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…
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 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…
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…
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,…
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…
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…
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…
The Fair Work Amendment Bill 2012 was introduced into the House of Reps on Tue 30.10.2012. The Bill proposes to implement measures seeking to improve the selection of default superannuation funds in modern awards in response to the Productivity Commission’s report. The Bill will amend the Fair Work Act 2009 to establish a process whereby…
The Treasury Legislation Amendment (Unclaimed Money and Other Measures) Bill 2012 was introduced into the House of Reps on Tues 30.10.2012. The Bill gives effect to the unclaimed moneys proposals announced in the 2012-13 Mid-Year Economic and Fiscal Outlook (MYEFO). The Bill proposes to make amendments to the Banking Act 1959, First Home Saver Accounts…