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APRA confirms retirement for members who reach 60 and cease one of two jobs

Publication date: 24 Aug 17 | Source: AUSTRALIAN TAX WEEK

Issue: Issue 31, 4 Aug 2017

Pages: pp. 1-2

Abstract:

The Australian Prudential Regulation Authority (APRA) has just updated its Superannuation Prudential Practice Guide SPG 280 — Payment Standards (SPG) in June 2017. Of interest in the SPG are APRA’s comments on the retirement definition in the Superannuation Industry (Supervision) Regulations 1994 (Cth) (SISR), in particular it is useful to see APRA’s confirmation that a member that reaches 60 and has two or more employment arrangements will meet the definition of retirement if they cease one of these employment arrangements. While APRA is not the regulator for SMSFs, its comments and interpretation of legislation are influential, including for the ATO.

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Gary CHAU
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David Oon
David is a Consultant with DBA Lawyers. - Current at 01 August 2013
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