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ATO Releases Cross-agency Process for Innovative Income Streams

Legislation updates

Sean Fannin, GBST’s Technical Legislation Consultant reviews the latest legislation that could affect wealth management administration platforms.

Posted in: Legislation, Superannuation, Wealth Management Administration
Published: 15/09/2022

The Australian Taxation Office recently released a cross-agency process for product providers to raise topics and issues with various Government agencies regarding certain innovative retirement income stream products. This can be done via a single email to the Australian Taxation Office, Australian Prudential Regulation Authority, Australian Securities and Investments Commission and the Department of Social Services who are involved in the cross-agency process. 

Superannuation fund trustees who have or are considering developing innovative retirement income streams should consider the opportunities available with the cross-agency process to test concepts, seek information, and high-level guidance on topics and issues, and provide views on how the product meets the legislative requirements. 

For those who have or are looking to offer innovative retirement income streams, consider the software systems that can administer these products. GBST’s wealth administration platform, Composer, has a long history of being able to support complex and varied retirement income stream products for the Australian market.  

 

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