*Super borrowing arrangements to be financial products: draft regs released [Su3]

The Government on Mon 13.2.2012, released Exposure Draft – Corporations Amendment Regulations 2012 proposing to make limited recourse borrowing arrangements (LRBAs) “financial products” under the Corporations Act 2001 when entered into by superannuation funds. As such, a person dealing in (providing advice on and issuing) an LRBA will be required to have an Australian Financial…

*Super pension drawdown relief for 2012-13: SIS Regs amended [Su2]

The Superannuation Industry (Supervision) Amendment Regulations 2012 (No 1) were registered on Mon 13.2.2012, to give effect to the Government’s announcement to extend to the 2012-13 year the current draw-down relief for account-based, allocated and market linked pensions. The Regulations provide that the minimum payment amounts for account-based pensions and annuities for the 2011-12 and…

SuperStream data and payment standards – draft legislation released [Su1]

The Government on Thursday 9.2.2012, released draft legislation proposing to give effect to its SuperStream reforms aimed at improving the administration and management of superannuation accounts. Broadly, the proposed amendments seek to support the implementation of mandatory data and payment standards for transactions undertaken by superannuation entities and employers. The Exposure Draft – Superannuation Legislation…

*Indirect Tax Laws Amendment (Assessment) Bill 2012 was introduced – GST returns are assessments and past mistakes can be corrected in current returns [G2]

The Indirect Tax Laws Amendment (Assessment) Bill 2012 was introduced in the House of Reps on Wed 29.2.2012. It makes the following amendments: Amends the Taxation Administration Act 1953, the GST Act and other taxation Acts to harmonise the current self actuating system that applies to GST, the luxury car tax, the wine equalisation tax…