Key Documents
The Australian Government is consulting on the Treasury Laws Amendment (Self-managed superannuation funds—legacy retirement product conversions and reserves) Regulations 2024 (draft regulations).
The draft regulations expand on and support implementation of the 2021–22 Budget measure to allow individuals to exit certain legacy retirement products.
The draft regulations:
- enable individuals to exit a specified range of legacy retirement products for up to 5 years
- allow for more flexible pathways to make allocations from a reserve, by:
- providing that where a reserve supported an income stream that is ceased, and the reserve is allocated to the former recipient of that income stream, it will be exempt from both contribution caps
- counting other reserve allocations towards an individual’s non-concessional contributions instead of their concessional contributions.
The draft regulations apply to legacy lifetime, life expectancy and market-linked superannuation income stream products that commenced prior to 20 September 2007, or were commenced as a result of a conversion of an earlier legacy product that commenced prior to that date.
Responding
You can submit responses to this consultation up until 08 October 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
Post
Address written submissions to:
Retirement Income and Superannuation Division
Treasury
Langton Cres
Parkes ACT 2600