Daily Archives: November 16, 2018

TR 2018/7 – Employee Remuneration Trust (non-Div 83A ESS interests) – employer deduction on contribution; employee tax on benefits; tax effect on trustee; FBT; Div 7A deemed dividends; 13-month pre-payment rule

On Wed 31.10.2018, the ATO issued Taxation Ruling TR 2018/7 on employee remuneration trust (ERT) arrangements that operate outside the employee share scheme rules in Div 83A of ITAA97 (which includes beneficial interests in employer shares held through trusts). The Ruling finalises draft Taxation Ruling TR 2017/D5. This ruling is about arrangements established to facilitate the provision of…

Comprehensive Income Product for Retirement (CIPRs) – start date deferred to 1 July 2022 and account balance threshold increased from $50k to $100k

In a media released Wed 31.10.2018, the Assistant Treasurer, Stuart Robert, said the Government will defer, to 1 July 2022, the start date for superannuation funds to offer a Comprehensive Income Product for Retirement (CIPR). In addition, the Government will increase the threshold superannuation balance for offering a CIPR from $50,000 to $100,000. INNOVATIVE INCOME STREAMS: Mr Robert…

Minister announces changes to the superannuation law – relating to the way ‘market-linked pensions’ are treated under the $1.6m ‘transfer balance cap’ rules & keeping rolled over death benefits tax free

On 30 Oct 2018, the Government has announced that it will amend the superannuation tax law to address some minor, but important issues, as part of the ongoing implementation of the July 2017 super reforms. In a speech to the Alliance for a Fairer Retirement System, the Assistant Treasurer, Stuart Robert, said the new measures will: Market-linked…

Australian Financial Complaints Authority (AFCA) opening for business as of Thursday 1 November 2018 – replacing the Financial Ombudsman Service (FOS) and Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT)

The Australian Financial Complaints Authority (AFCA) opening for business as of Thursday 1 November 2018. This is the new one-stop shop for financial dispute resolution, delivering free, fast and binding services for all financial complaints, whether they be related to banks, credit providers, insurance companies or superannuation funds. AFCA will replace the Financial Ombudsman Service…