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SMSF Updates

Regulations made to amend tax and super law

17 Dec, 2020

Regulations have been made to make minor and technical amendments to regulations in the Treasury portfolio, including tax and superannuation laws.

The Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2020 (the regulations) correct typographical errors and unintended outcomes in the legislation, increase thresholds and repeal inoperative provisions.
These changes ensure that amended regulations operate in the way intended.

Amendments included are:
to the Retirement Savings Accounts Regulations 1997 and Superannuation Industry (Supervision) Regulations 1994 to ensure that permanent residents of New Zealand are eligible for early release of their superannuation on compassionate grounds relating to COVID-19 during 2019–20 and 2020–21 financial years.
to the Superannuation Guarantee (Administration) Regulations 2018 to provide that if the reduced amount of salary or wages excluded under s 27(1) is less than $450 in a calendar month, then the remaining amount is also excluded salary or wages under s 27(2).
to the Tax Agent Services Regulations 2009 to allow recognised professional associations to surrender their recognition with the Tax Practitioners Board. Presently, the process is onerous for both parties and comes with unnecessary costs as the association is merely seeking to surrender its recognition voluntarily.

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