The Government has completed some more of the 2016
Budget changes with the finalisation of Treasury Laws Amendment
(Fair and Sustainable Superannuation) Regulations
These implement some previously announced changes, but with some
big backflips from the draft Regulations released in January
click here for an article on the original draft
The Regulations largely make administrative changes that reflect
the 2016 Budget reforms.
However, two important measures in the draft regulations have
been removed. This will have potentially significant impacts,
particularly for SMSFs.
The Regulations no longer:
exempt funds from the need to have actuarial certificates after
1 July 2017 – this means actuarial certificates will still be
required for superannuation funds paying pensions where they also
have accumulation accounts
allow market linked pensions to be commuted if there may be an
excess transfer balance cap issue – this means that market
linked pensions will still provide an excess transfer balance cap
issue if there are also account base pensions.
Measures previously announced that are now law include:
permitting superannuation death benefits to be rolled over in
removing the obligation on the trustee of the fund to refund
contributions over the caps (fund-capped contribution rules), as
these contributions can now be refunded under the contribution cap
allowing defined benefit funds to give a notice to members that
they will not allow members to claim personal deductible
contributions after the removal of the 10% test
removing the ability to elect for a lump sum to count towards
your minimum pension payment.
Cooper Grace Ward is a leading Australian law firm based in
This publication is for information only and is not legal
advice. You should obtain advice that is specific to your
circumstances and not rely on this publication as legal advice. If
there are any issues you would like us to advise you on arising
from this publication, please contact Cooper Grace Ward
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Various approaches are taken by law firms in calculating the GST payable by a purchaser under a contract for the sale of property which attracts GST.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).