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Regulator roundup
Monday 5 October, 2009
Warning: Beware of promoters offering early access to super
Published on 31 August 2009, this Tax Office warning highlights the various plans which offer illegal early access to superannuation money before retirement.
The promoters of these plans say that they can help access superannuation savings for reasons such as paying off debts, buying a house or car, or even going on holiday. These schemes are illegal and heavy penalties apply if a taxpayer decides to participate in one of these schemes.
Click here to read the information sheet.
Industry speech: SMSFs - Common mistakes and other compliance issues
On 14 September 2009, Assistant Commissioner Stuart Forsyth gave a speech to the SMSF segment of Small Independent Superannuation Funds Australia (SISFA). The speech focussed on common mistakes and other compliance issues relevant to the growing SMSF market.
[Taxpayers Australia can help all SMSF trustees keep up to date with their compliance duties. To find out more go to www.taxpayer.com.au or telephone 1300 657 572]
Information sheet: Super contributions caps letters
Published on 21 September 2009, this sheet provides information about two Tax Office mail outs in relation to the superannuation contributions caps that have either applied since 1 July 2007 or which were reduced from 1 July 2009.
From September 2009, the Tax Office will be writing to around 300,000 individuals most likely to exceed a reduced cap in the 2009-10 financial year to inform them about the change, and help them make an informed decision about how much they'll contribute to super in the financial year. This mail out will take place over the next two months with letters being sent to the recipient's residential address.
From September 2009, the Tax Office will also be writing to individuals who have exceeded at least one contributions cap in the 2007-08 financial year.
Read the information sheet here.
Information sheet: Superannuation fund nomination
Published on 21 September 2009, this sheet provides information on the nomination by an individual of a superannuation fund or Retirement Savings Account (RSA) to receive any of their superannuation entitlements that may be held by the Tax Office.
Read the information sheet here.
NTLG Superannuation Technical Sub-group minutes - 16 June 2009
The Tax Office has published the minutes of this meeting held on 16 June 2009 in Melbourne. Taxpayers Australia was represented at this forum by Michael Perry.
Forum membership is comprised of representatives of the major accounting and superannuation organisations, representatives from the employer and business sectors and other government bodies operating in the superannuation sector.
For a copy of these minutes, please click here.
ATO ID 2009/100 - Complying superannuation fund: deductibility of premiums on 'whole of life policy' - s295-465(1) of the ITAA97
Published on 11 September 2009, this Interpretative Decision (ID) addresses the following question:
"Is the trustee of a superannuation fund entitled to a deduction worked out under Item 1 of the table in subsection 295-465(1) of the Income Tax Assessment Act 1997 (ITAA97) for a premium paid for a whole of life policy where the premium is dissected between an entry fee and the investment component of the policy?"
ATO ID 2009/99 - Complying superannuation fund: deductibility of premiums on 'whole of life policy' - s279(1)(a) of the ITAA36
Published on 11 September 2009, this Interpretative Decision (ID) addresses the following question:
"Is the trustee of a superannuation fund entitled to a deduction under paragraph 279(1)(a) of the Income Tax Assessment Act 1936 (ITAA36) for a premium paid for a whole of life policy where the premium is dissected between an entry fee and the investment component of the policy?"
Read the decision of the ID, together with its facts and the reasons for the decision, here.
ATO ID 2009/108 - Superannuation Disability superannuation benefit: medical certificates
Published on 2 October 2009, this Interpretative Decision (ID) addresses the following question:
"Can medical certificates supplied by a person in relation to a particular superannuation lump sum, satisfy the requirements of paragraph (b) of the definition of 'disability superannuation benefit' in s995-1(1) of the ITAA97 in relation to later superannuation lump sums paid to the person by the same superannuation fund?"
Read the decision of the ID, together with its facts and the reasons for the decision, here.
Tax Agents information sheet: Lost super accounts
The Tax Office are advising Tax Agents that they will be contacting individuals to advise them of lost superannuation accounts that may belong to them.
They further advise that if the Tax Agent's practice phone number or address is listed as the individual's contact details, then the Tax Agent may receive a phone call or letter from the Tax Office.
Tax Agents can help by providing their client's current phone number and address on their tax return instead of their practice contact details.
Read the information sheet here.
Releases latest SMSF statistical report for June 2009
On 23 September 2009 the Tax Office published the latest statistical reports for the SMSF market. The statistics show that the growth of SMSFs is still strong with over 410,000 SMSFs as at 30 June 2009. The document provides other statistics in relation to demographics, asset allocation and total assets in SMSFs covering:
- population of SMSFs and members
- asset allocation (break-up of assets into various classes)
- asset allocation by asset value of the fund
- membership sizes (SMSFs with 1, 2, 3 or 4 members)
- demographics (state break-up of SMSFs, members and assets)
- member demographics (age and income of members)
- total asset ranges (distribution of the size of SMSFs)
- average assets (per member and per SMSF)
- flow of funds (contributions, transfers, benefits and expenses), and
- SMSF quarterly establishment
tables by:
- demographics (state break up of SMSFs)
- member demographics (age of new members), and
- member demographics (income range of new members).
Download this latest statistical report here.
Information sheet: Entity representatives and authorised contacts
Published on 30 September 2009, this information sheet outlines the roles and responsibilities and who is authorised to appoint an entity representative, public officer and authorised contact to contact the Tax Office.
Certain information in this document is relevant to superannuation entities.
Read the information sheet here.
Information sheet: Super contributions - too much super can mean extra tax
Published on 3 September 2009, this information sheet explains the caps that apply to super contributions and the tax payable if the caps are exceeded.
Read the information sheet here.
Guide for employees and self employed: Reportable super contributions
Published on 28 August 2009, this guide provides information about reportable super contributions and how they apply to the income tests for some tax offsets, the Medicare levy surcharge, and other government benefits and obligations.
Information sheet: Super contributions - for defined benefit funds and untaxed funds
Published on 30 September 2009, this information sheet explains the special rules that apply to contributions made to defined benefit funds and untaxed super funds.
Read the information sheet here.
Instruction sheet: Calculating the components of a super benefit
Published on 23 September 2009, these instructions are for trustees and superannuation fund administrators who will pay superannuation benefits from taxed sources. The instructions will help them understand the rules and give them information about how to work out the tax-free and taxable components of a superannuation benefit.
To access the instruction sheet, please click here.
Instructions and approved form: Completing your Contributions for personal injury election
Released by the Tax Office on 23 September 2009, this publication contains complete instructions on how to complete the ‘Contributions to personal injury election' (NAT 71162) approved form.
This approved form must be completed by those individuals who have received an eligible personal injury payment and want to contribute all or part of the amount to superannuation without it being counted towards their non-concessional contributions cap (NCCC).
Download these instructions and the approved form here.
Information update: TFN Notices issuing to super funds
In early September 2009, the Tax Office advised that it will be issuing no TFN contribution tax notices to super funds, members of super funds and fund administrators from 7 September 2009. The notices will issue on paper to both funds and members.
There is no impact on SMSFs.
To read this information update, please click here.
SuperUpdate August 2009
The Tax Office has published SuperUpdate for August 2009. This edition includes information on rollovers and illegal early release schemes, updates on changes to Departing Australia Superannuation Payments (DASPs) online, notices under s299TB of the Superannuation Industry (Supervision) Act 1993 (SISA93), and how bringing forward non-concessional contributions works.
For a copy of this publication, please click here.
SuperUpdate September 2009
The Tax Office has published SuperUpdate for September 2009. This edition includes information on changes to superannuation caps, Lost Members Register (LMR) reporting reminder and education sessions on lost members reporting.
For a copy of this publication, please click here.
Information sheet: PAYG withholding requirements for self managed super funds
Published late August 2009, this information sheet explains the Pay As You Go Withholding (PAYGW) obligations of SMSFs when paying a benefit.
To read this information sheet, please click here.
***FOR MEMBERS
ONLY***
An article by Graeme Evans entitled ‘SMSFs and their PAYGW
obligations' which details the various PAYGW obligations that
SMSFs have for payments made from 1 July 2007, appeared in Superannuation
Quarterly, Issue 41 June 2008 p 9.
***INFO TIP***
A super fund's PAYGW obligations in respect to benefit payments
are detailed at 17.600 in the 2009 & 2010 Tax Summary, 90th
edition.
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