From the category archives:

Superannuation

APRA releases annual superannuation figures to 30 June 2009

February 11, 2010
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The Australian Prudential Regulation Authority (APRA) has released its Annual Superannuation Bulletin for the financial year to 30 June 2009.  Total superannuation assets fell during the year by $66.4 billion, or 5.8 per cent, to $1.07 trillion.
Small funds, which have fewer than five members, were the only funds to experience an increase in assets over [...]

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SMSFs – On the ATO Radar?

December 30, 2009
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The ATO will be conducting audits of SMSFs in 2009/10. 
Recently, the ATO has released various material regarding SMSFs.  Taxpayers should be aware of this material and the possible implications for their SMSF.
 The hot topics on the ATO’s radar at the moment include:

PAYG obligations – where a benefit is paid, SMSFs may have PAYG withholding obligations.  [...]

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Sydney man sentenced on early access to super charges

September 15, 2009

ASIC Media Release
Mr Gerard Karl Little, of Castlecrag, New South Wales, has been sentenced today in the District Court of New South Wales by Judge Williams to two years imprisonment, to be released after eight months, for unlawfully allowing the early access of superannuation benefits. Mr Little’s release is conditional upon entering a $1,000 security [...]

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Is a SMSF right for you? 3 key questions to ask #3 Cost Vs Benefits

September 10, 2009
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Many thanks to Christina from the SMSF Investment Strategies Blog for today’s post. Christina has been sharing a series a posts on the timely topic “Is a SMSF right for you?” Christina is outlining three key questions to ask yourself when deciding to establish a SMSF. Be sure to check 3 key questions to ask #1 Compliance#1 Compliance and #2 Time and [...]

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APRA releases new superannuation fund-level performance data

August 21, 2009

 The Australian Prudential Regulation Authority (APRA) has today released performance data for individual superannuation funds, covering the five-year period from 2004 to 2008.
The performance data for APRA-regulated funds — with the exception of small APRA funds, single-member approved deposit funds, exempt public sector superannuation schemes and pooled superannuation trusts — are published in two versions [...]

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Is a SMSF right for you? 3 key questions to ask #2 Time and Skills

August 11, 2009
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Many thanks to Christina from the SMSF Investment Strategies Blog for today’s post. Christina will be sharing a series a posts on the timely topic “Is a SMSF right for you?” Christina is outlining three key questions to ask yourself when deciding to establish a SMSF. Be sure to check #1 Compliance.
Question 2 – Do you have the time and skills?
 ‘Self [...]

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Is a SMSF right for you? 3 key questions to ask #1 Compliance

August 7, 2009
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Many thanks to Christina from the SMSF Investment Strategies Blog for today’s post. Christina will be sharing a series a posts on the timely topic “Is a SMSF right for you?”
 
With the recent under performance of many public super funds, running your own fund and taking control of your super is becoming an increasingly popular strategy. As a trustee [...]

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Tax Office welcomes AAT decision re non-compliant SMSF

July 19, 2009

 
Media release 2009/51
The Administrative Appeals Tribunal (AAT) has upheld the Tax Office’s decision to issue a notice of non-compliance to a self-managed super fund (SMSF) found to have contravened the in-house asset rules.
The AAT concluded that the seriousness of the breach and the time taken by the fund’s trustees to correct it weighed most heavily [...]

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Unpaid trust distributions and in-house assets

July 12, 2009
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Last week the Tax Office issued two final rulings for self-managed super funds (SMSFs), which should be read together:

Ruling (SMSFR 2009/3)  discusses how the super laws apply if your SMSF is entitled to distributions from a related trust but the payments have not been made.
Ruling (SMSFR 2009/4) defines the meaning of ‘asset’, ‘loan’, ‘investment in’, [...]

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APRA releases quarterly super stats for March 2009

June 26, 2009

The Australian Prudential Regulation Authority (APRA) today released its March 2009 Quarterly Superannuation Performance publication, which shows total estimated assets fell over the quarter by $14.9 billion, or 1.4 per cent, to $1.03 trillion.  
 Over the March 2009 quarter, industry funds’ assets fell by 1.4 per cent ($2.6 billion) to $180.0 billion. Retail funds’ assets fell by [...]

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Superannuation – Last Opportunity For Maximum Contributions

June 6, 2009

The Federal Government has announced changes to the taxation treatment of superannuation contributions after 1st July 2009. If you wish to maximise salary sacrifice contributions to superannuation then you should do so on or before 30th June 2009.
The maximum contributions allowable includes superannuation contributions paid by employers under the Superannuation Contribution Rules (9% of ordinary [...]

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Former Temporary Residents and Unclaimed Super

April 16, 2009

Changes apply this year to unclaimed super for former temporary residents. If you’re a former temporary resident, your super fund, retirement savings account (RSA), or approved deposit fund (ADF) may pay your unclaimed super to the Australian Taxation Office where it has been at least six months since you departed Australia and your visa was cancelled or expired.

After departing Australia, you can claim your super at any time from either your fund (if they still have it) or the ATO (if it has been passed along).

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Amendments to Superannuation Guarantee Late Payment Offset

March 19, 2009

This week saw the successful passage through Parliament of the Tax Laws Amendment (2008 Measures No. 6) Bill which includes amendments to improve the operation of the Superannuation Guarantee late payment offset.
The existing late payment offset allows an employer who makes a late SG contribution into a superannuation fund to reduce their SG charge liability [...]

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Super changes impacting SMSFs

February 18, 2009

Some people may need to make sure their self managed superannuation funds (SMSF) are complying with changes to the investment rules that take effect after 30 June 2009 – less than five months away.
Is my SMSF at risk?
These changes may catch some SMSFs unaware because they go back to 1999 and have taken until [...]

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Trustee of SMSF in court over early release of funds

August 15, 2008

This month saw ASIC bring the first criminal charges against an SMSF trustee under the SIS Act.
It is alleged the trustee failed to ensure the fund was properly maintained in accordance with the sole purpose test.
The sole purpose test sets the purposes for which a superannuation fund must be operated, ie. to provide benefits for members after their retirement, on [...]

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