Ever since the ATO made its announcements about changes to the rules surrounding self-managed superannuation funds (SMSFs), not only trustees but the practitioners advising them have been very keen to get their hands on clear guidance and advice.
The ATO has now come to the party, and has issued finalised law companion guidelines (LCGs). There were some preliminary guidelines issued earlier, but these versions have been co-designed with industry representatives to support the super reforms.
The ATO advises that the following LCGs are public rulings. “This means they provide you with binding protection if you rely on them in good faith.”
Transfer balance cap and transition to retirement: transitional CGT relief (LCG 2016/8)Transfer balance cap (LCG 2016/9)Capped defined benefit income streams: non-commutable, lifetime pensions and lifetime annuities(LCG 2016/10)Concessional contributions defined benefit interests and constitutionally protected funds (LCG 2016/11)Total Superannuation balance (LCG 2016/12)Capped defined benefit income streams: pensions or annuities paid from non-commutable, life expectancy or market-linked products (LCG 2017/1)Superannuation death benefits and the transfer balance cap (LCG 2017/3).
The ATO’s law companion guidelines on super changes
Tax & Super Australia recently hosted a webinar, presented by Shirley Schaefer, titled “The New Super Rules — CGT Changes”. Topics covered included:
Transitional CGT relief rulesEligibility for the CGT reliefRecordkeeping requirementsStrategies to maximise the value of the CGT relief.
A recording of the webinar is available from our website. The ATO’s law companion guidelines on super changes The ATO’s law companion guidelines on super changes The ATO’s law companion guidelines on super changes The ATO’s law companion guidelines on super changes
#[Smsf], [smsfs], [super changes], [super rules]
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