Superannuation reform package - regulations

Overview

The Government has released for public consultation a further tranche of draft regulations and associated explanatory material relating to the superannuation reform package.

The draft regulations relate to:

• Prescribing the subsidiary objectives of the superannuation system
• Defining total superannuation balances
• Release authorities
• Lowering the annual non-concessional cap
• Improving access to tax deductions for personal contributions
• Implementing the transfer balance cap

This release follows the passage of the Treasury Law Amendment (Fair and Sustainable Superannuation) Act 2016 and the Superannuation (Excess Transfer Balance Tax) Imposition Act 2016 on 23 November 2016.

Further draft regulations to support innovative income stream products and valuation rules for the transfer balance cap will be released for public consultation in early 2017, prior to the commencement of the measures contained in the reform package.

More information on the Government’s superannuation changes is available on the Treasury website.

Enquiries

For enquiries please call Laura Johnson +61 2 6263 3551.

Confidentiality and lodging your submission

Please ensure you have read our information on confidentiality and personal information prior to making a submission.