Show download pdf controls
  • Advice under development – superannuation issues

    We are currently 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

    Registered
    30 August 2018

    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
    February 2020

    Contact
    PAGSEO@ato.gov.au

    [3970] Self-managed super funds – property development

    Title
    SMSF Regulator's Bulletin
    Self-managed super funds and property development

    Registered
    May 2019

    Purpose
    This Bulletin will outline the potential tax and regulatory consequences of arrangements self-managed super funds enter into to develop property.

    Expected completion
    Early 2020

    Comments
    Targeted consultation occurred on this issue in September 2019 and feedback received is being reviewed.

    Contact
    PAGSEO@ato.gov.au

    [3971] Self-managed super funds – rectification directions

    Title
    Law Administration Practice Statement
    Rectification direction for contraventions to the Superannuation Industry (Supervision) Act 1993

    Registered
    May 2019

    Purpose
    This Practice statement will provide guidance to 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 2020

    Contact
    PAGSEO@ato.gov.au

    [3972] Self-managed super funds – education directions

    Title
    Law Administration Practice Statement
    Education direction for contraventions of the Superannuation Industry (Supervision) Act 1993

    Registered
    May 2019

    Purpose
    This Practice statement will provide guidance to 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 2020

    Contact
    PAGSEO@ato.gov.au

    [3975] Super benefits in breach of rules

    Title
    Law Administration practice statement
    The Commissioner’s discretion to exclude illegally accessed superannuation benefits from assessable income

    Registered
    Late 2019

    Purpose
    This 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 to not include a super benefit in assessable income.

    Expected completion
    April/May 2020

    Contact
    PAGSEO@ato.gov.au

    [3976] Self-managed super funds – administrative penalties

    Title
    Law Administration Practice Statement
    Administration of the penalty for contraventions of the Superannuation Industry (Supervision) Act 1993 in relation to self-managed super funds

    Registered
    June 2019

    Purpose
    This Practice statement will provide guidelines on when an entity becomes liable to one or more administrative penalties and the Commissioner's remission considerations.

    Expected completion
    January 2020

    Comments
    Targeted consultation occurred on this issue in October 2019 and feedback received is being reviewed.

    Contact
    PAGSEO@ato.gov.au

    See also:

    [3977] Superannuation guarantee – remission of penalty

    Title
    Law Administration Practice Statement
    Remission of additional superannuation guarantee charge

    Registered
    June 2019

    Purpose
    This Practice statement will discuss the imposition and appropriate remission of penalty, and provide further guidance to ATO staff on the various steps during an audit, the finalising of remission decisions and how the penalty concessions may apply.

    Expected completion
    December 2019

    Comments
    Draft PS LA 2019/D1 published on 9 September 2019. Comments period closed on 4 October 2019.

    Contact
    PAGSEO@ato.gov.au

    [3984] Non-arm's length expenditure

    Title
    Final Law Companion Ruling
    Non-arm's length income - expenditure incurred under a non-arm's length arrangement

    Registered
    September 2019

    Purpose
    This Ruling will provide the Commissioner’s view of amendments in the Treasury Laws Amendment (2018 Superannuation Measures No 1) Act 2019, concerning the application of the non-arm’s length income provisions where a trustee incurs ‘non-arm’s length expenditure’ under a scheme.

    Expected completion
    To be advised

    Comments
    Draft LCR 2019/D3 published on 9 October 2019. Comments period closed on 15 November 2019.

    Contact
    PAGSEO@ato.gov.au

    Title
    Final Practical Compliance Guideline
    Compliance approach for complying superannuation funds in respect of applying the non-arm’s length income provisions to ‘non-arm’s length expenditure’

    Registered
    September 2019

    Purpose
    This Guideline will provide a transitional compliance approach for the 2018–19 and 2019–20 income years where a superannuation entity incurs certain non-arm’s length expenditure (or where expenditure is not incurred) in gaining or producing ordinary or statutory income.

    Expected completion
    To be advised

    Comments
    Draft PCG 2019/D6 published on 9 October 2019. Comments period closed on 15 November 2019.

    Contact
    PAGSEO@ato.gov.au

    See also:

    Completed item [3960] Non-arm's length income

    Last modified: 03 Dec 2019QC 50320