The new tax exemption for retirement income stream products, effective from 1 July 2017, will be administered via a “cross-agency” process including both financial regulators.
The government has announced a "streamlined pathway" for retirement income stream products that will see collaboration between the prudential regulator, ASIC, the ATO and the Department of Social Services.
So-called 'innovative retirement income stream products', such as lifetime annuities, will qualify for earnings tax exemptions from 1 July 2017 as long as they meet the definition of a superannuation income stream under the Superannuation Industry (Supervision) Regulations 1994.
The creation of the new pension and annuity standards in the SIS regulations comes is part of the government's 2016 Review of Retirement Income Streams.
The review also recommended the development of a co-ordinated administration process to "streamline the way product providers interact with multiple government agencies".
As a result, the government has created a cross-agency process including the ATO, APRA, ASIC and the Department of Social Services.
"The cross-agency process seeks to provide a streamlined pathway for product providers to engage with these agencies via a single entry point, reducing the current administrative burden of product providers contacting these agencies separately," said a statement by APRA.
"The cross-agency process is designed to complement, not replace, existing processes at each agency."
The financial crimes watchdog has alleged that Westpac’s failure to appropriately monitor its customers meant they did not identify 12 pe...
BREAKING AUSTRAC has applied for civil penalty orders against Westpac over 23 million contraventions of money laundering laws. ...
APRA has released its plans to scale up its regulation of governance, culture, remuneration and accountability across the finance sector, wi...