Final Law Administration Practice Statement
Rectification direction for contraventions to the Superannuation Industry (Supervision) Act 1993
Purpose
This final practice statement will provide guidance to ATO 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 2022
Comments
Finalisation of the practice statement has been delayed due to other priority work.
Contact
PAGSEO@ato.gov.au
[3972] Self-managed super funds – education directions
Title
Final Law Administration Practice Statement
Education direction for contraventions of the Superannuation Industry (Supervision) Act 1993
Purpose
This final practice statement will provide guidance to ATO 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 2022
Comments
Finalisation of the Ruling has been delayed due to other priority work.
Contact
PAGSEO@ato.gov.au
[3975] Super benefits in breach of rules
Title
Draft Law Administration Practice Statement
Exercising the Commissioner’s discretion where superannuation benefits are received in breach of legislative requirements
Purpose
This draft 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, which may be applied where superannuation benefits are received in breach of legislative requirements.
Expected completion
Late 2021
Contact
PAGSEO@ato.gov.au
Title
Draft Taxation Determination
Income tax: how will a superannuation benefit be treated for income tax purposes where the Commissioner determines it would be unreasonable for it to be included in an individual’s assessable income under subsection 304-10(4) of the Income Tax Assessment Act 1997?
Purpose
This draft Determination will set out the Commissioner’s preliminary view on the income tax treatment of a superannuation benefit received by an individual otherwise than in accordance with the payment standards prescribed under subsection 31(1) of the Superannuation Industry (Supervision) Act 1993, where the Commissioner exercises the discretion contained in subsection 304-10(4) of the Income Tax Assessment Act 1997.
Expected completion
Late 2021
Comments
The draft Determination will complement the proposed publication of a related law administration practice statement on exercising the Commissioner’s discretion where superannuation benefits are received in breach of legislative requirements.
Contact
PAGSEO@ato.gov.au
[3984] Non-arm's length expenditure
Title
Update to Taxation Ruling TR 2010/1
Income tax: superannuation contributions
Purpose
The update to TR 2010/1 explains the proposed interactions between the non-arm's length income provisions and the rules concerning superannuation contributions.
Expected completion
Late 2021
Comments
The draft update (PDF, 402KB)This link will download a file to TR 2010/1 published on 28 July 2021. Comments period closed on 27 August 2021.
Appendix 2 of this Ruling sets out the Commissioner’s proposed compliance approach for the 2018–19 and later income years in determining when a contribution has been made to the superannuation provider where the non-arm’s length income rules apply. It should be read in conjunction with Law Companion Ruling LCR 2021/2 Non-arm’s length income – expenditure incurred under a non-arm’s length arrangement.
The Ruling also contains updates to reflect the removal of the maximum earnings test for the purpose of deducting personal contributions, which commenced from 1 July 2017.
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)?
Purpose
This draft Determination is being developed to consolidate and update ATO interpretative decisions ATO ID 2008/51 and ATO ID 2008/52.
Expected completion
Late 2021
Contact
PAGSEO@ato.gov.au
[4025] Super guarantee – Part 7 penalties
Title
Final Law Administration Practice Statement
Remission of additional superannuation guarantee charge
Purpose
This Practice Statement outlines the Commissioner’s revised approach in relation to the remission of additional super guarantee charge imposed under Part 7 of the Superannuation Guarantee (Administration) Act 1992.
Expected completion
Late 2021
Comments
Draft PS LA 2021/D1 published on 29 July 2021. Comments period closed on 27 August 2021.
Law Administration Practice Statement PS LA 2020/4 Remission of additional superannuation guarantee charge was annotated on 21 May 2021, advising that the Commissioner's decision-making principles for the remission of additional superannuation guarantee charge for quarters commencing from 1 April 2018 are currently being reviewed. The principles in PSLA 2020/4 only apply to quarters that were subject to the superannuation guarantee amnesty (quarters ending on 31 March 2018 and earlier).
The Practice Statement combines the principles in PS LA 2020/4 with the revised remission principles for quarters commencing from 1 April 2018.
Contact
PAGSEO@ato.gov.au
We are developing advice and guidance on the following superannuation issues.