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…

*Super fund investment earnings to pay pensions on death of member to remain tax-exempt – draft regulation released [56]

The Minister for Financial Services on Tue 29.1.2013 released a draft regulation to give effect to the Government’s 2012-13 MYEFO announcement to provide tax certainty to the beneficiaries of deceased estates. Investment earnings derived by super funds from assets supporting pensions are exempt from tax. A draft ruling issued by the ATO in 2011 [Draft…

Re Penrowse Pty Ltd and FCT – taxpayer paid employee truck owners 80% for trucks and 20% for wages, but AAT upheld SGC on 100% [58]

The AAT has held that a taxpayer had underpaid superannuation in relation to delivery drivers it employed and remitted the matter back to the Commissioner for reassessment. The Commissioner had issued superannuation guarantee charge (SGC) assessments to the taxpayer following an audit. The assessments covered 5 quarters, commencing 1 April 2009 and concluding the quarter ending 30 June 2010.…

Re Verschuer and FCT – Late super contribution via clearing account hit with 93% tax [59]

An employer contribution via a superannuation clearing account has resulted in a $69,665 excess superannuation contributions tax liability for a taxpayer, representing an effective tax rate of 93%. On 27 June 2008, the taxpayer’s employer paid a “top-up” superannuation contribution to a clearing account operated by a superannuation fund (Colonial First State). However, the employer contribution of…