Published on 23 Dec 20
by THE TAX INSTITUTE
The Tax Institute welcomes the opportunity to make a submission to the Government in relation to the ‘Your Future, Your Super’ package of proposed reforms to the superannuation system, as announced in the Federal Budget 2020–21.
The Tax Institute, together with our National Superannuation Technical Committee, have reviewed the relevant exposure draft legislation and explanatory materials. Our submission below addresses our main concerns in relation to the exposure draft of the Treasury Laws Amendment (Measures for a later sitting) Bill 2020: Best Financial Interests Duty (Draft Bill). In particular, the proposed provisions relating to the prohibition on certain payments and investments and the associated civil penalties.
The Tax Institute is Australia's leading professional association and educator in tax, with offices in most major cities. Focusing solely on tax, the Institute provides the best resources, education and networks. Our mission is to equip tax professionals with everything they need to demonstrate the highest level of expertise and increase the advancement of public knowledge and understanding.
We are also committed to propelling members into the future and onto the global stage with the introduction of the Chartered Tax Adviser designation.