Better targeted superannuation concessions: draft regulations

14 days left to have your say
Date
-
Consultation Type
Exposure Draft Regulations

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.

Responding

You can submit responses to this consultation up until 26 April 2024. 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:

Retirement, Advice and Investment Division
Treasury
Langton Cres
Parkes ACT 2600

Enquiries

Email: superannuation@treasury.gov.au