In a media released Wed 31.10.2018, the Assistant Treasurer, Stuart Robert, said the Government will defer, to 1 July 2022, the start date for superannuation funds to offer a Comprehensive Income Product for Retirement (CIPR).
In addition, the Government will increase the threshold superannuation balance for offering a CIPR from $50,000 to $100,000.
INNOVATIVE INCOME STREAMS: Mr Robert also announced that the Government will amend the definition of the life-expectancy period for innovative income streams to account properly for the number of days in a leap year.
The Government will also amend the regulations to provide transfer balance cap credits and debits for innovative income stream products that are paid-off in instalments, to ensure these products receive appropriate treatment under the transfer balance cap.
[Treasury website: Minister’s Media Release; LTN 210, 31/10/18; Tax Month – November 2018]
FJM 16.11.18
CPD questions (Answers available)
- To what date has the start of the CIPR regime been deferred?
- What is the new balance threshold for offering a CIPR?
- Will the definition of ‘life expectancy’ be amended to accounts properly for the number of days in a leap year?
- Do the transfer balance cap credits and debits, for innovative income stream products, that are paid-off in instalments, need changing?
- To achieve what?
