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Advice under development – superannuation issues

We are developing advice and guidance on the following superannuation issues.

Last updated 30 January 2024

[3938] Superannuation income stream

Title

Final update 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 a superannuation income stream benefit.

Expected completion

To be advised

Comments

TR 2013/5DC1 Income tax: when a superannuation income stream commences and ceases published on 27 September 2023. Comments period closed 10 November 2023.

Contact

PAGSEO@ato.gov.au

[4042] Ordinary meaning of the term 'employee' [updated]

We are reviewing several products that currently provide guidance on the meaning of the term ‘employee’ to reflect the direction provided in the High Court decision in Construction, Forestry, Maritime, Mining and Energy Union v Personnel Contracting Pty Ltd [2022] HCA 1:

  • Superannuation Guarantee Ruling SGR 2005/1 Superannuation guarantee: who is an employee?
  • Superannuation Guarantee Ruling SGR 2005/2 Superannuation guarantee: work arranged by intermediaries
  • Taxation Ruling TR 2013/1 Income tax: the identification of 'employer' for the purposes of the short-term visit exception under the Income from Employment Article, or its equivalent, of Australia's tax treaties
  • Superannuation Guarantee Ruling SGR 2009/1 Superannuation guarantee: payments made to sportspersons
  • ATO Interpretive Decision ATO ID 2014/28 Superannuation Guarantee Status of the Worker: Pizza delivery drivers as employees.

Expected completion

To be advised

Comments

Related products Taxation Ruling TR 2023/4 Income tax: pay as you go withholding – who is an employee? and Practical Compliance Guideline PCG 2023/2 Classifying workers as employees or independent contractors – ATO compliance approach published on 6 December 2023.

Contact

PAGSEO@ato.gov.au

For more information, see the Decision impact statement – Construction, Forestry, Maritime, Mining and Energy Union v Personnel Contracting Pty Ltd [2022] HCA 1.

[4063] Determining the amount of statutory income that is non-arm’s length income [updated]

Title

Final Taxation Determination

Income tax: how the non-arm’s length income and capital gains tax provisions interact to determine the amount of statutory income that is non-arm’s length income

Purpose

Subsection 295–550(1) of the Income Tax Assessment Act 1997 (ITAA 1997) refers to ‘an amount of ordinary or statutory income’ that is NALI as a result of a scheme in which the parties were not dealing with each other at arm's length in relation to the scheme.

Statutory income includes the net capital gain as calculated using the method statement in subsection 102–5(1) of the ITAA 1997 (including the application of capital losses, discount percentage and small business concessions) and as such is relevant in calculating:

  • statutory income for the purposes of subsection 295–550(1) of the ITAA 1997; and
  • tax payable by superannuation funds, approved deposit funds and pooled superannuation trusts using the method statement in subsection 295–10(1) of the ITAA 1997.

This final Determination will address how these provisions interact to determine the amount of statutory income that is NALI where a capital gain arises as a result of non-arm’s length dealings.

Expected completion

March 2024

Comments

Draft TR 2023/D1 published on 28 June 2023. Comments period closed on 28 July 2023.

Contact

PAGSEO@ato.gov.au

QC50320