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Exposure Draft - Superannuation Funds Acquiring Assets from Related Parties

Date:

Thursday, 6 May 2010

Content ID:

1802

Abstract:

This Exposure draft amends the Superannuation Industry (Supervision) Act 1993 (SIS Act 1993) to allow the trustee of a regulated superannuation fund to acquire an asset in-specie from a related party of the fund, following the relationship breakdown of a member of the fund, without contravening the prohibition in subsection 66(1).

Currently, section 66 of the SIS Act 1993 can prevent the transfer or roll-over of certain superannuation interests resulting from a relationship breakdown. Australian Tax Office Determination SPR 2006/MB1, made on 28 August 2006, relaxes this prohibition where a self managed fund trustee acquires an asset from a related party following the marriage breakdown of a member.  However, this Determination has a number of limitations as it does not extend to opposite-sex or same-sex de facto parties, nor does it cover transfers or roll-overs made to Australian Prudential Regulation Authority regulated funds.

Making a submission

Interested parties are invited to comment on the 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
Benefits and Regulation Unit
Personal & Retirement Income Division
The Treasury
Langton Crescent
PARKES ACT 2600

Email: SuperAmendments@treasury.gov.au

For enquiries, please call call Liam Bennett (02) 6263 4162.

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Exposure Draft  25.63kb
Explanatory Material  51.15kb
Consultation Summary  30.82kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure Draft  100.79kb
Explanatory Material  225.19kb
Consultation Summary  842.53kb

Related Items:

Submissions: Exposure Draft - Superannuation Funds Acquiring Assets from Related Parties - 24/06/2010

Treasury has received one submission in response to its consultation on superannuation funds acquiring assets from related parties. This is a public submission and it can be accessed below by selecting the author.

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

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