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  • Superannuation

    [202140] Superannuation visibility for family law proceedings

    Registered

    September 2021

    Expected completion of consultation

    March 2022

    Consultation status

    Targeted consultation is underway.

    Consultation purpose

    To co-design the system and process for sharing superannuation information with the family law courts.

    Description

    The Government has committed to improving the visibility of superannuation assets in family law proceedings.

     

    The Taxation Administration Act 1953 and the Family Law Act 1975 have been amended to facilitate the identification of superannuation assets by parties to family law proceedings, leveraging information held by the ATO. The legislation authorises the ATO to disclose this superannuation information to court registry staff for the purpose of relevant family law proceedings.

    Who we are consulting

    • Federal Circuit and Family Court of Australia
    • Family Court of Western Australia

     

    Consultation lead

    Sue Layoun, Superannuation and Employer Obligations
    sue.layoun@ato.gov.au
    Phone (02) 9354 3877

    [202137] Trans-Tasman retirement savings portability

    Registered

    September 2021

    Expected completion of consultation

    April 2022

    Consultation status

    Consultation is underway.

    Consultation purpose

    To co-design a streamlined process and associated messaging for the transfer of ATO held unclaimed superannuation money (USM) for New Zealand residents via a KiwiSaver scheme provider.

    Description

    Currently New Zealand residents wishing to access their ATO held USM need to transfer the USM amounts to an Australian APRA fund before transferring it to a KiwiSaver fund in New Zealand.

     

    Once legislation is in effect and system functionality is in place, the streamlined process will allow the ATO to directly transfer USM of New Zealand residents to a KiwiSaver scheme provider, improving the operation of the Trans-Tasman retirement savings portability arrangement between Australia and New Zealand.

    Who we are consulting

    • New Zealand Inland Revenue
    • KiwiSaver scheme providers

     

    Consultation lead

    Kylie Osmond, Superannuation and Employer Obligations
    kylie.osmond@ato.gov.au
    Phone (02) 6216 6506

    [202036] Proposed tax controls over third party data guidance

    Registered

    November 2020

    Expected completion of consultation

    November 2021

    Consultation status

    Targeted consultation is being undertaken.

    Consultation purpose

    To seek feedback on the development of proposed tax controls over third party data guidance, including obtaining examples of best practice tax controls over third party data.

    Description

    In July 2015, the ATO published the Tax risk management and governance review guide (the ATO Guide).

     

    Tax governance over third party data is important for superannuation funds and managed investment trusts as the data is used to prepare the entity’s income tax return or distribution statements for beneficiaries.

     

    The tax controls over third party data guidance will supplement the ATO Guide.

    Who we are consulting

    • Australian Custodial Services Association
    • Financial Services Council
    • Association of Superannuation Funds of Australia
    • Tax advisers
    • Superannuation funds 

     

    Consultation lead

    Tania Peters, Public Groups and International
    tania.peters@ato.gov.au
    Phone (03) 9275 2351

      Last modified: 01 Oct 2021QC 54486