SMSF pensions will be treated as continuing despite not meeting minimum SIS standards under Tax Office concession announced [64]

The Tax Office has released an SMSF News Alert outlining the circumstances in which the Commissioner will exercise his powers of general administration to allow a superannuation income stream to continue, even though it has not met the minimum pension standards in the SIS Regulations. To this end, the Tax Office has published, Self-managed super…

Latest Tax Expenditures Statement shows super concessions cost the most [66]

Treasury on Thur 31.1.2013, released the Tax Expenditures Statement 2012, dated January 2013 The Tax Expenditures Statement provides details of concessions, benefits and incentives delivered to taxpayers through the tax system. These are referred to as “tax expenditures”. The Statement lists 363 tax expenditures and, where possible, provides an estimate of the pecuniary value or order of…

Commercial law course requirement removed for certain tax agents: TPB [68]

Certain tax agents will be notified by the Tax Practitioners Board (TPB) of recent changes to the transitional registration rules. On 14 December 2012, the Government announced that it would permanently extend existing transitional rules for certain tax agents who became registered by the Tax Practitioners Board before 1 September 2010. A limited number of tax agents who became…

*Acquisitions and disposals of assets by SMSFs and related parties to be conducted through a market or if none, with valuation – draft legislation [53]

On 21 December 2012, the Government released for public consultation draft legislation relating to acquisitions and disposals of certain assets between self-managed superannuation funds (SMSFs) and related parties. The amendments are designed to implement the Government’s Stronger Super reforms relating to acquisitions and disposals of certain assets by SMSFs and related parties. The superannuation law is proposed…

Superannuation Data and Payment Standard for contributions and rollovers (under ‘SuperStream’) registered by ATO [54]

The ATO on Fri 11.1.2013, registered Superannuation Data and Payment Standards 2012. The purpose of the Standard is to facilitate effective e-commerce as part of the SuperStream reforms in relation to core transactions such as contributions and rollovers across the superannuation industry. The Standard specifies the minimum requirements for dealing with payments and information relating…

*Draft repeal of the SIS Regs protecting members with small balances from excessive fees (as inconsistent with MySuper principles of equal fees) [55]

The Government on Thur 17.1.2013, issued for comment draft amending regulations proposing to remove the member protection standards from the SIS regs. The Government said the changes will implement a recommendation of the Super System Review. It said that MySuper fees rules, which are to commence on 1 July 2013, will help protect members from unnecessary fees…