The SMSF Professionals’ Association of Australia (SPAA) will introduce best practice guidelines on the complex area of limited recourse borrowing arrangements (LRBAs) to assist lenders and advisers. Speaking at the SPAA National Conference on Wed 19.2.2014, CEO Andrea Slattery, said SPAA is working closely with a wide range of stakeholders on LRBAs and will be…
Speaking at the SMSF Professionals’ Association of Australia National Conference Q&A session on Wed 19.2.2014, the Assistant Treasurer was asked whether he had addressed an issue concerning the Australian super fund definition and the inability for people when they travel overseas to be able to be able to contribute to their SMSF while they are…
More work is required to reform the penalties faced by self-managed super funds (SMSFs), according to Peter Burgess, Head of Policy & Technical at AMP SMSF. Speaking at the SPAA National Conference on Wed 19.2.2014, Mr Burgess welcomed the Government’s decision to proceed with the proposal to give the Tax Office more flexible powers to…
The SMSF Professionals’ Association of Australia (SPAA) and Russell Investments released their 2014 report, Intimate with Self Managed Superannuation, at the SPAA National Conference in Brisbane on Wed 19.2.2014. The report says that strong growth in the SMSF sector is expected to continue from younger generations. SPAA noted that those aged over 50 still dominate…
On 1 February 2014, ASIC issued the first SMSF auditor annual statements to affected auditors. All approved and suspended auditors are required to lodge an SMSF auditor annual statement as part of their registration. ASIC says SMSF auditors will receive an email notice on their registration anniversary date to advise them that their annual statement is ready…
ASFA has released submissions on the following superannuation items: SMSF in-house asset exemption for borrowing arrangements – ASFA believes that the Tax Office’s Draft Legislative Instrument – Self Managed Superannuation Funds (Limited Recourse Borrowing Arrangements – In-house Asset Exclusion) Determination 20xx will be effective in meeting its objectives. Broadly, the draft instrument proposes a specific…
ASFA has warned that the Government’s draft legislation to increase the account balance threshold above which lost superannuation accounts must be transferred to the Tax Office may leave some account holders without insurance cover. Currently, lost and inactive superannuation accounts with balances of less than $2,000 must be transferred to the Commissioner. The Exposure Draft – Tax…
The Federal Court has upheld a superannuation excess contributions tax assessment and affirmed the Commissioner’s decision that there were no “special circumstances” under s 292-465 of the ITAA 1997 to warrant reallocating excess concessional contribution received late via BPay. The taxpayer is the managing director of a fluid technology company. On 30 June 2009, the bookkeeper for the…
The Actuaries Institute has released its submission in response to Treasury’s discussion paper entitled, Better regulation and governance, enhanced transparency and improved competition in superannuation (released in November 2013). The Institute raised a number of issues. In relation to regulation, the Institute expressed its concern about the potential additional regulation of actuarial services via the Tax Agent…
The Tax Office has announced the key superannuation rates and thresholds for 2014-15, indexed in accordance with ss 960-275 and 960-285 of the ITAA 1997 in line with average weekly ordinary time earnings (AWOTE). The document, Key superannuation rates and thresholds, is available on the Tax Office Website. CONTRIBUTIONS: The general concessional contributions cap is…