SMSF auditor registration regime – SIS Regs amended [43]

The Superannuation Industry (Supervision) Amendment Regulation 2012 (No 6) and the Superannuation Auditor Registration Imposition Regulation 2012 were registered on Tue 11.12.2012, setting out the details for the auditor registration regime for self-managed super funds (SMSFs). The regulations complement the approved SMSF auditor regime contained in the Superannuation Laws Amendment (Capital Gains Tax Relief and…

ASIC releases SMSF auditor registration guidance and competency standards [42]

ASIC Mon 10.12.2012, released guidance to assist auditors of self managed superannuation funds (SMSF) register with ASIC. The guidance has been issued ahead of a new registration scheme for auditors to commence on 31 January 2013 as part of the Federal Government’s “Stronger Super” reforms. Regulatory Guide 243 Registration of self-managed superannuation fund auditors (RG 243) explains…

MySuper Bill (Third Tranche) Receives Royal Assent on 3 December as Act No 171 of 2012 [41]

The Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 received Royal Assent on 3 December 2012 as Act No 171 of 2012. The Bill is the third tranche of MySuper legislation and contains amendments relating to the transition of accrued default balances to MySuper by 1 July 2017, default funds in modern awards, superannuation fees, providing intra-fund…

MySuper Core Provisions Bill – start date proclaimed as 1 January 2013 [40]

The Governor-General has proclaimed 1 January 2013 as the day on which items 2 to 13 of Sch 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 will commence. These provisions provide for the application and authorisation process for MySuper products. The 1 January 2013 commencement date seeks to provide APRA with a reasonable timeframe in which to…

GSTD 2012/11 – GST: Input taxed supplies and residential accommodation [39]

According to this GST Determination, released on Wed 19.12.2012, new residential premises have not been used for residential accommodation before 2 December 1998 for the purposes of para 40-65(2)(b) of the GST Act, where the premises were only operated as commercial residential premises before that date. The ATO says new residential premises as referred to in para…

GSTR 2012/5-7 – GST: residential premises; commercial premises; long-term accommodation [38]

The ATO on Wed 19.12.2012, issued 3 GST Rulings on GST and residential premises (GSTR 2012/5), GST and commercial residential premises (GSTR 2012/6), and GST and long-term accommodation in commercial residential premises (GSTR 2012/7). GST and residential premises – GSTR 2012/5 broadly considers how Subdivs 40-B and 40-C of the GST Act apply to supplies…

Re Chen & Anor and FCT – GST: margin scheme not applicable as no written agreement [35]

The AAT has affirmed the Commissioner’s decision concerning the GST liability of 2 taxpayers associated with the sale of real property between 2008 and 2009. The taxpayers had purchased property, which was eventually subdivided and on-sold. They contended, among other things, that they “never had an intention of not including GST in returns or defrauding…