The Treasury is seeking submissions regarding exposure draft regulations that support the transfer the early release of superannuation function to the ATO.
Currently, a notice of authorisation for the early release of superannuation benefits on compassionate grounds is only able to be given to the applicant, meaning to verify the notice superannuation trustees would need to independently confirm the authority and amount to be released with the regulator.
Requiring the ATO to directly notify a member’s superannuation trustee when it has authorised the early release of funds will remove the need for that trustee to independently confirm the amount authorised for release. These amendments will improve the integrity of the processes under which benefits are released and expedite the release of funds to successful applicants.
Submissions are sought on the exposure draft regulations and explanatory materials.
These regulations support the Treasury Laws Amendment (2018 Measures No. 1) Bill 2018, which was introduced to Parliament on 7 February 2018, and are unrelated to the ongoing review of the early release of superannuation benefits.
You can submit responses to this consultation up until 23 March 2018.
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.
How to respond
Address written submissions to:
Retirement Benefits Unit
Retirement Income Policy Division
Parkes ACT 2600