In response to calls from the Financial Services Council (FSC) for the Government to lift the age at which people can take their super from 60 to 62, the Treasurer says “the Government is not contemplating that at all”. [FSC CEO John Brogden recently released research that showed increasing the preservation age to 62, based…
The ATO Tue 28.8.2012, released a Decision Impact Statement on the decision in AAT Case [2012] AATA 375, Re Pabian Park Pty Ltd Superannuation Benefits Fund and FCT. In that case, the AAT set aside a non-compliance notice issued to an SMSF under s 40 of the SIS Act for regulatory breaches involving loans to…
The AAT has 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 financial year. During the 2009-10 financial year, the taxpayer’s employer made payments on behalf of the taxpayer to 2…
The NSW Supreme Court has made an order replacing a trustee of an SMSF where the trustee’s conduct amounted to a breach of fiduciary duty. The parties to this case were 2 brothers – Basil and Brinos Notaras. They were the only trustees and members of the SMSF. Basil sought the removal of Brinos as…
The taxpayer has lodged a notice of appeal to the Full Federal Court against the decision of Jessup J in Parliamentary Trustee of the Parliamentary Contributory Superannuation Fund v FCT [2012] FCA 740. The Federal Court had upheld superannuation contributions surcharge tax assessments under the Superannuation Contributions Tax (Assessment and Collection) Act 1997 in respect…
The taxpayer has filed a notice of appeal to the Full Federal Court against the decision of Besanko J in Kelly v FCT (No 2) [2012] FCA 689. Federal Court had held that a family trust was not entitled to a deduction under s 290-60 of the ITAA 1997 for superannuation contributions made on behalf…
The Government late on Wed 22.8.2012, released for comment draft legislation which seeks to support the implementation of the SuperStream measures, which are one subset of the Government’s Stronger Super reforms. Specifically, the proposed amendments aim to support the superannuation data and payment regulations. Some of the key features of the proposed amendments are as…
The Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 was on Wed 22.8.2012, which seeks to establish the MySuper legislative framework, passed by the House of Reps with 11 amendments and now moves to the Senate. The Government amendments made by the House: defer the date from which an employer must make contributions to a…
The Government on Mon 20.8.2012, released draft legislation aimed at implementing the following Stronger Super measures for the self-managed superannuation fund (SMSF) sector: – an administrative penalty regime is proposed for SMSF trustees for certain contraventions of the SIS Act. The Commissioner will also be given the Administrative penalties for SMSF trusteespower to issue SMSF…
The Minister for Superannuation on Fri 17.8.2012, advised that the Government has made regulations to support recent legislative amendments, to allow eligible individuals a one-off option to have excess concessional contributions of up to $10,000 refunded to them. The excess concessional contributions will be assessed as income for the year of the excess contributions rather…