Key Documents
The government is consulting on the Treasury Laws Amendment (Measures for Future Instruments) Instrument 2023: Better Targeted Superannuation Concessions (draft regulations), to support implementation of changes to superannuation tax concessions announced in the 2023‑24 Budget.
The draft regulations contain provisions that enable the calculation Division 296 of tax for defined benefit interests to deliver commensurate treatment under the measure. This includes:
- outlining methods to value defined benefit interests
- making modifications to the Division 296 earnings formula to appropriately capture notional contributions to defined benefit interests.
The draft regulations also update existing methods to calculate notional contributions for defined benefit interests to reflect up‑to‑date economic parameters. These methods have not been updated for many years and do not reflect the current social and economic climate.
The amendments are consistent with the government’s proposed objective of superannuation, to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.
The government welcomes feedback from stakeholders on the draft regulations and explanatory statement.