The Superannuation Complaints Tribunal Annual Report 2011-12 has been released. Highlights from the report include: Complaints received increased by 6.5% during the year to 2,619. Complaints relating to administration of superannuation (delays in rollovers and benefit payments, inaccurate benefit statements, complaints about the calculation of benefits and calculation of returns, and complaints about disclosure) continued…
ASIC has advised auditors seeking to be registered as “approved SMSF auditors” to apply to ASIC by 30 April 2013 to ensure their application can be processed by 1 July 2013. From that time, an auditor will need to be registered with ASIC as an approved SMSF auditor to conduct audits of self-managed superannuation funds…
The ATO on Fri 23.11.2012, issued Decision Impact Statements on the following: AAT Case [2012] AATA 634, Re Sinclair and FCT – In that case, the AAT upheld the Commissioner’s decision to include a superannuation benefit in a taxpayer’s assessable income under s 304-10 of the ITAA 1997 on the grounds that it was withdrawn in…
The ATO Tue 20.11.2012, released a Decision Impact Statement on AAT Case [2012] AATA 576, Re Longcake and FCT. In that case, the AAT decided that an excess contributions tax assessment should be set aside as special circumstances existed, ordering that superannuation contributions paid by the taxpayer’s employer in early July 2009 be reallocated to the previous…
The ATO on Tue 20.11.2012, issued Taxpayer Alert TA 2012/7 warning taxpayers of certain arrangements entered into by SMSFs, to acquire property, that do not comply with superannuation law – particularly those involving limited recourse borrowing arrangements or the use of a related trust. The ATO says it is concerned that some of these arrangements,…
The ATO Thur 15.11.2012, released a Decision Impact Statement about the following case: AAT Case [2012] AATA 527, Re The Trustee for MH Ghali Superannuation Fund and FCT – In that case, the AAT confirmed amended assessments to include “special income” issued to a taxpayer for the 2005 and 2006 income years under the then…
The AAT has agreed with the Commissioner’s decision not to exercise his discretion to reallocate excess super contributions to the previous financial year as it considered there were no special circumstances. On 27 June 2008, the taxpayer’s super fund received 4 Electronic Funds Transfer (EFT) payments from the taxpayer’s employer. As the super fund was…
The AAT has upheld the Commissioner’s decision to count money withdrawn from a self-managed superannuation fund (SMSF) in breach of the SIS Act as part of a taxpayer’s assessable income under s 304-10 of the ITAA 1997. In 2003, the taxpayer borrowed money from his SMSF to build a yoga studio at his home where…
The AAT has held that the nominal interest component of a super guarantee charge (SGC) imposed on the taxpayer was correctly calculated. In addition, the Tribunal also held there was no discretion for the Commissioner to remit the nominal interest component of the SGC. The taxpayer was an employer that was late in making super…
The AAT has agreed with the Commissioner that the circumstances surrounding a taxpayer’s excess super contributions did not constitute “special circumstances” under s 292-465 of the ITAA 1997. Accordingly, it held the Commissioner’s discretion should not be exercised to reallocate the excess contributions to another year. The taxpayer made excess contributions into a super fund…