Your Association at work - 14 June 2012 update

Taxpayers Australia has recently participated in the following superannuation consultative meetings.

Superannuation Consultative Committee (SCC)  Education & Communications meeting

A Superannuation Australia representative attended a scheduled meeting of the Superannuation Consultative Committee (SCC) Education & Communications meeting on 4 June 2012 in Canberra.

Discussions included the following agenda items:

• Small Business Superannuation Clearing House - Explanation of service
• Update on Superannuation communications campaigns
• Data and e-commerce standard. and communication strategy
• Tax Office role and assistance to members
• On-boarding strategy (engaging those who are not currently interested), and
• Mutual support by industry and Tax Office in relaying messages

Superannuation Consultative Committee (SCC) meeting

A Superannuation Australia representative attended a scheduled meeting of the SCC on 5 June 2012 in Canberra.

Discussions included the following agenda items:

• Australian Law Reform Council - seeking input for their current study of Age Barriers to Work, which include:
  • Issues affecting older workers (ie those 45 years of age and over),
  • ripple-through effects of changes in the law,
  • incentives to pull out of workforce (tax free income, old DB pensions),
  • transition to retirement, versus not enough in super through broken patterns of work etc.

Note: Report recommendations in September2012 & final paper in March 2013.

• Department of Human Services - Update on Clearing House (essentially a highly successful initiative) plus Early Access issues
• Federal Budget issues including:
  • reduction in high income super contributions concessions,
  • two year deferral of higher cap,
  • confirmation of Super Stream levy, and
  • Auditor regulation plus previously advised measures
• Stronger Super, Super Seeker & funding levy
• Marketing and communications issues
• Self-Managed Superannuation Fund valuations, trustee undertakings and future statistical data
• Funds reform including:
  • member visitation rates low,
  • continued high reliance on cheque payments plus manual intervention high, and
• Compliance program issues. 

NTLG meeting

A Superannuation Australia representative participated in a scheduled meeting of the National Tax Liaison Group -Superannuation Technical Sub-Group on 5 June 2012 in Canberra. Discussions included the following agenda items:

• Acceptance of minutes and status of action items
• Update on Tax Office statements, rulings and Interpretative Decisions (IDs)
• Update on recently published and withdrawn Public Rulings, Practice Statements and Tax Office IDs, litigation
• "Top 3" items of significance
• In-house assets
• Limited Recourse Borrowing Arrangements
• Life policies
• Reserves and unallocated contributions accounts, and
• Death Benefits