You are here: Home / News & Media / News & Info

Regulator round up

Thursday 4 September, 2008

AUSTRALIAN TAXATION OFFICE

Clarification on superannuation income streams & payment summaries for 2007-08

On 19 August 2008, the Tax Office sought to clarify the position in regard to payment summary requirements for individuals in receipt of superannuation income streams (SISs), who are completing their income tax returns for 2007-08.
Read the clarification in full here.

Compliance Program 2008-09

On 13 August 2008, the Commissioner of Taxation Michael D'Ascenzo released the Compliance Program 2008-09.
It is an annual publication outlining the areas of risk to compliance and how the Tax Office intends to respond, as well as a wide range of measures to help those trying to comply.  This year, as in previous years, the Tax Office has prioritised a number of compliance activities for superannuation.
More information on the Compliance Program 2008-09, a media release and the Commissioner's speech are available here.

Releases SuperUpdate August 2008

The Tax Office has published SuperUpdate for August 2008.  This edition includes information on early access super schemes, super changes for sports people, changes to claiming a tax deduction for personal super contributions, SuperReport V10, PVA electronic reporting specifications, removal of MIPS and the new MCS statement.
A copy of this publication is available here.

Information sheet: Tax-free super for people with a terminal medical condition

Released on 26 August 2008, this information sheet explains recent legislative changes that mean people diagnosed with a terminal medical condition can now access their super tax-free.
A copy of this information sheet is available here.

Lost members statement (LMS) paper forms and additional Members form

Paper versions of the LMS for Lost Members Register (LMR) reports lodged from 1 July 2008 are now available in portable document format (PDF).  These forms are necessary if you are a super provider or an authorised supplier of lost member information and are required to report information about lost members or lodge a paper non-lodgment advice.
Download the LMS in PDF form here.

If you have additional lost members, the Tax Office has released an additional Members form in portable document format (PDF).
Download this form here.

Auditing a self managed superannuation fund

On 14 August 2008 the Tax Office published ‘Auditing a self-managed super fund' (NAT 16308-08.2008) which provides questions and statements for Self Managed Superannuation Fund (SMSF) Auditors to consider when auditing a SMSF.
A copy of these instructions is available here.

Completing the ‘Self managed superannuation fund annual return 2008'

On 27 August 2008 the Tax Office published in electronic PDF format the ‘Self managed superannuation fund annual return instructions 2008' (NAT 71606-06.2008).

This information will help in the completion of the ‘Self managed superannuation fund annual return 2008' (NAT 71226-06.2008).

The Tax Office will continue to provide updates via the web to assist in the completion of the annual return based on client feedback. This additional information is provided via the web to supplement the ‘Self managed superannuation fund annual return instructions 2008'.

Where there are inconsistencies between the two, the information provided on the web is to be followed.

The relevant web page and instructions are available here.

NTLG Superannuation Technical Sub-group minutes for 16 June 2008

On 11 August 2008 the Tax Office published the NTLG Superannuation Technical Sub-group minutes for 16 June 2008.
Download a copy of these minutes here.

Recent Interpretative Decisions (IDs)

The Tax Office has recently released the following IDs relating to superannuation -

• ID 2008/111: Complying superannuation fund: deduction for increased amount of superannuation lump sum death benefit - earnings foregone; and
• ID 2008/112: Complying superannuation fund: deduction for increased amount of superannuation lump sum death benefit - expenses in relation to contributions.

Updated information sheet: About SuperMatch

Updated on 4 August 2008, this information sheet highlights features of the Tax Office's SuperMatch system.  SuperMatch is designed to help individuals match information from the Lost members register (LMR), superannuation guarantee charge (SGC) amounts and accounts maintained in the superannuation holding accounts special account (SHASA).
A copy of this updated information sheet is available here.