The Minister for Financial Services and Superannuation on Fri 7.9.2012, announced that in the fourth meeting of the Superannuation Roundtable, the representatives have agreed to a proposal to better promote the Government’s small business clearing house. Mr Shorten said the Government’s super clearing house reduces red tape for around 32,000 small businesses (usually with between…
The ATO has issued Decision Impact Statements on the following cases: – in these cases, the AAT basically confirmed that AAT Case [2012] AATA 451, Re Walsh and FCT; AAT Case [2012] AATA 452, Re Wilson and FCT; AAT Case [2012] AATA 453, Re Bridge and FCT3 senior South Australian public servants were personally liable…
The Federal Court has held that a resolution to distribute a $14m capital gain from a family trust was “special income” derived by a self-managed superannuation fund (SMSF) in the 2004 tax year under former s 273(6) of the ITAA 1936. The taxpayer, as trustee of the SMSF, sought to distinguish the finding in Allen…
The AAT has upheld the Commissioner’s decision to include a superannuation benefit in a taxpayer’s assessable income under s 304-10 of the ITAA 1997 on the grounds that it was withdrawn in breach of the SIS Act. In 2008, the taxpayer (age 40) signed a form requesting his retail superannuation fund to rollover $40,000 of…
The Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 was introduced into the House of Reps on Wed 19.9.2012. This third tranche of MySuper legislation will implement further reforms to complement the Government’s low-cost default superannuation product (MySuper), generally from 1 July 2013. Broadly, the Bill will introduce measures relating to superannuation fees,…
The ATO Wed 19.9.2012, issued an Addendum to Miscellaneous Taxation Ruling MT 2010/1 (Restrictions on GST refunds under s 105-65 of Sch 1 to the TAA) to reflect the Federal Court’s decision in International All Sports & Anor v FCT (2011) 81 ATR 607. In that case, the Federal Court held that the global GST…
The Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 and Superannuation Auditor Registration Imposition Bill 2012 were introduced into the House of Reps on Wed 19.9.2012. Key amendments proposed by the Bills include: Merging superannuation funds – the Bills will reinstate the temporary loss relief and asset roll-over in Div…
The Government on Tue 18.9.2012, released draft legislation proposing to establish a trans-Tasman superannuation portability scheme to permit the transfer of retirement savings between certain Australian superannuation funds and New Zealand KiwiSaver schemes from 1 July 2013. The draft legislation implements the tax treatment of superannuation transferred under the proposed scheme. Currently, Australians and New…
Treasury has released for comment draft regulations which propose to amend the SIS regs and the RSA regs to support the operation of an electronic portability request scheme for superannuation benefits. Broadly, under the proposed amendments, superannuation fund members and RSA holders will be able to electronically request the roll-over or transfer of their benefits…
The Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 received Royal Assent on 8 September 2012 as Act No 117 of 2012. It had passed all stages without amendment and contains the 2nd tranche of legislation for the Government’s Stronger Super (MySuper and governance) reforms. [LTN 176, 11/9]