This edition includes a summary of significant superannuation tax news and announcements made as at 28 February 2017, including:
- Current issues in investing in stapled structures
On 31 January 2017, the Australian Taxation Office (ATO) issued Taxpayer Alert TA2017/1. The Alert outlines the ATO’s concerns about arrangements that fragment integrated trading businesses in order to re-characterise trading income into passive income which may be taxed more favourably.
- Tax governance: A matter of justifying trust
On 27 January 2017, the ATO released an update to its Tax Risk Management and Governance Review Guide, establishing its new approach to tax with specific guidance for board attention.
- Superannuation tax reforms
During February 2017, the ATO released the consolidated Law Companion Guideline (LCG) LCG 2016/11 – Superannuation reform: concessional contributions – defined benefit interests and constitutionally protected funds and the draft LCG on the treatment of superannuation death benefit income streams under the $1.6m pension transfer balance cap from 1 July 2017. On 14 February 2017, the Senate Economics Legislation Committee released its inquiry report on the provisions contained in Superannuation (Objective) Bill 2016.