Coronavirus (COVID-19) updates from the Australian Government

Reducing red tape for superannuation funds – ECPI measures

1 day left to have your say
Date
-
Consultation Type
Exposure Draft

Key Documents

As part of the 2019-20 Budget, the Government announced that it would reduce costs and simplify reporting for superannuation funds by streamlining some administrative requirements for the calculation of exempt current pension income (ECPI).

The attached exposure draft legislation and supporting explanatory materials amend the Income Tax Assessment Act 1997 to give effect to this commitment by providing choice for superannuation fund trustees to use their preferred method of calculating ECPI, where the fund is fully in the retirement phase for part of the income year, but not for the entire income year. A redundant requirement for superannuation funds to obtain an actuarial certificate when calculating ECPI, where the fund is fully in the retirement phase for all of the income year will also be removed.

Submissions for this consultation are welcome at superannuation@treasury.gov.au.

Responding

You can submit responses to this consultation up until 18 June 2021. Interested parties are invited to comment on this consultation.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

View our submission guidelines for further information.

How To Respond

Email

superannuation@treasury.gov.au

Post

Address written submissions to:

Director
Retirement Income Policy Division
Treasury
1 Langton Cres
Parkes ACT 2600

Enquiries

Email: superannuation@treasury.gov.au

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