*Tax and Superannuation Laws Amendment (2013 Measures No 2) Bill 2013 – GST instalments; reduced Super Co-contribution; TOFA changes etc. [65]

The Tax and Superannuation Laws Amendment (2013 Measures No 2) Bill 2013 was introduced in the House of Reps on Wed 20.3.2013. It contains the following amendments: Super co-contribution – the Bill would amend the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 to make changes to the superannuation co-contribution ie (i) reduce the…

Stronger Super – MySuper and insurance: regulations registered [66]

The Superannuation Legislation Amendment Regulation 2013 (No 1) was registered on Mon 4.3.2013, to implement aspects of the Stronger Super reforms. The amendments to the SIS Regulations and Corporations Regulations 2001 set out the MySuper notification requirements for transfers of accrued default amounts, prohibit self-insurance and restrict the types of insurances that can be offered…

*SMSF supervisory levy: Parliamentary Committee recommends Bill be passed [68]

The Parliamentary Joint Committee on Corporations and Financial Services on Tue 19.3.2013 released its report into the Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013. The majority of the Committee recommended that the Bill be passed. The Bill, which is currently before the House of Reps, proposes to increase the…

Excess super contributions tax upheld: ignorance of rules not “special circumstances” – 2 Cases [69]

In 2 similar cases, the AAT has upheld the Commissioner’s decision not to exercise his discretion to disregard excess superannuation contributions for a financial year under s 292-465 of the ITAA 1997. In AAT Case [2013] AATA 110, the taxpayer had made 2 personal superannuation contributions totalling $482,136 in the 2008 income year. The taxpayer commenced…

Re Trantino and FCT – Excess non-concessional super contributions tax assessments upheld – as two contributions by ‘associates’ had to be aggregated [71]

In a decision handed down on Thur 28.3.2013, the AAT has held that excess non-concessional contributions tax assessments issued to a taxpayer should stand. The taxpayer was a member of the Trantino Superannuation Fund. On 26 August 2009, the Fund lodged an amended Member Contributions Statement, stating that in the financial year ended 30 June 2007, the taxpayer had…

*2013 Independence guide for accountants and auditors – can’t audit your own accounts, your own fund, and must have 7 year rotation of auditors [73]

The latest version of the Independence guide (Fourth edition, February 2013) for accountants and auditors has been released by the Joint Accounting Bodies. It is available via the websites of CPA Australia, The Institute of Chartered Accountants Australia and The Institute of Public Accountants. The Guide seeks to assist professional accountants in complying with the auditor independence requirements…

*ATO to write to employers re superannuation changes – including SGC increase to 9.25% and removal of upper age limit of 70 from 1 July 2013 [74]

The ATO has advised that in April 2013, it will be sending information directly to employer clients of tax agents with super guarantee obligations to remind them of a range of super reforms being implemented from 2013 to 2019. According to the ATO, this includes the increase in super guarantee payments (from 9% to 9.25% from 1 July 2013)…

*ASIC takes further action against 2 companies making unauthorized offers to 200 SMSFs of shares in US distressed property and a BVI company [75]

ASIC announced on Tue 19.3.2013, that it has obtained further court orders as part of its ongoing investigation into 2 Queensland-based self-managed superannuation fund (SMSF) advice companies. ASIC has alleged that Royale Capital Pty Ltd (Royale) (now known as ACN 143 832 053) and ActiveSuper Pty Ltd (ACN 125 423 574) (ActiveSuper) raised $4.75m from…

ASIC consults on reforms to super fund retirement estimates [76]

ASIC has released a consultation paper proposing reforms to assist superannuation fund trustees in providing retirement estimates. Consultation Paper 203 Age pension estimates in superannuation forecasts: Updates to RG 229 (CP 203) proposes updates of ASIC’s original guidance issued in December 2011. CP 203 proposes reforms which: allow super funds to include the Age Pension as part…