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 310 of the ITAA 1997 for merging APRA-regulated superannuation funds (with some modifications). DATE OF EFFECT: Available for mergers that occur on or after 1 October 2011 and before 2 July 2017;
- Approved SMSF auditors – the Bills will amend the SIS Act to make ASIC the registration body for “approved SMSF auditors”. ASIC will be responsible for setting minimum competency standards and taking enforcement action against auditors who have not met their on-going obligations. Approved SMSF auditors will be required to give annual statements to ASIC and pay fees (to be prescribed in regulations). The Tax Office will also be given powers to monitor auditor’s compliance with relevant standards and refer any non-compliant auditors to ASIC for enforcement action. DATE OF EFFECT: Auditors will be able to apply for registration from 31 January 2013. All auditors will be required to be registered with ASIC by 1 July 2013 to audit SMSFs after that time. An auditor who was an approved auditor of an SMSF immediately before 31 January 2013 will be treated as an approved SMSF auditor until the person’s registration takes effect or until 30 June 2013;
- Superannuation reporting – the Bills will amend the TAA to expand the information required to be reported to the Commissioner. Trustees will also be required to provide statements for all members who held an interest in the superannuation plan at any time during a reporting period, not just those for whom contributions are received. DATE OF EFFECT: will apply from 1 July 2012 (with the first member statements due by October 2013).
- Super data quality – the Bills will amend the SIS Act to improve the information quality in the super system. The Commissioner will be required to establish a register of information about the electronic identity of certain superannuation funds to facilitate effective e-commerce as part of the SuperStream measures. DATE OF EFFECT: will apply from the day after the Bill receives Royal Assent.
[LTN 182, 19/9]