Income Tax Point-in-Time Service Updates

The Income Tax Point-in-Time Service has been updated to include the Treasury Laws Amendment (Legacy Retirement Product Commutations and Reserves) Regulations 2024 (Cth), Taxation Administration Amendment (Disclosure of Information to National Taskforce Morpheus) Regulations 2024 (Cth) and Treasury Laws Amendment (Miscellaneous and Technical Amendments No. 2) Regulations 2024 (Cth).

Treasury Laws Amendment (Legacy Retirement Product Commutations and Reserves) Regulations 2024

The purpose of the Regulations is to relax commutation restrictions for a specified range of legacy retirement products and create a more flexible avenue for allocations from superannuation reserves. This will allow individuals to exit products that are no longer suitable for their circumstances, remove barriers that currently prevent the closure of obsolete funds and legacy products, and allow for the allocation of reserves that no longer serve an ongoing purpose. The Regulations apply to legacy lifetime, life expectancy and market-linked superannuation income stream products, which generally commenced prior to 20 September 2007, or commenced as a result of a conversion of an earlier legacy product that commenced prior to that date.

Taxation Administration Amendment (Disclosure of Information to National Taskforce Morpheus) Regulations 2024

The purpose of Regulations is to amend the Taxation Administration Regulations 2017 (Cth) to permit disclosures of protected information by the Australian Taxation Office to National Taskforce Morpheus.

Treasury Laws Amendment (Miscellaneous and Technical Amendments No. 2) Regulations 2024

The purpose of the Regulations is to make miscellaneous and technical amendments to regulations in the Treasury portfolio, including to laws with respect to corporations, superannuation and taxation. The amendments demonstrate the Government’s commitment to the care and maintenance of Treasury portfolio legislation.

These amendments have been updated in the Point-in-Time Income Tax Service current to 9 December 2024 (NB: subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.