Project update
The Bills are sitting in the House of Representatives, with Parliament sitting in September.
The working group met to discuss communication plans for the change of the definition of total super balance.
The working group will meet over the coming months to discuss:
- Division 296 excluded earnings
- APRA fund Division 296 request for information process
- Deferred division 296 debt.
Draft web content for individuals will be distributed to the working group for comment in the coming weeks.
Outcomes from the workshop held in July have been provided to working group members for feedback.
APRA fund request for information process
The Australian Taxation Office (ATO) went through the initial design process for exchanging data between APRA funds and the ATO for Division 296 with further consultation occurring in September.
Division 296 and SuperStream
The ATO discussed the impacts to SuperStream for Division 296 release authorities and options will continue to be reviewed.