The SMSF Professionals’ Association of Australia (SPAA) and Russell Investments released their 2014 report, Intimate with Self Managed Superannuation, at the SPAA National Conference in Brisbane on Wed 19.2.2014. The report says that strong growth in the SMSF sector is expected to continue from younger generations. SPAA noted that those aged over 50 still dominate…
On 1 February 2014, ASIC issued the first SMSF auditor annual statements to affected auditors. All approved and suspended auditors are required to lodge an SMSF auditor annual statement as part of their registration. ASIC says SMSF auditors will receive an email notice on their registration anniversary date to advise them that their annual statement is ready…
ASFA has released submissions on the following superannuation items: SMSF in-house asset exemption for borrowing arrangements – ASFA believes that the Tax Office’s Draft Legislative Instrument – Self Managed Superannuation Funds (Limited Recourse Borrowing Arrangements – In-house Asset Exclusion) Determination 20xx will be effective in meeting its objectives. Broadly, the draft instrument proposes a specific…
ASFA has warned that the Government’s draft legislation to increase the account balance threshold above which lost superannuation accounts must be transferred to the Tax Office may leave some account holders without insurance cover. Currently, lost and inactive superannuation accounts with balances of less than $2,000 must be transferred to the Commissioner. The Exposure Draft – Tax…
The Federal Court has upheld a superannuation excess contributions tax assessment and affirmed the Commissioner’s decision that there were no “special circumstances” under s 292-465 of the ITAA 1997 to warrant reallocating excess concessional contribution received late via BPay. The taxpayer is the managing director of a fluid technology company. On 30 June 2009, the bookkeeper for the…
The Actuaries Institute has released its submission in response to Treasury’s discussion paper entitled, Better regulation and governance, enhanced transparency and improved competition in superannuation (released in November 2013). The Institute raised a number of issues. In relation to regulation, the Institute expressed its concern about the potential additional regulation of actuarial services via the Tax Agent…
The Tax Office has announced the key superannuation rates and thresholds for 2014-15, indexed in accordance with ss 960-275 and 960-285 of the ITAA 1997 in line with average weekly ordinary time earnings (AWOTE). The document, Key superannuation rates and thresholds, is available on the Tax Office Website. CONTRIBUTIONS: The general concessional contributions cap is…
The Tax and Superannuation Laws Amendment (2014 Measures No 1) Regulation 2014 was registered on Wed 19.2.2014, to prescribe an interim method for calculating an individual’s “defined benefit contributions” to enable the Commissioner to determine a liability for Division 293 tax on superannuation concessional contributions for those with incomes above $300,000. The Regulation inserts reg…
The Tax and Superannuation Laws Amendment (2014 Measures No 1) Bill 2014 was introduced in the House of Reps on Wed 26.2.2014. The superannuation related measures are as follows. amend the Superannuation Industry (Supervision) Act 1993 (SIS Act) to introduce civil and criminal penalties for promoters of schemes that have resulted, or are likely to…
The ATO on Wed 26.2.2014, released an Addendum to Miscellaneous Tax Ruling MT 2010/1 (Restrictions on GST refunds under s 105-65 of Sch 1 to the TAA) to broadly reflect amendments made by the Indirect Tax Laws Amendment (Assessment) Act 2012, which came into effect on 1 July 2012 and introduced a self-assessment regime for indirect taxes. [LTN 38,…