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Today’s Top Headlines

ATO Publishes Rulings On Superannuation Tax Changes

by Mary Swire,, Hong Kong

14 March 2017

The Australian Taxation Office (ATO) has published three Law Companion Guidelines (LPGs), which explain recent changes to superannuation taxation.

The ATO said that the LCGs provide taxpayers with "binding protection" if relied upon in good faith. They cover changes to:

  • The transitional capital gains tax (CGT) relief available for superannuation funds because of the new transfer balance cap and transition-to-retirement reforms commencing July 1, 2017;
  • How the transfer balance cap (set at AUD1.6m (USD1.2m) for 2017-18) operates for account-based superannuation income stream products; and
  • How the changes to the calculation of concessional contributions and excess concessional contributions apply to contributions and amounts allocated by superannuation providers for the financial years commencing on or after July 1, 2017.

TAGS: capital gains tax (CGT) | tax | investment | pensions | retirement | Australia | tax thresholds | tax authority | tax breaks | tax reform

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