The Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017 were registered on Mon 27.3.2017, to support the package of super reforms from 1 July 2017.

The Regulations amend the ITA Regs, SIS Regs and Corporations Regulations 2001, to support the $1.6m pension transfer balance cap that will limit the amount of superannuation an individual can transfer into retirement phase. Superannuation income streams in retirement phase will also be exempt from the requirement to obtain an actuary’s certificate when using the proportionate method, if they are payable from allocated pensions, market linked pensions, or account-based pensions. Other amendments complement the reforms in relation to concessional and non-concessional contributions, deducting personal contributions, the low-income superannuation tax offset, anti-detriment deductions and simplifying the release authority regime.

DATE OF EFFECT: The Regulations will generally commence from Tue 28.3.2017 and apply from 1 July 2017.

  • The amendments to simplify the release authority regime will apply from 1 July 2018.
  • Some of the regulations were previously released in draft form on 16 December 2016.
  • Importantly, the final regulations do not include the Draft Regs that had proposed to expand the commutation rules for the purpose of reducing or avoiding an actual or expected excess transfer balance.

[New Regulations, LTN 57, 27/3/17]