Superannuation Alert 05.10.17

- 5 October 2017

The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.

Type Subject matter Source Description

Legislative update

Registration of legislative instrument – Transfer Balance Account Reports

Federal Register of Legislation

On 27 September 2017, the Reporting of event based transfer balance account information in accordance with the Taxation Administration Act 1953 (Cth) legislative instrument was registered on the Federal Register of Legislation.

According to the Explanatory Statement, the instrument applies from 1 October 2017 and sets out the timeframe within which every superannuation provider is required to lodge a "Transfer Balance Account Report". This report "enable[s] the ATO to determine if an individual has exceeded their transfer balance cap and take appropriate action".

Legislative update

Registration of legislative instrument – PAYG withholding

Federal Register of Legislation

On 27 September 2017, the PAYG Withholding Variation: Certain superannuation beneficiaries who have not quoted a tax file number legislative instrument was registered on the Federal Register of Legislation.

According to the Explanatory Statement, the instrument repeals the previous instrument, Variation to the rate of withholding for certain superannuation beneficiaries who have not quoted a tax file number, and provides that "amounts of non-assessable non-exempt income paid to a superannuation beneficiary are not subject to withholding when the payee has not quoted their tax file number".

Legislative update Registration of legislative instruments – TFN approvals

Federal Register of Legislation

On 26 September 2017, the following instruments were registered on the Federal Register of Legislation:

According to the Explanatory Statement, the instruments "facilitate the operation of Part 11 of the RSA Act and Part 25A of the SIS Act respectively" in relation to the collection of TFNs. The instruments continue the operation of the 2007 versions of these instruments "with only minor changes to wording to improve clarity".

APRA Remaking of legislative instruments – TFN Approvals APRA letter to RSE Licensees

On 28 September 2017, APRA issued a letter to all RSE licensees stating that it had remade the following two legislative instruments which were due to sunset in October 2017: 

According to APRA, minor changes have been made to these instruments from their previous 2007 versions. These changes "reflect feedback from the consultation process" with the industry.

ATO New ATO Draft Guidelines for superannuation reform Draft LCG 2016/8 Superannuation reform: Superannuation reform: transitional CGT relief for complying superannuation funds and pooled superannuation trusts

On 28 September 2017, the ATO issued the following draft Law Companion Guideline (LCG): LCG 2016/8 Superannuation reform: transitional CGT relief for complying superannuation funds and pooled
superannuation trusts.

The draft LCG is designed to reflect the technical changes introduced by the Treasury Laws Amendments (2017 Measures No.2) Act, which received Royal Assent on 22 June 2017. This LCG "provides guidance on the transitional CGT relief available for trustees of complying superannuation funds and pooled superannuation trusts because of the transfer balance cap and transition-to-retirement reforms commencing on 1 July 2017".

Comments on the draft are due by 27 October 2017

  

Further information

All information on this site is of a general nature only and is not intended to be relied upon as, nor to be a substitute for, specific legal professional advice. No responsibility for the loss occasioned to any person acting on or refraining from action as a result of any material published can be accepted.