Law Companion Guideline

LCG 2016/12A3 - Addendum

Superannuation reform: total superannuation balance

• Please note that the PDF version is the authorised version of this ruling.
  View the consolidated version for this notice.

Addendum

This Addendum is a public ruling for the purposes of the Taxation Administration Act 1953. It amends Law Companion Guideline LCG 2016/12 to reflect amendments to the law made by the Treasury Laws Amendment (2017 Measures No. 2) Act 2017.

LCG 2016/12 is amended as follows:

1. Preamble

In the second paragraph, after '2016'; insert 'and the Treasury Laws Amendment (2017 Measures No. 2) Act 2017 to entities that rely on it in good faith.'.

2. Paragraph 8

(a) In the second dot point omit the words 'age 65).'; substitute 'age 65), or'.

(b) After the second dot point insert:

•

if it is a transition to retirement income stream, transition to retirement income pension, non commutable allocated annuity or a non commutable allocated pension (collectively known as TRIS), when the member (including a reversionary beneficiary in the case of death of a member):

-

is 65 years old or older, or

-

has met a relevant condition of release with a nil cashing restriction (retirement, terminal medical condition, permanent incapacity) and they have notified the superannuation provider for the TRIS of that fact.^[17]

3. Paragraph 8A

Omit second dot point; substitute:

•

a TRIS when the member:

-

is under 65 years of age, or

-

has not met a relevant condition of release with a nil cashing restriction (retirement, terminal medical condition, permanent incapacity), or

-

they have met a relevant condition of release with a nil cashing restriction (retirement, terminal medical condition, permanent incapacity) but have not notified the superannuation provider for the TRIS of that fact.^[19]

4. References

Insert Legislative reference 'Treasury Laws Amendment (2017 Measures No. 2) Act 2017'.

This Addendum applies on and from 20 December 2017.

Commissioner of Taxation
20 December 2017

© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA

You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

Previously issued in draft format as LCG 2016/12DA

References