Welcome
The chair welcomed everyone to the Better Targeted Super Concessions Working Group (BTSCWG)
Industry have concerns with different elements of the Better Targeted Superannuation Concessions policy and members were advised that this is a matter for government and Treasury to consider and will not form part of our working group discussions. The group discussions will be based on the current draft law before Parliament and the regulations that have been released for public consultation.
The group is expected to close at the end of 2026 but depending on how the law progresses and our IT delivery schedule it may close earlier. Once disbanded, communication about the measure will be provided through other existing forums in the Australian Taxation Office (ATO).
The scope of the group was discussed, and each member introduced themselves.
Charter
The secretariat provided an overview of the key elements in the BTSCWG charter including:
- key roles and responsibilities of the chair, secretariat, and members
- integrity declarations
- affiliate members, and use of proxies
- confidentiality requirements.
Members asked questions around confidentiality and if they can share information to their stakeholders in relation to the design and administration of the measure. The chair confirmed that this would depend on the information, and we will advise when information cannot be shared.
Co-designing better targeted superannuation concessions
Regular meetings will be setup for the group on a virtual basis. The chair went through the topics expected to be covered at the upcoming face to face two-day workshop on the 22 and 23 July to start the co-design process.
Other virtual sessions will be held on specific topics for the measure after the workshop. The ATO will also be sharing web content and new correspondence products when they are ready for review and feedback.
ATO project
The ATO provided the following update on planning to date as we wait finalisation of the legislation. We are currently working on:
- the changes required because of the proposed total super balance (TSB) change that will apply prior to 1 July 2025 (calculation of TSB on 30 June 2025 onwards)
- designing the administration of the Division 296 process
- drafting web content and identifying other products that may need changing.
The Better Targeted Superannuation Concessions public advice and guidance (PAG) consultation has closed with feedback provided proving invaluable in helping us shape our approach to PAG requirements for this measure. The priorities are total superannuation balance, calculation of the Division 296 tax and excluded interests.