APRA final reporting standards for superannuation released (for APRA regulated funds) – MySuper and SuperStream reforms [76]

APRA has released a letter to industry and final versions of 32 reporting standards, reporting forms and instructions for APRA-regulated superannuation funds. APRA’s reporting requirements implement the transparency and accountability recommendations from the Government’s Stronger Super reforms, and the superannuation reporting proposals on which APRA had previously consulted in 2009. The new requirements also support…

*Super income streams: ITA Regs amended to allow pension exemption to continue in fund after death of member and a revised proportioning rule [65]

The Income Tax Assessment Amendment (Superannuation Measures No 1) Regulation 2013 was registered on Mon 3.6.2013, to give effect to the Government’s 2012-13 MYEFO announcement to provide tax certainty to deceased estates, where a person has died while in receipt of a superannuation income stream. The regulation expands the meaning of “superannuation income stream benefit”…

*Re Young & Anor and FCT – Super surcharge assessments set aside for Deputy State Solicitors of WA based on Constitutional Grounds [75]

The AAT has held that held that Commonwealth superannuation contributions surcharge legislation did not validly apply the taxpayers in this case – Deputy State Solicitors of Western Australia. The taxpayers had applied to the AAT for review of objection decisions made by the Commissioner to disallow objections they had lodged to superannuation contribution surcharge assessments…

*PS LA 2013/2 (GA) – GST treatment of Australian taxes, fees and charges determined by Australian government agencies won’t be disturbed retrospectively [64]

The ATO on Thur 13.6.2013, released Practice Statement Law Administration PS LA 2013/2 (GA), which deals with the GST treatment of Australian fees or charges under Div 81 of the GST Act. Specifically, it sets out the administrative approach the ATO will take on and from 1 July 2013, where Australian government agencies determine the GST classification of…

Trans-Tasman Retirement Savings Portability to start on 1 July 2013 [72]

The Minister for Financial Services and Superannuation has gazetted a notice under s 2 of the Superannuation Legislation Amendment (New Zealand Arrangement) Act 2012 that the arrangement between Australia and New Zealand, on Trans-Tasman Retirement Savings Portability, will enter into force on 1 July 2013.

Notified in Commonwealth Gazette No GN25, 26 June 2013 [p 1711]

[LTN 123, 28/6/13]

*Bills to allow withdrawal of excess concessional super contributions to pay tax outside the fund [68]

Bills introduced to House of Representatives (19.6.13) The Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Bill 2013 and the Superannuation (Excess Concessional Contributions Charge) Bill 2013 were introduced in the House of Reps on Wed 19.6.2013. Currently, concessional contributions that are in excess of the annual cap are effectively taxed at the top…

Re Fraser v FCT – taxpayer discontinued appeal from AAT decision that he was not an ‘eligible person’ and his contributions were not deductible [74]

The taxpayer has lodged a notice of discontinuance on the seeking of an extension of time in which to lodge an appeal against the decision in AAT Case [2012] AATA 655, Re Fraser and FCT. The AAT had upheld the Commissioner’s decision to disallow a deduction for personal superannuation contributions made in the 2007 income…

*Calculation of interest on unclaimed money (including super): regs made to pay interest at the 10 year bond rate [67]

The Treasury Legislation Amendment (Unclaimed Money and Other Measures) Regulation 2013 was registered on Mon 17.6.2013. It amends the Banking Regulations 1966, Corporations Regulations 2001, First Home Saver Accounts Regulations 2008, Life Insurance Regulations 1995 and Superannuation (Unclaimed Money and Lost Members) Regulations 1999 to specify how to work out the interest payable by the…