The Australian National Audit Office (ANAO) has released its Performance Audit Report No 40 2011-12 on ATO interpretative assistance for SMSFs. This assistance includes things such as SMSF public rulings, specific advice and written guidance, and SMSF publications. The ANAO made 2 recommendations concerning the ATO assessing the extent to which interpretative assistance products meet…
The AAT has set aside a non-compliance notice issued to a self-managed superannuation fund (SMSF) for regulatory breaches involving loans to a related company. The applicants were the husband and wife trustees of an SMSF and between 2004 and 2007, the SMSF loaned $307,000 to a property development company of which the trustees were directors.…
The AAT has denied a taxpayer’s request that the Commissioner reallocate concessional contributions received by his superannuation fund in July 2009 to the 2008-09 financial year as it found no “special circumstances” existed to warrant the Commissioner’s discretion under s 292-465 of the ITAA 1997. The Tribunal heard the taxpayer had arranged with his employer…
The AAT has upheld an excess contributions tax assessment after ruling there were no “special circumstances” under s 292-465 of the ITAA 1997 to reallocate an excess contribution made via an electronic funds transfer (EFT). In late June 2009, the taxpayer requested his employer to bring forward a superannuation contribution that would ordinarily be paid…
The AAT has upheld an excess contributions tax assessment and affirmed the Commissioner’s decision that there were no “special circumstances” under s 292-465 of the ITAA 1997 to warrant reallocating an excess contribution received late via BPay. On 29 June 2009, a concessional contribution of $97,127 was initiated by the taxpayer’s employer (also her husband)…
The following Bills all received Royal Assent on 27 June 2012: – Act No 71 of 2012. The Bill contains amendments concerning: amendments; Tax Laws Amendment (2012 Measures No 1) Bill 2012AnstisCGT trading stock exemption for super funds; phasing out dependent spouse tax offset; tax exemption for payments to certain NZ visa holders; and miscellaneous…
ASIC on Mon 18.6.2012, registered ASIC Class Order [CO 12/749] to provide interim relief from the shorter PDS regime for multifunds, superannuation platforms and hedge funds. The shorter PDS regime will commence fully on 22 June 2012 and is designed to make PDSs shorter and simpler, and help consumers compare financial products more easily. ASIC…
Passed by the Lower House The Superannuation Legislation Amendment (Stronger Super) Bill 2012 and Superannuation Supervisory Levy Imposition Amendment Bill 2012 were passed by the House of Reps on Mon 18.6.2012 without amendment and now move to the Senate. The Bills give effect to the Government’s SuperStream reforms to enhance the “back office” administration of…
Treasury says the Minister for Financial Services has agreed for it to release for public consultation an exposure draft for the refund of excess concessional superannuation contributions regulations and the accompanying explanatory materials. Eligible individuals will be given the option to have excess concessional contributions of $10,000 or less effectively refunded to them. The excess…
It is understood that the Government has decided not to proceed with a restructure of the margin scheme provisions. Apparently, the consultation and law design process revealed there was no clear agreement about how to proceed with the restructuring. In addition, the Government was of the view that restructuring the existing provisions was likely to…