This consultation process has now been completed.
Date
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Consultation Type
Exposure Draft Regulations
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.