CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
Lawandtax-news.com favicon LAWANDTAX-NEWS.COM
HOME | CONTACT | ABOUT | LEGAL | PRIVACY & COOKIES
   LOWTAX   
   TAX-NEWS   
   
 

Contributions

Articles »

Country Home Pages

Australia
Bahamas
Barbados
Bermuda
British Virgin Islands
Canada
Cyprus
Dubai
Gibraltar
Guernsey
Hong Kong
Isle of Man
Ireland
Jersey
Labuan
Liechtenstein
Luxembourg
South Africa
UK
US

Daily Tax Quote

Lowtax Network Sites
Lowtax Network Portal: 'Low-tax' business and investment in the top 50 jurisdictions covered in exceptional detail.
Tax News: Global tax news, continuously updated through the day.
Expat Briefing: A free online publication serving international expatriates and featuring world news, forums, events, in-depth country information and reliable investment and personal taxation guides.
Law & Tax News: Daily news and background data on tax and legal developments for international business.
Offshore-e-com: A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library: One of the web's largest and most authoritative business and investment information sources.
US Tax Network: The resource for free online US taxation information, covering: corporate tax, individual tax, international tax, expatriates, sales and e-commerce tax, investment tax.
Offshore Trusts Guide: OTG publishes news, features and newsletters on the use of offshore trust structures.
TreatyPro: Online tax treaty resource.
Global Incorporation Guide [GIG]: A BSI / Lowtax Network international business smart tool.
Australia Consults On Tax Relief For Retirement Fund Transfers

by Mary Swire, Tax-News.com, Hong Kong Monday, April 17, 2017

The Australian Government has released draft legislation which expands the tax relief available to superannuation funds when making mandatory transfers of assets as part of the transition to new retirement account rules.

Under reforms first announced on June 29, 2015, superannuation funds are required to transfer the existing balances of members who are in default products to MySuper products by July 1, 2017.

Existing rules provide tax relief for these transfers into a different superannuation fund, but not for transfers within the same fund structures. The proposed legislation published by the Government on April 13, 2017, seeks to ensure that tax relief will be expanded to apply to mandatory transfers within the same fund structure. This tax relief will provide an asset roll-over which will apply to transfers made between June 29, 2015, and July 1, 2017.

The introduction of MySuper retirement accounts formed part of a wider overhaul to the superannuation system started under the Government of former Labor Prime Minister Julia Gillard. The reforms were primarily designed to simplify the superannuation system, while lowering costs to savers and increasing transparency.

The Government is inviting comments on the draft legislation until April 27, 2017.

Important Notice: Wolters Kluwer TAA Limited has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.

All rights reserved. © 2017 Wolters Kluwer TAA Limited