EXPOSURE DRAFT	

Tax and Superannuation Laws Amendment (2015 Measures No. 1—release conditions for non‑concessional contributions) Regulation 2015

Select Legislative Instrument No.      , 2015
I, General the Honourable Sir Peter Cosgrove AK MC (Ret’d), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation.
Dated 				2015
Peter Cosgrove
Governor‑General
By His Excellency’s Command
Josh Frydenberg [DRAFT ONLY—NOT FOR SIGNATURE]
Assistant Treasurer

Contents
1	Name	1
2	Commencement	1
3	Authority	2
4	Schedules	2
Schedule 1—Amendments	3
Part 1—Amendments commencing day after registration	3
Retirement Savings Accounts Regulations 1997	3
Superannuation Industry (Supervision) Regulations 1994	3
Part 2—Contingent amendments	5
Income Tax Regulations 1936	5
Retirement Savings Accounts Regulations 1997	5
Superannuation Industry (Supervision) Regulations 1994	6

1  Name
		This is the Tax and Superannuation Laws Amendment (2015 Measures No. 1—release conditions for non‑concessional contributions) Regulation 2015.
2  Commencement
		Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information	
Column 1	Column 2	
Provisions	Commencement	
1.  Sections 1 to 4 and anything in this instrument not elsewhere covered by this table	The day after this instrument is registered.	
2.  Schedule 1, item 1	The day after this instrument is registered.	
3.  Schedule 1, item 2	Immediately after the commencement of the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013.	
4.  Schedule 1, items 3 to 7	The day after this instrument is registered.	
5.  Schedule 1, item 8	Immediately after the commencement of the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013.	
6.  Schedule 1, item 9	The day after this instrument is registered.	
7.  Schedule 1, item 10	Immediately after the commencement of the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013.	
8.  Schedule 1, items 11 and 12	The day after this instrument is registered.	
9.  Schedule 1, Part 2	The later of:
(a) the day after this instrument is registered; and
(b) the day on which Schedule 1 to the Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015 commences.
However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.	

3  Authority
		This instrument is made under the following Acts:
	(a)	the Retirement Savings Accounts Act 1997;
	(b)	the Superannuation Industry (Supervision) Act 1993;
	(c)	the Income Tax Assessment Act 1936.
4  Schedules
		Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Amendments
Part 1—Amendments commencing day after registration
Retirement Savings Accounts Regulations 1997
1  Subregulation 4.01(2) (paragraph (c) of the definition of transition to retirement pension)
After “paragraph (b) of the definition of non‑commutable allocated pension”, insert “in subregulation 4.01AA(1)”.
2  Paragraph 4.01B(3)(b)
After “108,”, insert “111A, 111B, 111C,”.
3  Schedule 2 (table item 111C, column headed “Conditions of release”)
Omit “subsection 96‑10(1) or”.
Superannuation Industry (Supervision) Regulations 1994
4  Subregulation 6.01(2) (subparagraph (a)(iii) of the definition of transition to retirement income stream)
After “paragraphs (b) and (c) of the definition of non‑commutable allocated annuity”, insert “in subregulation 6.01AA(1)”.
5  Subregulation 6.01(2) (subparagraph (b)(iii) of the definition of transition to retirement income stream)
After “paragraph (b) of the definition of non‑commutable allocated pension”, insert “in subregulation 6.01AB(1)”.
6  Subregulation 6.01AA(1) (definition of non‑commutable allocated annuity)
Omit “Schedule 2”, substitute “Schedule 1”.
7  Subregulation 6.01AB(1) (definition of non‑commutable allocated pension)
Omit “Schedule 2”, substitute “Schedule 1”.
8  Paragraph 6.01B(3)(b)
After “109,”, insert “111A, 111B, 111C”.
9  Paragraph 6.01B(3)(b)
Omit “113A,”.
10  Paragraph 6.01B(3)(b)
Omit “209, 209A and 212”, substitute “208A, 208B, 208C, 209 and 209A”.
11  Part 1 of Schedule 1 (table item 111C, column 2)
Omit “subsection 96‑10(1) or”.
12  Part 2 of Schedule 1 (table item 208C, column 2)
Omit “subsection 96‑10(1) or”.
Part 2—Contingent amendments
Income Tax Regulations 1936
13  Regulation 20 (at the end of the table)
Add the following item:

9	Paragraph (f) of item 1 of the table in subsection 170(1)
	The making of an election under paragraph 96‑7(1)(a) or (b) in Schedule 1 to the Taxation Administration Act 1953 in relation to an excess non‑concessional contributions determination for a financial year that corresponds to the year of income mentioned in the item. 	

14  Part 15
Insert in its appropriate numerical position:
202  Transitional arrangements arising out of the Tax and Superannuation Laws Amendment (2015 Measures No. 1—release conditions for non‑concessional contributions) Regulation 2015
		The amendment of these Regulations made by Part 2 of Schedule 1 to the Tax and Superannuation Laws Amendment (2015 Measures No. 1—release conditions for non‑concessional contributions) Regulation 2015 applies in relation to assessments for the 2013‑2014 year of income and later years of income.
Retirement Savings Accounts Regulations 1997
15  Schedule 2 (table item 111A, column headed “Conditions of release”)
After “96‑10(1)”, insert “or 96‑12(1)”.
16  Part 7
Insert in its appropriate numerical position:
7.2  Amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1—release conditions for non‑concessional contributions) Regulation 2015
		The amendment of these Regulations made by Part 2 of Schedule 1 to the Tax and Superannuation Laws Amendment (2015 Measures No. 1—release conditions for non‑concessional contributions) Regulation 2015 applies in relation to non‑concessional contributions (within the meaning of the Income Tax Assessment Act 1997) for the 2013‑2014 financial year and later financial years.
Superannuation Industry (Supervision) Regulations 1994
17  Part 1 of Schedule 1 (table item 111A, column 2)
After “96‑10(1)”, insert “or 96‑12(1)”.
18  Part 2 of Schedule 1 (table item 208A, column 2)
After “96‑10(1)”, insert “or 96‑12(1)”.
19  Part 14
Insert in its appropriate numerical position:
Division 14.6—Transitional arrangements arising out of the Tax and Superannuation Laws Amendment (2015 Measures No. 1—release conditions for non‑concessional contributions) Regulation 2015
14.07  Arrangements
		The amendments of these Regulations made by Part 2 of Schedule 1 to the Tax and Superannuation Laws Amendment (2015 Measures No. 1—release conditions for non‑concessional contributions) Regulation 2015 apply in relation to non‑concessional contributions (within the meaning of the Income Tax Assessment Act 1997) for the 2013‑2014 financial year and later financial years.