ATO withdraws controversial segregation determination
The ATO has withdrawn TD 2013/D7 with effect from 11 December 2013. TD 2013/D7 explained the Commissioner’s preliminary view about when an asset of a complying superannuation fund is “invested, held in reserve or otherwise being dealt with for the sole purpose of enabling a fund to discharge liabilities payable in respect of superannuation income stream benefits”, for the purposes of S.295-385(3)(a) or S.295- 385(4) of the ITAA 1997. A number of submissions were received during the course of consultation and it became clear to the ATO that approaches vary materially across the industry. A new Determination dealing specifically with the key issue of bank accounts will be issued in the near future, and the ATO will further consider and consult on the balance of the matter. Editor: Despite the withdrawal, there is still a chance that the ATO’s preliminary view was correct, therefore, we recommend that best practice would still be for a super fund that is partly in pension phase to maintain at least two bank accounts.
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