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Advice under development – superannuation issues

We are developing advice and guidance on the following superannuation issues.

Last updated 3 February 2025

[4162] Foreign superannuation fund and applicable fund earnings

Title

Decision impact statement on Came and Commissioner of Taxation [2023] AATA 3951

Purpose

This Decision impact statement outlines the ATO's response to this case, which concerns when a taxpayer is able to make a choice to have applicable fund earnings with respect to a payment from a foreign superannuation fund assessed to an Australian complying superannuation fund rather than themselves.

Comments

The Decision impact statement on Came v Federal Commissioner of Taxation [2023] AATA 3951 published on 4 December 2024. Comments period closes on 7 February 2025.

Contact

Simon Weiss, Office of the Chief Tax Counsel

Phone: (02) 6216 1943

Simon.Weiss@ato.gov.au

[4166] Advice fees paid by superannuation funds [updated]

Title

Final Practical Compliance Guideline

Fees for personal financial advice paid from member accounts by superannuation funds – apportioning the deduction and pay as you go withholding obligations

Purpose

This Guideline sets out a methodology that superannuation funds (other than self-managed superannuation funds (SMSFs)) can use to determine the extent to which payments of financial advice fees satisfy paragraph (d) of table item 5 of subsection 295-490(1) of the Income Tax Assessment Act 1997 (ITAA 1997).

It also outlines our compliance approach in relation to a superannuation fund’s obligation to withhold from payments for personal financial advice fees in the income years prior to 1 July 2019, including SMSFs.

Expected completion

To be advised

Comments

Draft Practical Compliance Guideline PCG 2025/D1 Fees for personal financial advice paid from member accounts by superannuation funds – apportioning the deduction and pay as you go withholding obligations published on 15 January 2025. Comments period closes on 14 February 2025.

Contact

Jay Gao, Public Groups

Phone: (02) 9374 5168

Jay.Gao@ato.gov.au

For more information, see Consultation matter [202421].

[4182] Expenditure incurred under a non-arm’s length arrangement and superannuation contributions

Title

Addendum to Law Companion Ruling

Law Companion Ruling LCR 2021/2 Non-arm’s length income – expenditure incurred under a non-arm’s length arrangement

Purpose

LCR 2021/2 is being updated to include the Commissioner’s view as to how the amendments in explanations of the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2024 apply in respect of the non-arm’s length expenditure and non-arm’s length component provisions.

Expected completion

To be advised

Comments

Draft update LCR 2021/2DC1 published on 27 November 2024. Comments period closed on 24 January 2025.

Contact

Bonita Tsang, SEO

PAGSPR@ato.gov.au

Title

Addendum to Taxation Ruling

Taxation Ruling TR 2010/1DC Income tax: superannuation contributions

Purpose

TR 2010/1DC is being updated to include the Commissioner’s view about the amendments in explanations of the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2024. In addition to updates for the non-arm's length expenditure amendments, TR 2010/1DC (which was previously issued for consultation on 28 July 2021) will also be updated with regard to issues such as in specie contributions, the maximum earnings test and the deductibility of contributions.

Expected completion

To be advised

Comments

Draft update TR 2010/1DC2 published on 27 November 2024. Comments period closed on 24 January 2025.

Draft Taxation Ruling TR 2010/1DC was withdrawn on 27 November 2024.

Contact

Bonita Tsang, SEO

PAGSPR@ato.gov.au

[4200] Administration of penalties that apply where employers or superannuation funds fail to comply with event-based reporting obligations

Title

Draft Law Administration Practice Statement

Administration of penalties that apply to employers who fail to comply with their Single Touch Payroll (STP) reporting obligations

Purpose

Event-based reporting regimes were introduced in 2018 for employers (STP) and for superannuation funds (member account transactions and attributes). The information reported through these reporting regimes has a range of applications across the tax and super systems, and their effectiveness can be reduced as a result of:

  • incorrect and incomplete reporting
  • reporting in an incorrect format (such as reporting in the original STP format rather than the STP Phase 2 format used since 2022)
  • failure to report at all.

There is a need to provide guidance for ATO staff on the administration of penalties that may apply to employers or superannuation funds that fail to meet their reporting obligations.

Expected completion

March 2025

Contact

PAGSPR@ato.gov.au

Title

Draft Law Administration Practice Statement

Administration of the false and misleading statement penalties on superannuation funds that do not report superannuation contribution information to the Commissioner accurately.

Purpose

Event-based reporting regimes were introduced in 2018 for employers (STP) and for superannuation funds (member account transactions and attributes). The information reported through these reporting regimes has a range of applications across the tax and super systems, and their effectiveness can be reduced as a result of:

  • incorrect and incomplete reporting
  • reporting in an incorrect format (such as reporting in the original STP format rather than the STP Phase 2 format used since 2022)
  • failure to report at all.

There is a need to provide guidance for ATO staff on the administration of penalties that may apply to employers or superannuation funds that fail to meet their reporting obligations.

Expected completion

March 2025

Contact

PAGSPR@ato.gov.au

QC50320