Default super funds in modern awards – Productivity Commission will consult on whether all ‘MySuper’ funds should be eligible [Su13]

The Productivity Commission on Wed 29.2.2012, released an Issues Paper to facilitate public consultation into its inquiry into default superannuation funds in modern awards. The Government had announced the inquiry in January 2012 and had released the terms of reference. The purpose of the inquiry is to design transparent and objective criteria for the selection…

*Re General Aviation Maintenance Pty Ltd and FCT SGC: tandem master parachutist was an employee as his services were integral, controlled by the employer and they supplied the equipment [Su11]

The AAT has affirmed that a business was liable to the super guarantee charge (SGC) as the work provided by a tandem master parachutist it paid was in the capacity of an employee under s 12 of the SGAA. The taxpayer operated a business of providing tandem parachuting services. The business paid, among others, tandem…

*FCT v Interhealth Energies Pty Ltd as Trustee of the Interhealth Superannuation Fund – SMSF: undertaking to pay benefit in full breached enforcement order made [Su10]

The Federal Court has found a corporate trustee of an SMSF had breached an enforceable undertaking under the SIS Act and ordered it to pay amounts it found owing to a fund member. The matter concerned a corporate trustee of an SMSF and an undertaking it took with the Commissioner under s 262A of the…

*Re Schuurmans-Stekhoven and FCT – no special circumstances for discretion to reallocate super amounts to another year [Su8]

The AAT has denied a taxpayer’s request for the Commissioner to exercise his discretion to reallocate super contributions to another year under s 292-465(3) of the ITAA 1997 as it was not satisfied there were “special circumstances” to enliven the discretion. The taxpayer had exceeded the super contributions cap for the 2008 income year and…

*New superannuation trustee duties and prudential standards: Bill introduced [Su6]

The Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 was introduced in the House of Reps on Thursday 16.2.2012. It contains the 2nd tranche of legislation for the Government’s Stronger Super (MySuper and governance) reforms. While the Bill is largely unchanged from the draft legislation released on 12 December 2011, it has been…