Technical amendments to super reform legislation

Thursday 20 April 2017

The Government has released an exposure draft of legislation making minor and technical amendments to the superannuation reform package.

The amendments included in the draft legislation relate to the transfer balance cap, concessional contributions, transition to retirement (TTR) income streams and the objective of superannuation.

In relation to TTRs, the draft legislation provides that a TTR pension will be in the retirement phase where the member satisfies a condition of release that has a nil cashing restriction, such as retirement or attaining age 65. The amendments also ensure capital gains tax relief is available to TTR pensions paid from a superannuation funds that use the segregated method to calculate exempt current pension income without needing to commute the pension.

In relation to the transfer balance cap, the draft legislation allows credits and debits to a transfer balance account to be prescribed in regulations. It also proposes to bring-forward the ability to rollover superannuation death benefits from 1 July 2017 to the date this legislation is tabled in Parliament.

Comments on the exposure draft are due by 24 April 2017.

Further information

Treasury, Superannuation reform package – minor and technical amendments, 12 April 2017

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