On Wednesday 7.2.18, the Government introduced the Treasury Laws Amendment (2018 Measures No 1) Bill 2018, and on 27.2.2018, the Bill passed the Lower House, unamended.
Schedules 1, 2 , 3 & 4 of which propose the following superannuation related amendments.
- Relief for merging super funds – the Bill proposes to amend the ITAA 1997, the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012 and the Tax Laws Amendment (2009 Measures No 6) Act 2010 to extend the tax relief for merging superannuation funds until 1 July 2020. DATE OF EFFECT: This measure is available for mergers that occur on or after 1 October 2011 and before 2 July 2020.
- Early release of super: transfer of function – the Bill proposes to transfer the regulator role for early release of superannuation benefits on compassionate grounds from the Chief Executive Medicare (Department of Human Services) to the Commissioner of Taxation. DATE OF EFFECT: A single day to be fixed by Proclamation.
- SuperStream: cost recovery – the Bill proposes to amend the APRA Act to enable the Government to recover the ongoing cost of the governance of the superannuation transaction network from the superannuation supervisory levy. DATE OF EFFECT: 1 July 2018.
- Regulatory reforms – the Bill proposes to:
- amend the superannuation laws to enable the Commissioner to pay certain superannuation amounts directly to individuals with a terminal medical condition;
- amend the Corporations Act 2001 to modify the notification and reporting obligations applying to certain corporations that have property in receivership or property in respect of which a controller is acting; and
- repeal several inoperative Acts as well as amending the taxation law to remove a number of inoperative or spent provisions.
- DATE OF EFFECT: Generally, these measures will commence on Royal Assent or the beginning of the first quarter following Royal Assent.