TR 2012/6 – Superannuation fund deductions for disability insurance premiums [69]

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…

*Re Walsh and FCT; Re Wilson and FCT; Re Bridge and FCT – AAT confirms no immunity from super surcharge for senior SA public servants [68]

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…

*Parliamentary Trustee of the Parliamentary Contributory Superannuation Fund v FCT – Superannuation contributions surcharge assessments upheld [67]

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…

*Re Colless and FCT – Late super contribution made via clearing account; no jurisdiction to reallocate contribution to earlier year [66]

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…

*Kelly v FCT (No 2) – Family trust denied superannuation deduction for directors of the corporate trustee as they were not ‘employees’ – having no right to be paid under the constitution etc [64]

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…

*SMSF approved auditors to be registered with and monitored by ASIC – as from 1 July 2013 – draft legislation released [61]

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…