Early release of super on ‘Compassionate Grounds’ – Commissioner of Taxation becomes the ‘regulator’ on 1 July 2018 (replacing the Chief Executive of Medicare)

On 30 May 2018, the Governor General registered the Treasury Laws Amendment (2018 Measures No 1) Commencement Proclamation 2018, proclaiming 1 July 2018 as the day on which Sch 4 to the Treasury Laws Amendment (2018 Measures No 1) Act 2018 commences.

Schedule 4 transfers the regulator role, for early release of superannuation benefits, on compassionate grounds,(under SIS Reg 6.19A) the Commissioner of Taxation. It had been Chief Executive: Medicare (Department of Human Services).

The (2018 Measures No 1) Bill received Royal Assent on 29 March 2018, as Act No 23 of 2018.

3.6.18, FJM.

[Federal Register of Legislation: 2018 Proclamation; LTN 103, 31/5/18; Tax Month – May 2018]

Study questions (answers available)

1. Is the effect of this Proclamation, that the Commissioner of Taxation will, on 1 July 2018, become the regulator, of early release of superannuation benefits, on compassionate grounds (under SIS Reg 6.19A)?
2. Was this achieved by the Governor General proclaiming 1 July 2018 as the date on which Schedule 1 of the 2018, Measures No. 1 Bill was to come into effect?
3. Does the Commissioner replace the Chief Executive of Medicare, as the regulator?