Joint Submission – TR 2013/5A1 – Addendum Income tax: when a superannuation income stream commences and ceases

SMSF Association Submission | Joint Letter

Chartered Accountants Australia and New Zealand, CPA Australia, Institute of Financial Professionals Australia, Institute of Public Accountants, and the SMSF Association (together the ‘Joint Bodies’) welcomes the opportunity to provide feedback on the recent update to TR 2013/5 Income tax: when a superannuation income stream commences and ceases (the Ruling), published 26 June 2024.

With around 35 per cent of the current SMSF population in retirement phase (and a further 10 per cent transitioning to retirement), the number of taxpayers affected by this Ruling are significant.

We recognise and welcome the amendments made to incorporate legislative amendments flowing from the introduction of the transfer balance cap regime. The amendments also clarify the application of this ruling to successor fund transfers and remove practical compliance approaches that are no longer current.

Joint Submission – TR 2013/5A1 – Addendum Income tax: when a superannuation income stream commences and ceases

SMS Association Submission