The Tax Office has reported that a trustee of an SMSF was recently sentenced to 6 months imprisonment, serving a minimum of 14 days, after pleading guilty to dishonestly contravening a civil penalty provision of the SIS Act. In its latest SMSF News (Edition 25), the Tax Office said the SMSF trustee had withdrawn almost…
Sex Discrimination Commissioner, Elizabeth Broderick, has released a report that suggests 11 areas of reform that will value unpaid caring in Australia and remove what she said was the lifelong disadvantage experienced by many people who care. Launching the Commission’s Investing in care: Recognising and valuing those who care report in Sydney, Commissioner Broderick said…
In relation to the provision of financial advice through superannuation funds, the Parliamentary Secretary to the Treasurer, Bernie Ripoll, has reminded funds that the Government’s Stronger Super and MySuper reforms stipulate that funds can’t charge members collectively for financial advice, other than for intra-fund advice. Members seeking complex personal advice must bear the cost of…
The Federal Coalition has called on the Government to put any contemplated tax changes to superannuation to the election before they are implemented. In a speech before the Senate on Tue 5.2.2013, Shadow Minister for Superannuation, Senator Mathias Cormann, said that, if “despite previous promises to the contrary Labor decide to proceed with yet another…
The debate over superannuation tax changes continues. However, strong speculation that the Government would impose tax on superannuation withdrawals by those over 60 was effectively quashed on Wed 6.2.2013, when the Prime Minister told the House of Reps that “the Government reaffirms that it will never remove tax-free superannuation payments for the over-60s”. Ms Gillard…
The ATO on Fri 8.2.2013, issued a Decision Impact Statement on the Full Federal Court’s decision in Interhealth Energies Pty Ltd as Trustee of the Interhealth Superannuation Fund v FCT [2012] FCAFC 185. In that decision, the Full Court dismissed the taxpayer’s appeal seeking leave to raise a new point on appeal not raised before.…
The Minister for Superannuation Bill Shorten said on Tue 12.2.2013, that media reports in recent days suggesting Federal politicians in defined benefit superannuation schemes will be immune from reduced superannuation tax concessions announced at the last budget are entirely false. He said the Government had consistently and clearly said that Federal politicians earning in excess…
The Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013 was introduced in the House of Reps on Wed 13.2.2013. It amends the Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991 and the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 to reform the self-managed superannuation fund (SMSF)…
The Assistant Treasurer on Wed 13.2.2013, announced the Government would [introduce Bills to] amend the income tax law to ensure foreign pension funds can access the Managed Investment Trust (MIT) withholding tax regime. This amendment will apply from the start of the withholding tax regime, 1 July 2008. “The amendment will ensure that the law better aligns…
The Government had indicated that it would make changes to its proposed Stronger Super regulations dealing with aspects of MySuper and governance reforms. In response to industry concerns raised during consultation, Treasury has released a Consultation Outcome indicating that the Government will make changes to the draft regulations in respect of the MySuper notification requirements…