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Superannuation Quarterly
Issue 56: Member download
Combined Superannuation Quarterly and Superannuation Strategies Index 2009-11
Superannuation Strategies
Issue 4: Member download
DIY Superannuation Manual
March 2012: Member download
FBT 2012 - Notes & DVD
View the notes Table of Contents
Notes & DVD (inc GST and p&h):
Members: $121 / Non-members: $154
Notes only (inc GST and p&h):
Members: $88 / Non-members: $99
Note: The DVD is a companion to the seminar notes and is not sold separately.
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March 2012
Welcome to Super e-news
Editorial
A year ahead with much to do
In what has traditionally been an industry with an evolutionary rate of change on substantive issues, despite the penchant for 'meddling' at the margins by all governments, as we settle into 2012, the dynamics within superannuation continues unabated. At the coal face, there are issues SMSF trustees and advisers need to pay attention to, in order to avoid falling foul of the regulator and potentially incurring penalties or missing opportunities. |
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Read the full editorial.
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| Superannuation Roundtable meets for the first time [MR 2012/007] |
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On 23 February 2012, the Minister for Financial Services and Superannuation, the Hon. Bill Shorten MP, announced the inaugural meeting of the Superannuation Round Table (SRT) in Sydney.
The SRT was developed with a particular focus on the operation of superannuation post-retirement and will look broadly at ways to improve the confidence of consumers in retirement.
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Continue reading this article, together with other Ministerial announcements here.
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Superannuation Seminars - May and June 2012
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Join Roger Timms, TAI's Head of Tax & Superannuation, for this comprehensive workshop. View workshop overview.
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How to maximise annual superannuation contributions ...
Payment of pensions ...
Tax ruling TR 2011/D3 ...
Limited Recourse Borrowing arrangements - SMSFR 2011/D1 ...
Investment in closely held unit trusts ... and much more
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• Melbourne: Thursday 31 May - Leonda by the Yarra
• Sydney: Thursday 7 June - The Grace Hotel
• Brisbane: Tuesday 29 May - Royal on the Park
- Cost: Members: $209 (incl. GST) / Non-members: $242 (incl. GST)
- Time: 9am - 12:30pm (3.5 CPE/CPD Hours)
Attendees receive comprehensive notes and morning tea.
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Three easy ways to register: Book & pay online, download order form or call 1300 657 572 / email info@taxpayer.com.au
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Regulator Roundup: ATO and APRA
The following information has been released by the Tax Office.
Newsletter: SuperUpdate February 2012
The Tax Office has published SuperUpdate for February 2012. This edition includes information on the Tax Office's new web page to help superannuation funds prepare for the implementation of various superannuation reforms and new regulations dealing with the use of Tax File Numbers (TFNs) by superannuation providers.
Download a copy of this newsletter here.
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View the complete roundup, including information released by APRA, here.
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FBT 2012 - Seminars Notes & DVD
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Missed the FBT seminars? Avail yourself of the detailed notes, PLUS a video presentation by Roger Timms, TAI's Head of Tax & Superannuation, summarising the key issues typically relevant to the 2011-12 FBT year.
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View the depth of content the notes cover, view the Table of Contents.
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Notes include a CD containing a 2012 FBT checklist, interactive proforma declarations and Car Salary Packaging Ready Reckoner.
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The 30-minute video by Roger will assist in honing your skills by referring to the detailed notes. View a snippet of Roger in action. |
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FBT Seminar Notes & DVD:
Members: $121 / Non-members: $154 (inc GST and p&h)
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FBT Seminar Notes only:
Members: $88 / Non-members: $99 (inc GST and p&h)
Note: The DVD is a companion to the seminar notes and is not sold separately.
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To pre-order your copy: Purchase online, contact us on 1300 657 572 / info@taxpayer.com.au or download seminar notes order form.
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New and proposed legislation
View a summary of legislative bills before parliament and new regulations here.
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Your Association at work
Meetings with the Tax Office
Taxpayers Australia actively represents its members across a number of committees and forums. Our representations include the compilation of submissions to Treasury and the Tax Office in relation to draft legislation and draft tax rulings and determinations.
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For a list of our recent activities, please go here.
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Cases of interest
Montgomery Wools Pty Ltd atf Montgomery Wools Pty Ltd Super Fund v FC of T [2012] AATA 61
SMSF did not comply with regulatory provisions
On 6 February 2012, the Administrative Appeals Tribunal (AAT) affirmed the Commissioner's decision to issue a non-compliance notice to a SMSF for contravening a number of provisions of the SISA93.
The AAT considered that the contraventions of the fund trustee were serious and the impact on the fund was significant. There had been no attempt to rectify the contraventions in the five years following the sale of a key asset or to ensure compliance in the future.
Having regard to the circumstances of the case and the guidelines set out in PS LA 2006/19, the AAT took the view that it would be inconsistent with the objects of the SISA93 to issue a notice of compliance. Therefore, it was not prepared to exercise the discretion in favour of the fund and issue a notice of compliance under s42A(5).
Accordingly, the AAT affirmed the decision of the Commissioner.
For a copy of the AAT decision, please go here.
Schuurmans-Stekhoven v FC of T [2012] AATA 62
Refusal to exercise discretion to reallocate super contribution affirmed
On 7 February 2012, the AAT affirmed the Commissioner''s refusal to exercise his discretion to reallocate amounts of excess superannuation contributions to a previous income year. There were no 'special circumstances' as required under s292-465 of the ITAA97 in the present case. In particular, the fact that contributions were made in respect of work done in the previous income year was 'unremarkable' in the circumstances.
For a copy of the AAT decision, please go here.
The Trustee for the R Ali Superannuation Fund v FC of T [2012] AATA 44
SMSF penalised for breaches
On 31 January 2012, the AAT affirmed the decision of the Commissioner to issue a notice of non-compliance to a SMSF for contravening the SISA93. It also decided that the Commissioner was correct in refusing to exercise his discretion to treat the SMSF as complying in spite of the contraventions.
The circumstances in this case were not those in which the discretion in s42A(5)(b) ought to be exercised consistently with the principles governing the exercise of discretionary powers. To do so would frustrate the wider objects of the SISA93 by relieving those responsible for superannuation funds of tax imposts where all of the assets of a superannuation fund were managed in a contrary manner to various control measures under that Act.
The breaches by the SMSF were more than mere error — they were breaches of requirements on a very serious scale. The fact that moneys were not lost and the SMSF had been restored after the Commissioner's activities started, that a notice for the 2005 year was withdrawn, that others who had done the same were not penalised and that an explanation had been offered for the passing of money through Mr. Ali's personal account did not counterbalance the seriousness of the breaches to warrant exercise of a relieving discretion.
For a copy of the AAT decision, please go here.
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Question and answer
Question
Just before turning 65 in January 2012, I made a $150,000 non-concessional contribution (NCC) to my SMSF.
I have been told that I if I make further NCCs on or before 30 June 2012, I will incur excess contributions tax (ECT).
Is this true?
Answer
Assuming you have no concessional contributions for 2011-12 and that you have not already triggered the ‘bring forward’ option, you will only incur ECT in 2011-12, if the total of all NCCs in that financial year exceed $450,000.
Please note that your final eligibility to the ‘bring forward’ option ends on 30 June 2012. This option allows an individual to make up to $450,000 of NCCs in one financial year. You will need to trigger the ‘bring forward’ option prior to 30 June 2012.
Also note that you will also need to meet the ‘gainful employment test’ in 2011-12, in order to make further NCCs.
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Our Partners
Disclaimer
All information provided (including all publications which may be viewed or downloaded, articles, Q&As, FAQs, calculators, ready reckoners, and other tools) is of a general nature only and is not personal financial advice.
It does not take into account your particular objectives and circumstances.
No person should act on the basis of this information without first obtaining and following the advice of a suitably qualified professional advisor.
To the fullest extent permitted by law, no person involved in producing, distributing or providing the information for this newsletter (including Taxpayers Australia Incorporated, each of its directors, councillors, employees and contractors and the editors or authors of the information) will be liable in any way for any loss or damage suffered by any person through the use of or access to this information.
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