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Exposure draft - Regulations - Transitional relief in respect of income tax deductibility of TPD insurance premiums by superannuation funds


Wednesday, 27 October 2010

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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 (TPD) benefits for the income years 2004-05 to 2010-11. Provisions contained in Schedule 2 of the Superannuation Legislation Amendment Bill 2010 give effect to this decision, allowing complying superannuation funds to claim a broader deduction for TPD insurance premiums for the 2004-05 to 2010-11 period.

Regulations are to be made 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' which will apply for the transitional period.

Making a submission

Interested parties are invited to comment on the exposure draft regulations and explanatory material. 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: Wednesday, 10 November 2010

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

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)

Draft Regulations  160.09kb
Explanatory Material  22.68kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Draft Regulations  346.95kb
Explanatory Material  71.49kb

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