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Expanding the range of capped defined benefit income streams

13 April 2017 | Exposure Draft

The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, has released draft regulations and explanatory material to expand the range of capped defined benefit income streams under the transfer balance cap.

The regulations are intended to ensure pensions that cannot practically commute in response to the transfer balance cap are treated as capped defined benefit income streams under the transfer balance cap. This allows large pensions to be subject to additional tax instead of forced commutation.

All interested parties are invited to make a submission by 4 May 2017.

Making a Submission

Interested parties are invited to comment on the consultation papers.

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.

Closing date for submissions: Thursday, 4 May 2017

Address written submissions to:

Manager
Accumulation and Savings Unit
Retirement Income Policy Division
The Treasury
Langton Crescent
PARKES ACT 2600

For enquiries please call Robb Preston (02) 6263 2876 .

Key Documents

  • Explanatory Statement 43KB
  • Exposure Draft 251KB
Ref Num: {CFD48892-9666-48FF-9CF6-E947C0740DEC}
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