Superannuation Alert - 11.7.12
Financial Services eBulletin - 11 July 2012
Lander & Rogers' Superannuation Alert is a brief overview of new developments in the superannuation industry and is in addition to our Superannuation Update, which analyses the main developments of interest in more detail.
- On 29 June 2012, the Tax Laws Amendment (2012 Measures No 2) Bill 2012 and Pay As You Go Withholding Non-compliance Tax Bill 2012 (see Explanatory Memorandum and Supplementary Explanatory Memorandum) received Royal Assent. These Bills 'reduce the scope for companies to engage in fraudulent phoenix activity or escape liabilities and payments of employee entitlements by extending the director penalty regime to make directors personally liable for their company’s unpaid superannuation guarantee amounts in some instances, making directors and their associates liable to PAYG withholding non-compliance tax where the company has failed to pay amounts withheld to the Commissioner of Taxation'.
- On 29 June 2012, the Superannuation Supervisory Levy Imposition Determination 2012 was registered on the Federal Register of Legislative Instruments. This determination relates to a levy imposed by the Superannuation Supervisory Levy Imposition Act 1998 on superannuation entities for the financial year 2012-13.
- On 1 July 2012, the Minister for Financial Services and Superannuation announced the commencement of the Low Income Superannuation Contribution which ' that low income individuals earning up to $37,000 a year effectively pay no tax on their superannuation contributions'.
- On 2 July 2012, the ATO uploaded a video presentation SuperStream - the building blocks that make up the new standard(see the media release for a copy of the transcript).
- On 4 July 2012, the Minister for Financial Services and Superannuation issued a media release noting that more 'Australians are being reunited with their superannuation with the total amount of lost super now $17.4 billion, a 14 per cent fall from the previously reported total of $20.2 billion'.
- On 4 July 2012, the ATO released Taxation Ruling TR 2012/6 which deals with 'deductibility under subsection 295-465(1) of the Income Tax Assessment Act 1997 of premiums paid by a complying superannuation fund for an insurance policy providing Total and Permanent Disability cover in respect of its members'.
- On 5 July 2012, the ATO released a Decision Impact Statement outlining the ATO's response to the decision in General Aviation Maintenance Pty Ltd and Commissioner of Taxation AATA 120 which 'concerned whether a sky dive instructor engaged by the taxpayer was an employee within the meaning of s 12 of the Superannuation Guarantee (Administration) Act 1992'.
All information on this site is of a general nature only and is not intended to be relied upon as, nor to be a substitute for, specific legal professional advice. No responsibility for the loss occasioned to any person acting on or refraining from action as a result of any material published can be accepted.