The ATO Tax Practitioner Advisory Group meeting was held on Friday 20 May 2016.
Proposed Superannuation Reform
If the proposed reforms are legislated:
- The lifetime cap will take effect from 7:30pm on 3 May 2016, taking into account all non-concessional contributions made since 1 July 2007.
- The Budget 2016 superannuation fact sheet 04 highlights that this change is only expected to affect a relatively small number of individuals, contributing more than $500,000 non-concessional amounts.
- We do not currently publish information on superannuation fund members who have contributed more than $500,000 in non-concessional contributions to their superannuation fund.
- We can calculate the non-concessional contribution amount for all superannuation fund members (from 1 July 2007 to 30 June 2015) where individuals and superannuation funds have met their lodgment obligations.
The contact details to obtain this amount is: 13 10 20
A response will be provided through a call back service within 48 hours.
We will be using the data and information in our holdings to work with super funds and their members to inform them when members are likely to be approaching or exceeding their contribution limit.
If the remaining reforms proposed for superannuation are legislated:
- They will take effect from 1 July 2017.
- The Budget 2016 superannuation fact sheets provide further detail about the proposed measures.
- We recognise the need to provide visibility and certainty for tax practitioners to enable individuals to make informed decisions about their superannuation contributions.
- We will be using the data and information in our holdings to work with super funds and their members to inform them when members are likely to be impacted by the proposed measures.
