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.