Draft legislation for ECPI released to reduce red tape
The Government has released an exposure draft legislation aimed at reducing red tape for superannuation funds by streamlining some administrative requirements to calculate exempt current pension income (ECPI).
An announcement by the Minister for Financial Services, Superannuation and the Digital Economy, Jane Hume, said the legislation provided choice for super fund trustees to use their preferred method of calculating ECPI where the fund was fully in the retirement phase for part of the income year but not for the entire income year.
The legislation also removed the requirement for funds to obtain an actuarial certificate when calculating ECPI where the fund was in the retirement phase for all of the income year.
Consultation was open for the draft legislation for submission until 18 June, 2021.
Recommended for you
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
Online investment adviser and fund manager Stockspot has introduced Stockspot Super, Australia’s first 'ETF only' superannuation product. superannuation product.
ASIC has called on superannuation funds to improve their oversight of advice fee deductions following an investigation of 10 trustees that found $990 million was charged in one year.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.