The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
On 27 September 2016, the Treasury released the second round of exposure draft legislation and explanatory material in relation to its "Superannuation Reform Package" to implement measures announced in the 2016-17 Federal Budget for public consultation. The following table sets out the relevant exposure drafts and the measures proposed. Submissions on these exposure drafts close on 10 October 2016.
According to the Explanatory Material, the proposed measures include:
|Exposure draft: Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016||This exposure draft Bill proposes an excess transfer balance tax of 15% of a person’s "annualised notional earnings on excess transfer balance for the financial year" in respect of people who have not previously been liable to pay excess transfer balance tax and 30% in respect of people who have previously been liable to pay excess transfer balance tax.|
|Exposure draft: Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulation 2016||According to the Explanatory Statement, this regulation amends the "Income Tax Assessment Regulations 1997 to remove the ability for individual’s to elect to treat certain payments as superannuation lump sums".|