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.
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