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Transitional relief in respect of income tax deductibility of total and permanent disability (TPD) insurance premiums by superannuation funds

Date:

Thursday, 6 May 2010

Content ID:

1799

Abstract:

On 13 October 2009 the Minister for Financial Services, Superannuation and Corporate Law announced an amendment to the tax law to provide transitional relief to complying superannuation funds for the deduction of insurance premiums for Total and Permanent Disability (TDP) benefits for the income years 2004-05 to 2010-11. Legislation has been developed to give effect to this decision, which allows complying superannuation funds to claim a full deduction for TPD insurance premiums for the 2004-05 to 2010-11 period. This is in line with current industry practice and will allow lead time for industry to make the required changes to comply with the current law.

The exposure draft package includes a short discussion paper on the potential wording of regulations to be made under clause subsection 295-466 of the Income Tax (Transitional Provisions) Act 1997 which will be inserted into the Act by Schedule 1, Item 5 of the draft legislation. The purpose of such regulations will be to describe disabilities that are considered permanent disabilities for the purpose of the transitional meaning of the terms 'disability superannuation benefit' and 'death or disability benefits'.

Making a submission

Interested parties are invited to comment on the exposure draft legislation, explanatory material and discussion paper. 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.

Closing date for submissions: Thursday, 3 June 2010

Address written submissions to:
Manager
Superannuation Benefits & Regulation Unit
Personal & Retirement Income Division
The Treasury
Langton Crescent
PARKES ACT 2600

Email: SuperAmendments@treasury.gov.au

For enquiries, please call Louise Lilley (02) 6263 3327 or Adriana Siddle (02) 6263 3373.

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Consultation Paper  16.67kb
Exposure Draft  28.02kb
Explanatory Material  93.42kb
Consultation Summary  34.26kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Consultation Paper  26.42kb
Exposure Draft  120.43kb
Explanatory Material  291.21kb
Consultation Summary  847.29kb

Related Items:

Submissions: Transitional relief in respect of income tax deductibility of total and permanent disability (TPD) insurance premiums by superannuation funds - 24/06/2010

Treasury has received seven submissions in response to its exposure draft for transitional relief in respect of income tax deductibility of total and permanent disability (TPD) insurance premiums by superannuation funds. All of the submissions are public and are accessible by selecting the author.

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.

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