Superannuation Alert 21.06.17

Financial Services eBulletin

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

Type Subject matter Source Description
Legislative update Superannuation Amendment (PSSAP Membership) Bill 2016 passed both Houses Superannuation Amendment (PSSAP Membership) Bill 2016

On 20 June 2017, the Superannuation Amendment (PSSAP Membership) Bill 2016, passed both Houses, without amendment, and now awaits Royal Assent.

According to the Explanatory Memorandum, the Bill amends the Superannuation Act 2005 to enable members of the Public Sector Superannuation Accumulation Plan, being the current default fund for new Commonwealth employees and employees of prescribed Commonwealth entities, who move to non-Commonwealth employment to remain in the scheme as contributory members.

ATO Electing to become a non-deductible fund Super CRT Alert 042/2017 

The ATO has provided a reminder by way of CRT Alert 042/2017, that superannuation funds with a defined benefit interest will have until 1 July 2017 to elect to be a non-deductible fund or make member contributions non-deductible for the 2017-18 income year.

Commonwealth public sector superannuation schemes that have a defined benefit interest and constitutionally protected funds or other untaxed funds that would not include member contributions in their assessable income, are prescribed to be non-deductible funds and therefore are not required to make an election.

 

Further information

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