Law Companion Guideline

LCG 2016/12A3 - Addendum

Superannuation reform: total superannuation balance

Addendum

This Addendum is a public ruling for the purposes of the Taxation Administration Act 1953. It amends Law Companion Guideline LCG 2016/12 to reflect amendments to the law made by the Treasury Laws Amendment (2017 Measures No. 2) Act 2017.

LCG 2016/12 is amended as follows:

1. Preamble

In the second paragraph, after '2016'; insert 'and the Treasury Laws Amendment (2017 Measures No. 2) Act 2017 to entities that rely on it in good faith.'.

2. Paragraph 8

(a) In the second dot point omit the words 'age 65).'; substitute 'age 65), or'.

(b) After the second dot point insert:

·
if it is a transition to retirement income stream, transition to retirement income pension, non commutable allocated annuity or a non commutable allocated pension (collectively known as TRIS), when the member (including a reversionary beneficiary in the case of death of a member):

-
is 65 years old or older, or
-
has met a relevant condition of release with a nil cashing restriction (retirement, terminal medical condition, permanent incapacity) and they have notified the superannuation provider for the TRIS of that fact.[17]

3. Paragraph 8A

Omit second dot point; substitute:

·
a TRIS when the member:

-
is under 65 years of age, or
-
has not met a relevant condition of release with a nil cashing restriction (retirement, terminal medical condition, permanent incapacity), or
-
they have met a relevant condition of release with a nil cashing restriction (retirement, terminal medical condition, permanent incapacity) but have not notified the superannuation provider for the TRIS of that fact.[19]

4. References

Insert Legislative reference 'Treasury Laws Amendment (2017 Measures No. 2) Act 2017'.

This Addendum applies on and from 20 December 2017.

Commissioner of Taxation
20 December 2017

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Footnotes


Paragraph 307-80(2)(c).


Subsection 307-80(3).