The Government on Fri 7.6.2013, released a discussion paper on lost and unclaimed superannuation money setting out additional initiatives that could facilitate the process of reuniting members with their lost super accounts. The discussion paper is seeking views on further opportunities to enhance the existing suite of strategies (and new strategies) to reduce the number…
The Assistant Treasurer Tue 4.6.2013, announced the terms of reference for 2 Board of Taxation reviews into the thin cap rules and the debt/equity tax rules. In the 2013-14 Budget, the Government announced a package of measures aimed at protecting the integrity of the corporate tax system. As part of this package, the Government identified…
The Australian Charities and Not-for-profits Commission Amendment Regulation 2013 (No 3) was registered on Mon 17.6.2013. It amends the Australian Charities and Not-for-profits Commission Regulation 2013 to specify the requirements for annual financial reports for the 2013-14 financial year and later years. The amending regulation commences Tue 18.6.2013. Section 60-10 of the Australian Charities and…
The ATO on Wed 26.6.2013, released the following Taxation Determinations: TD 2013/10: Is the application of a deceased member’s benefits in a regulated super fund to commence a super income stream from that fund for each of one or more dependant beneficiaries of the deceased member (in accordance with regulation 6.21 of the Superannuation Industry…
APRA has released a letter to industry and final versions of 32 reporting standards, reporting forms and instructions for APRA-regulated superannuation funds. APRA’s reporting requirements implement the transparency and accountability recommendations from the Government’s Stronger Super reforms, and the superannuation reporting proposals on which APRA had previously consulted in 2009. The new requirements also support…
The Income Tax Assessment Amendment (Superannuation Measures No 1) Regulation 2013 was registered on Mon 3.6.2013, to give effect to the Government’s 2012-13 MYEFO announcement to provide tax certainty to deceased estates, where a person has died while in receipt of a superannuation income stream. The regulation expands the meaning of “superannuation income stream benefit”…
The Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Bill 2013 was today passed by the House of Reps with 2 Government amendments and now moves to the Senate. The amendments made to the Bill insert a new Sch 3, which will amend the Fair Work Amendment Act 2012 to: allow an employer…
The AAT has held that held that Commonwealth superannuation contributions surcharge legislation did not validly apply the taxpayers in this case – Deputy State Solicitors of Western Australia. The taxpayers had applied to the AAT for review of objection decisions made by the Commissioner to disallow objections they had lodged to superannuation contribution surcharge assessments…
The ATO on Thur 13.6.2013, released Practice Statement Law Administration PS LA 2013/2 (GA), which deals with the GST treatment of Australian fees or charges under Div 81 of the GST Act. Specifically, it sets out the administrative approach the ATO will take on and from 1 July 2013, where Australian government agencies determine the GST classification of…
The Minister for Financial Services and Superannuation has gazetted a notice under s 2 of the Superannuation Legislation Amendment (New Zealand Arrangement) Act 2012 that the arrangement between Australia and New Zealand, on Trans-Tasman Retirement Savings Portability, will enter into force on 1 July 2013. Notified in Commonwealth Gazette No GN25, 26 June 2013 [p 1711] [LTN 123, 28/6/13]