• Praise for new super reform guidelines

    A number of new Law Companion Guidelines (LCGs) that have the status of a public ruling when finalised now provide guidance on new superannuation reforms.

    LCGs give our view on how recently enacted law applies, providing early certainty in the application of the new law. LCGs help to ensure that tax and superannuation professionals, as well as the broader community, have the information they need when they need it.

    The guidelines on the super reforms have earned praise for being user-friendly and offering clarity.

    Dimitri Diamantes from the Financial Planning Association of Australia said the guidelines will be valuable as they provide a reasonably simple explanation of the law. "Further, we believe the guidelines will help people develop a reasonable understanding of the new law and also make it easier to develop a more detailed understanding of that law," Mr Diamantes said.

    John Ciacciarelli, from AMP, also provided positive feedback on the guidelines. "I want to congratulate the ATO on the tremendous amount and quality of the explanations being developed in regard to the new super reform legislation," Mr Ciacciarelli said.

    The LCGs on the super changes have been finalised:

    • LCG 2016/8: Superannuation reform: transfer balance cap and transition-to-retirement reforms: transitional CGT relief for superannuation funds
    • LCG 2016/9: Superannuation reform: transfer balance cap
    • LCG 2016/10: Superannuation reform: defined benefit income streams – non commutable, lifetime pensions and lifetime annuities
    • LCG 2016/11: Superannuation reform: concessional contributions – defined benefit interests and constitutionally protected funds
    • LCG 2016/12: Superannuation reform: total superannuation balance.
    • LCG 2017/1: Superannuation reform: defined benefit income streams – pensions or annuities paid from non-commutable, life expectancy or market-linked products
    • LCG 2017/3: Superannuation reform: transfer balance cap - superannuation death benefits
      Last modified: 09 May 2017QC 51661