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ARTICLE · 16 APRIL 2017

2016 Budget changes – more changes are in place but beware the backflips

Cooper Grace Ward
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Some 2016 Budget reforms previously announced have now been implemented, but two draft measures have been removed.

AustraliaTax
Scott Hay-Bartlem
Scott Hay-Bartlem
Clinton Jackson
Clinton Jackson
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The Government has completed some more of the 2016 Budget changes with the finalisation of Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017.

These implement some previously announced changes, but with some big backflips from the draft Regulations released in January (please click here for an article on the original draft regulations).

The Regulations largely make administrative changes that reflect the 2016 Budget reforms.

However, two important measures in the draft regulations have been removed. This will have potentially significant impacts, particularly for SMSFs.

The Regulations no longer:

  • exempt funds from the need to have actuarial certificates after 1 July 2017 – this means actuarial certificates will still be required for superannuation funds paying pensions where they also have accumulation accounts

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