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Income tax relief for transfers within a fund to a MySuper product

13 April 2017 | Exposure Draft
The Government has released exposure draft legislation and associated draft explanatory material for public consultation. This legislation will amend the Income Tax Assessment Act 1997 to give effect to tax reforms announced on 29 June 2015, which expands the tax relief available to superannuation funds when mandatorily transferring assets as part of the transition to the MySuper rules.

The purpose of the consultation is to seek industry views on the proposed expanded tax relief.

Superannuation funds are required to transfer the existing balances of members who are in default products to MySuper products by 1 July 2017. Tax relief is currently provided for these transfers into a different superannuation fund, but not for transfers within the same fund structures. 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 29 June 2015 and 1 July 2017.

Interested parties are invited to make a submission by 27 April 2017.

Making a Submission

Interested parties are invited to comment on the consultation papers.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Thursday, 27 April 2017

Address written submissions to:

Financial Services Taxation Unit
Corporate and International Tax Division
The Treasury
Langton Crescent

For enquiries please call Steele Broderick (02) 6263 3207.

Key Documents

  • Explanatory Memorandum 89KB
  • Exposure Draft 323KB
Ref Num: {C0EB1AE9-EA31-4C5B-A061-7E505AB4141A}
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