Key Documents
As part of the 2019-20 Budget, the Government announced that it would reduce costs and simplify reporting for superannuation funds by streamlining some administrative requirements for the calculation of exempt current pension income (ECPI).
The attached exposure draft legislation and supporting explanatory materials amend the Income Tax Assessment Act 1997 to give effect to this commitment by providing choice for superannuation fund trustees to use their preferred method of calculating ECPI, where the fund is fully in the retirement phase for part of the income year, but not for the entire income year. A redundant requirement for superannuation funds to obtain an actuarial certificate when calculating ECPI, where the fund is fully in the retirement phase for all of the income year will also be removed.
Submissions for this consultation are welcome at superannuation@treasury.gov.au.