It was only 2 years ago...

It was only 2 years ago that the ATO released the Draft Pension Ruling.  This Draft Ruling, while dealing with the relatively simple issues as to when a pension commences and when a pension ceases, did raise some significant policy issues.

The final Ruling was released on 31 July 2013 as Taxation Ruling 2013/5.  The ATO also released an SMSF Determination dealing with the minimum pension limit and partial commutations.

There has been a regulatory revolution for account-based pensions. Over the past few months, the Government has announced (as at 5 April 2013) significant pension taxation changes which are to apply from 1 July 2014; extended favourable taxation treatment for pensions which cease by reason of death, introduced administrative relief for minor pension underpayments, and issued five interpretative decisions relating to or having a connection with pensions.  

This regulatory revolution probably started with the issue of the Draft Pension Ruling and the industry response to the Draft Ruling.

This special issue of SUPERCentral News will comment upon the more significant issues arising from the finalisation of the Ruling and the issue of the SMSF Determination.