Superannuation

September 2024

November 2024

Targeted consultation is underway.

To seek feedback on the proposed draft Practical Compliance Guideline from superannuation industry representatives prior to the publication of the draft for public consultation.

Following the outcome from earlier consultation [202407] Delivering Better Financial Outcomes (Quality of Advice) – Recommendation  7, the ATO is developing a Practical Compliance Guideline to provide superannuation funds with a compliance approach in relation to the amendments made to the Income Tax Assessment Act 1997 (ITAA 1997) under Schedule 1 of the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 (the Act).

The amendments under Schedule 1 of the Act provide a legal basis for payment of advice fees from a member’s superannuation account and clarify the associated tax consequences.

The ATO is seeking feedback on our proposed compliance approach for:

• working out the income tax deduction under item 5 of the table in subsection 295-490(1) of the ITAA 1997
• historical PAYG withholding obligations under paragraph 307-10(e) of the ITAA 1997.

Feedback from superannuation industry representatives will assist to refine and enhance the guidance before the draft is published for public consultation.

• Industry representatives
• Professional associations
• Superannuation funds
• Tax professionals
• Relevant government agencies
  • Australian Securities and Investments Commission
  • Australian Prudential Regulation Authority

Jay Gao, Public Groups
jay.gao@ato.gov.au
Phone 02 9374 5168