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  • CRT Alert 059/2017

    23rd August 2017

    Open for consultation – have your say

    We've released two draft documents for consultation and we seek your feedback.

    Legislative instrument – PAYG withholding variation

    We have updated the legislative instrument that governs how superannuation benefits are taxed if the beneficiary has not quoted their tax file number, and we'd like your feedback.

    Submissions close on Friday 1 September 2017.

    The proposed changes to legislative instrument F2007L02031 Variation to the rate of withholding for certain superannuation beneficiaries who have not quoted a tax file number seek to avoid a beneficiary who has not quoted their tax file number from being subject to withholding at the highest marginal tax rate for amounts that should not be taxed. The updated legislative instrument ensures that withholding is only applied to the assessable portion of a payment in these circumstances.

    Next steps:

    See also:

    Practical compliance guideline – Propagation arrangements adopted by registrable superannuation entities

    We seek your feedback on the draft practical compliance guideline PCG 2017/D16: Propagation arrangements adopted by registrable superannuation entities.

    Submissions close on Monday 2 October 2017.

    The draft guideline sets out the ATO's compliance approach to a registrable superannuation entity's (RSE's) use of propagation to select assets for disposal. Propagation is a tax parcel selection process applied to an RSE's holdings at a particular asset class level rather than the individual fund manager level.

    Once finalised, we propose this guideline would apply from 1 July 2016 and would clarify the ATO’s approach to these types of arrangements for large superannuation funds. This guidance would not apply to self-managed super funds.

    Next Steps:

      Last modified: 23 Aug 2017QC 53149