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
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.
For enquiries please call Jessica Carew +61 2 6263 2548.