SIGNIFICANT EVENTS FOR SMSFs

Effective Date

Event

December 1992

Introduction of allocated pensions

1 July 1994

Superannuation Industry (Supervisions) Act 1993  replaced the Occupational Superannuation Standards Act 1987

1996-97

Introduction of lifetime complying pensions

16 October 1997

Introduction of eligible spouse contributions

20 September 1998

Introduction of life expectancy complying pensions

31 May 1999

Introduction of binding death benefit nominations (BDN)

8 October 1999

Introduction of Section 17A which includes the member/ trustee rules

1 July 1999

ATO replaced APRA as the regulator of SMSFs

Mid-2001

Internal roll-overs of super pensions now treated as ETPs and taken into account for RBL purposes

1 July 2002

Introduction of greater flexibility with regards to contributions and compulsory cashing

1 July 2003

Introduction of Government co-contributions

11 March 2002

Introduction of product disclosure statements (PDS)

12 May 2004

Restrictions placed upon defined benefit pensions (DBP)

1 July 2004

Removal of work test for persons under age 65; Changes to work test for persons aged 65-70

20 September 2004

Introduction of market linked pensions

1 July 2005

Introduction of transition to retirement benefits

1 July 2005

Abolition of the superannuation surcharge

31 December 2005

Cessation of DBPs in SMSFs

1 January 2006

Introduction of super contributions splitting

10 May 2006

Relaxation of member benefit cashing rules at age 65

10 May 2006

Limits placed on making contributions

1 July 2007

Introduction of 2006 Budget Super Reforms including account based pensions

September 2008

Fund Borrowing via Instalment Warrants became available

November 2008

Non-lapsing Binding Death Benefit Nominations receive official ATO endorsement