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  • 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 Ruling 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

    Last modified: 14 Sep 2021QC 50320