Superannuation

Tax Office welcomes AAT decision re non-compliant SMSF

  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 ...

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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 ...

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APRA releases quarterly super stats for March 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 ...

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Superannuation – Last Opportunity For Maximum Contributions

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 ...

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Former Temporary Residents and Unclaimed Super

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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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 ...

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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 ...

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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 ...

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The super co-contribution has been extended to include self-employed people. The amount of co-contribution that you receive depends on your total income and the personal ‘after-tax’ superannuation contributions that you make during the financial year. You are only eligible for a co-contribution on personal contributions that you don’t claim a ...

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Make Sure Your Super Fund Has Your Tax File Number

You have until 30 June 2008 to ensure your super fund has your tax file number (TFN) or you could pay extra tax. It’s not compulsory to provide your TFN but if your fund doesn’t have it: they will have to pay extra income tax on certain contributions and may ...

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SMSF Compliance Focus

Almost 690,000 people are now members of an SMSF and on average, each fund holds around $800,000. Last year, 450 SMSFs were identified by the Tax Office as having inappropriately accessed their superannuation (that’s a big no-no). It comes as no surprise then that a priority for the Tax Office is ensuring trustees are ...

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