[202502] Changes to legacy retirement products
[202501] Understanding digital service needs for tax professionals
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Consultation purpose |
To seek feedback on whether public advice and guidance is needed for new law concerning legacy retirement product commutations and reserve allocations. |
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Description |
On 7 December 2024 law came into effect that allows individuals to exit legacy retirement products and changes the treatment of allocations from reserves for contribution cap purposes. Individuals have a 5-year period to fully commute defined benefit legacy pensions that were previously non-commutable. Certain reserve allocations count toward the non-concessional cap instead of the concessional cap. |
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Who we consulted |
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Outcome of consultation |
The consultation indicated a preference for ATO web content to be produced to support the measure and confirmed that formal public advice and guidance is not required. Two main categories of content were identified, and will be addressed to provide guidance on the changes allowing:
It was highlighted that Self-Managed Superannuation Fund Regulator’s Bulletin 2018/1 The use of reserves by self-managed superannuation funds may be impacted by the changes and need updating in due course. |
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Consultation lead |
Melissa Gardiner, Superannuation and Employer Obligations |
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Consultation purpose |
To understand the current and future digital service requirements of the tax profession to enable the ATO to identify opportunities to improve their digital service experience. |
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Description |
This consultation will build upon the insights gathered from our biennial tax professionals digital experience survey and analysis. The survey is used to gather feedback from tax professionals about their experiences with digital services and is part of our evidence-based approach to improving digital experiences for tax professionals. We are consulting to gain deeper insights into this research, which will guide further improvements to ATO digital services for tax professionals in the future. |
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Who we consulted |
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Outcome of consultation |
Feedback will be shared with key stakeholders to help shape and influence ATO digital strategies and improve future digital services experiences for tax professionals. |
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Consultation lead |
Mallory Wuthrich, Individuals and Intermediaries |