APRA has released its final MySuper authorisation and transition package for the Government’s proposed low-cost default superannuation product, including: ;Response to submissions – MySuper authorisation and transition standard Application form – authority to offer a MySuper product – generic MySuper product; Application form – authority to offer a MySuper product – large employer provision and…
Australia is headed for a retirement savings disaster, with increasing numbers of retiring baby boomers resorting to the aged pension, having largely spent their superannuation at, or shortly after retirement to pay off debt, a CPA Australia study has shown. The study points to a scenario with a serious impact on Australia’s budgetary bottom line,…
The AAT has upheld the Commissioner’s decision to include a superannuation benefit in a taxpayer’s assessable income for the 2007 income year under s26AFB of the ITAA 1936 after finding that the taxpayer had attempted to evade paying tax on the superannuation money. In 2007, the taxpayer (age 37) withdrew $53,000 from his public offer…
The AAT has agreed with the Commissioner that a taxpayer’s “honest mistake” and financial hardship did not constitute “special circumstances” under s 292-465 of the ITAA 1997 to disregard his excess non-concessional contributions for a financial year. The taxpayer had made non-concessional contributions of $176,101 in the 2007-08 year, $147,544 in 2008-09 and $149,982 in…
The AAT has upheld the Commissioner’s decision to disallow a deduction for personal superannuation contributions made in the 2007 income year after ruling that the taxpayer was not an “eligible person” under former s 82AAS of the ITAA 1936. The taxpayer took a redundancy as a TAFE teacher in May 2007. He claimed a deduction…
The Fair Work Amendment Bill 2012 was introduced into the House of Reps on Tue 30.10.2012. The Bill proposes to implement measures seeking to improve the selection of default superannuation funds in modern awards in response to the Productivity Commission’s report. The Bill will amend the Fair Work Act 2009 to establish a process whereby…
The Treasury Legislation Amendment (Unclaimed Money and Other Measures) Bill 2012 was introduced into the House of Reps on Tues 30.10.2012. The Bill gives effect to the unclaimed moneys proposals announced in the 2012-13 Mid-Year Economic and Fiscal Outlook (MYEFO). The Bill proposes to make amendments to the Banking Act 1959, First Home Saver Accounts…
The ATO has released for comment a draft of the Superannuation Data and Payment Standard and associated schedules. The draft Standard, to be a Legislative Instrument, proposes to establish the superannuation data and payment standards which must be adhered to by trustees of superannuation entities, Retirement Saving Account (RSA) providers and employers. The draft Standard…
The Government on Thur 18.10.2012, released the Exposure Draft – Superannuation Legislation Amendment (Further Measures) Bill 2012 containing the 4th tranche of the MySuper and governance reforms. The Draft Bill proposes to make amendments to over-ride a superannuation fund’s governing rules to the extent they require a trustee to use a specified service provider. However,…
The Government on Mon 15.10.2012, released exposure draft regulations setting out the proposed details for the auditor registration regime for self-managed superannuation funds (SMSFs). The draft regulations complement the approved SMSF auditor regime proposed by the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012. The draft regs will amend the…