Chartered Accountants Australia and New Zealand, CPA Australia, Institute of Financial Professionals Australia, Institute of Public Accountants, and the SMSF Association (collectively the ‘Joint Bodies’) welcomes the opportunity to provide feedback on the recent update to TR 2013/5 Income tax: when a superannuation income stream commences and ceases (the Ruling), published 26 June 2024.
With around 35% of the current SMSF population in retirement phase (and a further 10% transitioning to retirement), the number of taxpayers affected by this Ruling are significant.
The Joint Bodies have highlighted several critical issues requiring the ATO’s urgent attention.
Read more here.