Daily Archives: March 2, 2017

*Productivity Commission releases report on choice of ‘default super funds’ to go into modern awards – Fair Work Panel to chose (85)

The Government on Fri 12.10.2012, released the Productivity Commission’s final report into default superannuation funds in modern awards. The Productivity Commission has recommended that an expert superannuation panel within Fair Work Australia (FWA) should decide suitable default superannuation funds for inclusion in modern awards according to the members’ best interests. The Productivity Commission said the…

*ASIC register for SMSF auditors to start 31 January 2013 (84)

ASIC has advised that its online registers for registered, suspended and disqualified “approved SMSF auditors” will be available from 31 January 2013. From this date, existing approved auditors will be able to apply for registration with ASIC under transitional arrangements proposed by the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill…

*MySuper transition: APRA draft prudential practice guide (SPG 410) released (83)

APRA on Wed 10.10.2012, released a consultation letter and Draft Prudential Practice Guide SPG 410 MySuper Transition (SPG 410) to provide guidance to registrable superannuation entities (RSE) licensees on the requirements set out in proposed Superannuation Prudential Standard SPS 410 (previously released on 3 October 2012). Subject to the passage of the MySuper legislation, APRA…

*Further MySuper Bill (3rd Tranche): Parliamentary Joint Committee report released (82)

The Parliamentary Joint Committee on Corporations and Financial Services on Tues 9.10.2012, tabled in the Senate its report on the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012. The Bill is the third tranche of MySuper legislation and proposes to introduce measures relating to the transition of accrued default balances to MySuper by…

ASFA recommends changes to ‘Further MySuper Bill’ (3rd Tranche) (81)

ASFA has released its submissions to the Parliamentary Joint Committee on Corporations and Financial Services as part of the Committee’s inquiry into the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012. The Bill is the third tranche of MySuper legislation and proposes to introduce measures relating to the transition of accrued default balances…

*MySuper authorisation and transition requirements released by APRA (80)

APRA has released its final MySuper authorisation and transition package for the Government’s proposed low-cost default superannuation product, including: ;Response to submissions – MySuper authorisation and transition standard Application form – authority to offer a MySuper product – generic MySuper product; Application form – authority to offer a MySuper product – large employer provision and…

CPAs say Australia should reconsider allowing super as a lump sum as it is failing in its objective to get Australians to save for their retirement (79)

Australia is headed for a retirement savings disaster, with increasing numbers of retiring baby boomers resorting to the aged pension, having largely spent their superannuation at, or shortly after retirement to pay off debt, a CPA Australia study has shown. The study points to a scenario with a serious impact on Australia’s budgetary bottom line,…

*Re Yrorita and FCT – Early access to superannuation included in taxpayer’s assessable income (78)

The AAT has upheld the Commissioner’s decision to include a superannuation benefit in a taxpayer’s assessable income for the 2007 income year under s26AFB of the ITAA 1936 after finding that the taxpayer had attempted to evade paying tax on the superannuation money. In 2007, the taxpayer (age 37) withdrew $53,000 from his public offer…

*Re Lynton and FCT – Excess super contributions tax – financial hardship not “special circumstances” (77)

The AAT has agreed with the Commissioner that a taxpayer’s “honest mistake” and financial hardship did not constitute “special circumstances” under s 292-465 of the ITAA 1997 to disregard his excess non-concessional contributions for a financial year. The taxpayer had made non-concessional contributions of $176,101 in the 2007-08 year, $147,544 in 2008-09 and $149,982 in…

*Re Fraser and FCT – Deduction denied for personal superannuation contribution (76)

The AAT has upheld the Commissioner’s decision to disallow a deduction for personal superannuation contributions made in the 2007 income year after ruling that the taxpayer was not an “eligible person” under former s 82AAS of the ITAA 1936. The taxpayer took a redundancy as a TAFE teacher in May 2007. He claimed a deduction…