The SMSF Professionals’ Association of Australia (SPAA) has opposed suggestions that SMSFs should be regulated by APRA. In response to a claim that the SMSF sector is under-regulated, SPAA CEO Andrea Slattery said: “All the evidence suggests that the ATO does an excellent job regulating this sector, and calls for SMSFs to come under the…
The ATO Assistant Commissioner Superannuation, Stuart Forsyth, said that the proposed increase in the superannuation contributions tax for high income earners is likely to be levied on the individual (rather than at the fund level). This was at a keynote address to The Institute of Chartered Accountants in Australia National SMSF Conference in Sydney on…
APRA on Wed 19.9.2012, released for consultation a discussion paper outlining its proposed revised reporting requirements for APRA-regulated super funds. The consultation package includes 31 draft reporting forms and instructions. APRA said the package outlines a substantially larger data collection than is currently in place for the superannuation industry. APRA’s proposed reporting requirements implement the…
The Minister for Financial Services and Superannuation on Fri 7.9.2012, announced that in the fourth meeting of the Superannuation Roundtable, the representatives have agreed to a proposal to better promote the Government’s small business clearing house. Mr Shorten said the Government’s super clearing house reduces red tape for around 32,000 small businesses (usually with between…
The ATO has issued Decision Impact Statements on the following cases: – in these cases, the AAT basically confirmed that AAT Case [2012] AATA 451, Re Walsh and FCT; AAT Case [2012] AATA 452, Re Wilson and FCT; AAT Case [2012] AATA 453, Re Bridge and FCT3 senior South Australian public servants were personally liable…
The Federal Court has held that a resolution to distribute a $14m capital gain from a family trust was “special income” derived by a self-managed superannuation fund (SMSF) in the 2004 tax year under former s 273(6) of the ITAA 1936. The taxpayer, as trustee of the SMSF, sought to distinguish the finding in Allen…
The AAT has upheld the Commissioner’s decision to include a superannuation benefit in a taxpayer’s assessable income under s 304-10 of the ITAA 1997 on the grounds that it was withdrawn in breach of the SIS Act. In 2008, the taxpayer (age 40) signed a form requesting his retail superannuation fund to rollover $40,000 of…
The Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 was introduced into the House of Reps on Wed 19.9.2012. This third tranche of MySuper legislation will implement further reforms to complement the Government’s low-cost default superannuation product (MySuper), generally from 1 July 2013. Broadly, the Bill will introduce measures relating to superannuation fees,…
The ATO Wed 19.9.2012, issued an Addendum to Miscellaneous Taxation Ruling MT 2010/1 (Restrictions on GST refunds under s 105-65 of Sch 1 to the TAA) to reflect the Federal Court’s decision in International All Sports & Anor v FCT (2011) 81 ATR 607. In that case, the Federal Court held that the global GST…
The Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 and Superannuation Auditor Registration Imposition Bill 2012 were introduced into the House of Reps on Wed 19.9.2012. Key amendments proposed by the Bills include: Merging superannuation funds – the Bills will reinstate the temporary loss relief and asset roll-over in Div…