The NSW Supreme Court has made an order replacing a trustee of an SMSF where the trustee’s conduct amounted to a breach of fiduciary duty. The parties to this case were 2 brothers – Basil and Brinos Notaras. They were the only trustees and members of the SMSF. Basil sought the removal of Brinos as…
The taxpayer has lodged a notice of appeal to the Full Federal Court against the decision of Jessup J in Parliamentary Trustee of the Parliamentary Contributory Superannuation Fund v FCT [2012] FCA 740. The Federal Court had upheld superannuation contributions surcharge tax assessments under the Superannuation Contributions Tax (Assessment and Collection) Act 1997 in respect…
The taxpayer has filed a notice of appeal to the Full Federal Court against the decision of Besanko J in Kelly v FCT (No 2) [2012] FCA 689. Federal Court had held that a family trust was not entitled to a deduction under s 290-60 of the ITAA 1997 for superannuation contributions made on behalf…
The Government late on Wed 22.8.2012, released for comment draft legislation which seeks to support the implementation of the SuperStream measures, which are one subset of the Government’s Stronger Super reforms. Specifically, the proposed amendments aim to support the superannuation data and payment regulations. Some of the key features of the proposed amendments are as…
The Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 was on Wed 22.8.2012, which seeks to establish the MySuper legislative framework, passed by the House of Reps with 11 amendments and now moves to the Senate. The Government amendments made by the House: defer the date from which an employer must make contributions to a…
The Government on Mon 20.8.2012, released draft legislation aimed at implementing the following Stronger Super measures for the self-managed superannuation fund (SMSF) sector: – an administrative penalty regime is proposed for SMSF trustees for certain contraventions of the SIS Act. The Commissioner will also be given the Administrative penalties for SMSF trusteespower to issue SMSF…
The Minister for Superannuation on Fri 17.8.2012, advised that the Government has made regulations to support recent legislative amendments, to allow eligible individuals a one-off option to have excess concessional contributions of up to $10,000 refunded to them. The excess concessional contributions will be assessed as income for the year of the excess contributions rather…
The Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 has now passed all stages without amendment and awaits Assent, having been passed by the Senate on Tue 14.8.2012. It contains the 2nd tranche of legislation for the Government’s Stronger Super (MySuper and governance) reforms. [LTN 157, 15/8]
On 10 August 2012, the Government released for public consultation draft legislation for the intra-fund consolidation of multiple superannuation interests owned by the same member and the accompanying explanatory materials. This consultation is a follow-on to the earlier draft legislation released in March 2012. The proposed amendments are designed to expand the duties of superannuation…
The Superannuation Industry (Supervision) Amendment Regulation 2012 (No 2) was registered on Mon 6.8.2012, to require trustees of self-managed superannuation funds (SMSFs) to value assets of the fund at their “market value” when preparing accounts and statements from the 2012-13 year of income. “Market value” takes the same meaning as provided in s 10 of…