According to the 2013 Westpac Lost Super Report released on Thur 13.6.2013, there is id=”mce_marker”8.1bn in lost superannuation with the average balance of a lost super accounting being $2,592. The report found that almost 2 in 5 Australians remain unaware whether they have any lost super and that almost 1 in 2 Australians are likely…
Auditor-General Audit Report No 44 2012-13, Performance Audit on “Management and Reporting of Goods and Services Tax and Fringe Benefits Tax Information“, was released on Thur 13.6.2013. The audit examined, for key ATO reported data, whether: (i) management arrangements (including quality assurance) were appropriate and effective; (ii) IT controls were appropriate and effective; and (iii)…
ASIC announced on Tue 18.6.2013, and it and the Australian Charities and Not-for-profits Commission (ACNC) have formally agreed to collaborate and assist each other to achieve their objectives and to deliver streamlined regulation for registered charities that are also registered with ASIC as companies. ASIC Chairman Greg Medcraft and ACNC Commissioner Susan Pascoe AM have…
The Not-for-profit Sector Freedom to Advocate Bill 2013 received Royal Assent on 13 June 2013 as Act No 56 of 2013. It had passed all stages without amendment and contains provisions that will prohibit and invalidate clauses in Commonwealth agreements with the not-for-profit (NFP) sector that restrict or prevent NFP entities from advocating on Commonwealth law, policy…
The Government on Fri 7.6.2013, released a discussion paper on lost and unclaimed superannuation money setting out additional initiatives that could facilitate the process of reuniting members with their lost super accounts. The discussion paper is seeking views on further opportunities to enhance the existing suite of strategies (and new strategies) to reduce the number…
The Assistant Treasurer Tue 4.6.2013, announced the terms of reference for 2 Board of Taxation reviews into the thin cap rules and the debt/equity tax rules. In the 2013-14 Budget, the Government announced a package of measures aimed at protecting the integrity of the corporate tax system. As part of this package, the Government identified…
The Australian Charities and Not-for-profits Commission Amendment Regulation 2013 (No 3) was registered on Mon 17.6.2013. It amends the Australian Charities and Not-for-profits Commission Regulation 2013 to specify the requirements for annual financial reports for the 2013-14 financial year and later years. The amending regulation commences Tue 18.6.2013. Section 60-10 of the Australian Charities and…
The ATO on Wed 26.6.2013, released the following Taxation Determinations: TD 2013/10: Is the application of a deceased member’s benefits in a regulated super fund to commence a super income stream from that fund for each of one or more dependant beneficiaries of the deceased member (in accordance with regulation 6.21 of the Superannuation Industry…
APRA has released a letter to industry and final versions of 32 reporting standards, reporting forms and instructions for APRA-regulated superannuation funds. APRA’s reporting requirements implement the transparency and accountability recommendations from the Government’s Stronger Super reforms, and the superannuation reporting proposals on which APRA had previously consulted in 2009. The new requirements also support…
The Income Tax Assessment Amendment (Superannuation Measures No 1) Regulation 2013 was registered on Mon 3.6.2013, to give effect to the Government’s 2012-13 MYEFO announcement to provide tax certainty to deceased estates, where a person has died while in receipt of a superannuation income stream. The regulation expands the meaning of “superannuation income stream benefit”…