Treasury has released exposure draft legislation which proposes to expand the information required to be reported by super providers to the ATO in respect of their members. Under the revised reporting obligations, superannuation providers would be required to provide statements for all members who held an interest in the fund at any time during the…
This Ruling, released on Wed 7.7.2012, sets out the Commissioner’s views on the deductibility of premiums paid by complying superannuation funds for insurance policies which provide total and permanent disability (TPD) cover for members. The Ruling was previously released as Draft Ruling TR 2011/D6. For a TPD insurance premium to be deductible, s 295-465(1) of…
In 3 related cases, the AAT has confirmed that 3 senior South Australian public servants were personally liable for the superannuation surcharge liability in respect of their “constitutionally protected superannuation funds”. This was despite their claims that, in accordance with the decision of the High Court in Clarke v FCT (2009) 72 ATR 868, they…
The Federal Court has upheld superannuation contributions surcharge tax assessments under the Superannuation Contributions Tax (Assessment and Collection) Act 1997 (SCTAC Act) in respect of the Parliamentary Contributory Superannuation Fund for members of the Victorian Parliament under the Parliamentary Salaries and Superannuation Act 1968 (Vic). The taxpayer claimed that the superannuation contributions surcharge (tax) assessments…
The AAT has affirmed the Commissioner’s decision that a superannuation contribution paid by a taxpayer’s employer on 28 June 2007 into a clearing account but not allocated into the taxpayer’s super fund until 2 July 2007 meant that the amount of monies should be attributed to the 2007-08 financial year, and not the 2006-07 year…
The AAT has set aside the Commissioner’s objection decision and decided that a superannuation contribution made by a taxpayer to his super fund on 10 July 2007, should be attributed to the 2006-07 financial year. The AAT found the taxpayer had missed the deadline as a result of a “misunderstanding” of the rules. The taxpayer…
The Federal Court has held that a family trust was not entitled to a deduction for superannuation contributions made on behalf of the husband and wife directors as they were not “employees” of the corporate trustee. At first instance, in Kelly v FCT [2012] FCA 423 (reported at 2012 LTN 80 [6]), the Court ruled…
Treasury has released for comment exposure draft regulations which propose to amend the Superannuation (Unclaimed Money and Lost Members) Regulations 1999 to allow certain public sector schemes to be able to pay unclaimed super money, lost member accounts and super of former residents to the Tax Commissioner if they chose to do so. This will…
The Government has deferred from 1 July 2012 to 1 July 2013 the start date for some of its Stronger Super reforms for SMSFs, including its proposal to require related party transactions involving SMSFs to be conducted through a market, where one exists. Accordingly, it will still be possible to make an in specie contribution…
The Government has on Mon 16.7.2012, released exposure draft legislation proposing to implement its new registration regime for approved auditors of self-managed superannuation funds (SMSFs). The proposed amendments to the SIS Act will require “approved SMSF auditors” to meet initial and ongoing requirements relating to their qualifications, competency and independence. The Draft Bill will appoint…