This edition includes a summary of significant superannuation tax news and announcements made as at 30 April 2017, including:
- Superannuation Reform Package – Exposure Draft Regulations
On 12 April 2017, the Government released exposure draft legislation along with explanatory material for public consultation in respect of minor and technical amendments to resolve a number of issues identified subsequent to the passage of the legislation for the 2016 Superannuation tax reforms.
- ATO Guidance on Superannuation Reforms
During March 2017, the Australian Taxation Office (ATO) released finalised versions of a number of Law Companion Guidelines (LCGs) in respect of the application of aspects of the superannuation tax reforms that will apply from 1 July 2017.
- Innovative Superannuation Income Streams Regulations
On 21 March 2017 the Minister for Revenue and Financial Services, the Hon. Kelly O’Dwyer MP released draft superannuation income stream regulations and a draft explanatory statement for public consultation.
- Material increase in penalties for Significant Global Entities
Recently, there have been a number of legislative changes aimed at Significant Global Entities (SGEs). These measures include the Multinational Anti Avoidance Legislation, the Diverted Profits Tax, Country by Country (“C by C”) Reporting and General Purpose Financial Statements.
- Practical Compliance Guidance PCG 2017/3
On 30 March 2017, the ATO released a Practical Compliance Guidance PCG 2017/3 to assist the implementation of the tax charges for transition to retirement income streams (TRIS) products as part of the super reforms.
- Other superannuation matters