SUPERCentral SMSF governing rules update timeline – 2006 to 2018
This important new client support service document lists all of the legislative and regulatory changes that have been incorporated into the SUPERCentral Governing Rules from inception in 2006 to today.
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Version
SIS Act/Regs
Tax Act/Regs
Other Act/Regs
Cases
SMSF Practice
May 2018
- · First Home Super Saver Scheme – allow trustees to act upon release authorities issued in conjunction with this scheme
- · Downsizer Contributions – permitting trustees to accept non-concessional contributions which qualify as downsizer contributions
- · Early Stage Innovation Companies – allow trustees to acquire and hold shares in companies which qualify as ESICs
Tax Act/Regs
- Digital Currencies – permit trustees to acquire, hold, receive contributions in the form of and to pay benefits in the form of digital currencies
Other Act/Regs
November 2017
Innovative superannuation income stream regulations – which permit self managed superannuation funds to issue lifetime guaranteed income streams where the income stream is wholly supported by a purchased
annuity
SIS Act/Regs
Contribution splitting – by transfer of allocated amount to another superannuation fund
Tax Act/Regs
NSW transfer duty changes – transfer of primary production land as an in specie lump sum benefit payment – to allow these transfers to access a recently introduced transfer duty exemption
Other Act/Regs
- Binding death benefit nominations – ability to restrict nomination to specific interests – ensuring that composite nominations are treated as separate nominations for purpose of determining their validity
- Expanded list of authorised investments – investing in limited liability partnerships as a limited partner
SMSF Practice
March 2017
- Conferral of powers on trustee to respond to the introduction of the Fair and Sustainable Superannuation changes
- Modifying terms of pensions payable in respect of deaths which occur on or after 1 July 2017 - so that such pensions must continue to be paid until the pension account is exhausted or until the pension is cashed out
- Allowing trustees to commute a pension pursuant to a commutation authority
- Expressly permitting the trustee to accept catch up contributions
- Permitting the trustee to purchase superannuation annuities for members
SIS Act/Regs
- Permitting trustees to acquire shares through crowd-sourced funding offers
Other Act/Regs
- Permitting financial managers of incapable members to exercise the member’s rights to claim or vary benefits or to make or vary binding death benefit nominations
- Restricting the ability of Enduring Attorneys from making or revoking binding death benefit nominations where the instrument appointing the attorney expressly precluded from making or varying binding death benefit nominations
SMSF Practice
October 2016
- Modification of SIS Contribution Acceptance Rules for CGT non-concessional contributions arising from earnout payments
SIS Act/Regs
- Express reference to conversion of payment split interests under Reg 14G of the Family Law Splitting Regulations
- Imposition of age 55 precondition for UK Benefit Transfers
Other Act/Regs
- Disclaimer of death benefits
SMSF Practice
October 2015
- Certification period for Terminal Medical Condition access changed from 12 to 24 months
- Variation of Release Authorities
SIS Act/Regs
- Change UK Pension Transfers (QROPs) rules
Other Act/Regs
- Variation of payment terms of death benefit payments
- Validity of BDBNs – if valid at date of making not invalidated by Governing Rule change
SMSF Practice
May 2015
- Grandfathered insurance arrangements
SIS Act/Regs
- Release authorities – Excess contributions, Division 293 tax
Tax Act/Regs
- Trustee Authorised Investments
- Commutation of pensions up to Unrestricted non-preserved component
Other Act/Regs
- Saving provisions for BDBN – to address Munro v Munro decision
Cases
- Medical evidence for removal of trustee
- Appointment of Legal Personal Representation as trustee pending payment of death benefit
SMSF Practice
August 2014
- SuperStream payments and data standards
SIS Act/Regs
- Commutations of complying pensions
- Release Authorities
Tax Act/Regs
- Unwinding holding trusts
Other Act/Regs
- Insurance cover arrangements
- Conditional Death Benefit allocations
- Member initiated trustee changes
SMSF Practice
November 2013
- Higher Income Contributions Tax
- New Excess Concessional Contributions Tax arrangements
Tax Act/Regs
- Pension Payment change – SMSF 2013/2
Other Act/Regs
- Revised LRBAs
- Revised Insurance cover arrangements
SMSF Practice
March 2013
- Revised Risk & Investment Strategy provisions
- Revised Accounting Rules
- Revised Statutory Covenants for SMSFs
- New Information Standards – Benefit Rollovers & Transfers
- Approved Auditor
- Trustee Admin Penalties
- Rectification Directors
- Education Directors
SIS Act/Regs
- WA Duty concession: in specie transfers
- Retail trading of CGS & Corporate Bonds
Other Act/Regs
- Revised LRBA provisions
- Operational Risk Reserve
SMSF Practice
June 2012
- Remuneration of Trustees (s17B)
- Extension of 25% discount on min pension payments
SIS Act/Regs
- Small excess concessional contributions refund
Tax Act/Regs
- Low Income Super Contributions
- QROPS Changes
- Carbon Tax
Other Act/Regs
SMSF Practice
November 2011
- Collectibles & Personal Use assets – special investment rules
SIS Act/Regs
- Forfeiture Orders
Other Act/Regs
- Ring fencing of assets & Custodians
- Terminal medical cover – to permit t/ee to take cover
- EPOAs exercising commutation rights
- BDBNs – separated but not divorced spouse
- Deemed contributions
SMSF Practice
May 2011
- Generic Minimum Pension Relief
- Acquisition of assets from related super funds on breakdown of relationships
SIS Act/Regs
- Changes of trustees –excluding corporate trustee as member
Other Act/Regs
- Payment of benefits by Promissory Notes
- Allocation of deemed contributions
- Partial anti-detriment payments
- Fund mergers
SMSF Practice
August 2010
- Min Pension Relief 2010/11
- Acceptance of Contributions from Approved Clearing Houses
- New Borrowing Rules – Limited Recourse Borrowing
SIS Act/Regs
- Transfers of Capital & Revenue Losses on Fund Mergers
Tax Act/Regs
- Tailoring of Binding Death Benefit Nominations
- Reimbursement of Establishment Expenses
- UK Pension Transfers (QROPS)
- Interaction between BDBNs & Reversionary Pensions
- Variation of Pensions post commencement
- Bank approved Conflict of Interest provision
SMSF Practice
September 2009
- Min Pension Relief 2009/10
SIS Act/Regs
- SIS Compliance – restricted to SMSF rules – response to Donovan v Donovan
Cases
- Death of Member/Trustee – LPR can be appointed as trustee
- Death of sole surviving member/trustee
- Reserves – contribution reserves explicit
- Partial BDBNs
SMSF Practice
April 2009
- Temporary Residents super access changes
- Min Pension Relief for 2008/09
SIS Act/Regs
- Same Sex/De facto Relationships
- WA Duties Act – in specie transfers
Other Act/Regs
- Trustee dealing in B/Es & Negotiable Instruments (supergearing)
- Paying insurance from reserves
- Tailoring terms of account-based pensions (Exotic pensions)
SMSF Practice
November 2008
- First Home Savers Accounts
Other Act/Regs
- Enduring Powers of Attorney – access benefits/BDBNs
- Internal rollover from complying to market linked pensions
SMSF Practice
July 2008
- Instalment warrants – further provisions
- Terminal medical condition
SIS Act/Regs
- External rollover of complying pension to market linked pension
SMSF Practice
December 2007
- Instalment warrant /geared investments provisions
SIS Act/Regs
- Real estate transfers – concessional rates
Other Act/Regs
July 2007
- Simplified Super Changes – account-based pensions, excess contribution taxes, return excess fund capped contributions, pension commutation restrictions
SIS Act/Regs
- Simplified Super Changes – TFNs, release authorities
Tax Act/Regs
- Simplified Super Changes – allocated to account based pension limits
SMSF Practice
November 2006
- Contribution Limits as per 2006 Budget
Tax Act/Regs
- Anti-detriment accounts
- Grandfathering of BDNs made before conversion to SUPERCentral
SMSF Practice
SUPERCentral SMSF Timeline