SMSF supervisory levy to be increased from $200 to $300, effective from the 2013-14 income year – Bill Introduced [64]

The Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013 was introduced in the House of Reps on Wed 13.2.2013. It amends the Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991 and the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 to reform the self-managed superannuation fund (SMSF)…

Foreign pension funds to get access to MIT withholding tax regime: law to be amended [65]

The Assistant Treasurer on Wed 13.2.2013, announced the Government would [introduce Bills to] amend the income tax law to ensure foreign pension funds can access the Managed Investment Trust (MIT) withholding tax regime. This amendment will apply from the start of the withholding tax regime, 1 July 2008. “The amendment will ensure that the law better aligns…

Stronger Super – MySuper and insurance: Govt to make changes to draft regs [66]

The Government had indicated that it would make changes to its proposed Stronger Super regulations dealing with aspects of MySuper and governance reforms. In response to industry concerns raised during consultation, Treasury has released a Consultation Outcome indicating that the Government will make changes to the draft regulations in respect of the MySuper notification requirements…

SMSF investment strategies: study highlights role for advisers [67]

The SMSF Professionals’ Association of Australia (SPAA) and Russell Investments have released their 2013 report, Intimate with Self Managed Superannuation, highlighting the need for trustees of SMSFs to expand their investment horizons and increase portfolio diversification. The report, released at the SPAA National Conference in Melbourne on 13-15 February 2013, suggests that SMSF portfolio diversity is being…

Tax Office superannuation portability request scheme: SIS Regs amended [68]

The Superannuation Industry (Supervision) Amendment Regulation 2013 (No 1) was registered on Mon 18.2.2013, to prescribe details for the operation of the Tax Office’s electronic portability request scheme. Broadly, the ATO scheme will allow superannuation fund members to electronically request the rollover or transfer of their benefits from their fund via an online service provided…

*ASIC approved SMSF auditors – first registration on 1 Feb 2013 and over 1600 applications to date [69]

ASIC said the first registration of a self-managed superannuation fund (SMSF) auditor occurred on 1 February 2013. The number of applications for registration has been higher than expected, with over 1,600 received to date. A total of 65 registrations have been completed, ASIC said. ASIC has reminded applicants that after they have applied online for registration, they…

PS LA 2010/2 withdrawn – Commissioner no longer had the power to disqualify SMSF auditors or refer them to their professional organisation [70]

The Tax Office withdrew Law Administration Practice Statement PS LA 2010/2 (SMSFs – approved auditors – disqualification and/or referral to a professional association) on 13 February 2013. It was withdrawn because effective 31 January 2013, the Commissioner no longer has the power to disqualify approved auditors of SMSFs, or refer same to their professional association. PS LA 2010/2, originally…

Total super assets reached $1.51 trillion at December 2012 [71]

APRA Thur 21.2.2013, released its December 2012 Quarterly Superannuation Performance publication. Total estimated assets, which include the assets of self-managed super funds and the balance of life office statutory funds, rose by id=”mce_marker”92.2bn (14.6%) to id=”mce_marker”.51 trillion over the 12 months to 31 December 2012, taking into account an increase of $47.1bn (3.2%) in total assets over the December quarter. Over the December quarter,…

Re Dowling and FCT – Excess super contributions tax case: taxpayer has partial win [55]

The AAT has set aside the Commissioner’s decision and ordered that a non-concessional superannuation contribution for the 2009 year, and the related penalty that was assessed, be disregarded and not be taken into account in consideration of the liability for excess non-concessional contributions tax for the subsequent transaction in 2010. Prior to 2008, a husband…