Superannuation Alert - 12.9.12
Financial Services eBulletin - 12 September 2012
The 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 3 September 2012, the ATO updated its website on its current compliance focus areas which include (amongst other things):
- Financial products (retail and wholesale) with tax outcomes unavailable in the law; and
- Employment arrangements that are tax driven in order to avoid income tax, fringe benefits tax or super guarantee liabilities.
- On 4 September 2012, the ATO released information on new superannuation data and payment standards which will commence on 1 July 2013 forAPRA-regulated funds and SMSFs. It also released standards for medium and large employers making superannuation contributions (which will commence on 1 July 2014) and small employers (which will commence on 1 July 2015).
- On 5 September 2012, the ATO released a guide on the importance of collecting tax file numbers when contributions are made to a superannuation fund or retirement savings fund.
- On 6 September 2012, the ATO released a publication called Your case matters which highlights key data about Australia's tax and superannuation litigation over the past 5 years.
- On 8 September 2012 the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 received Royal Assent.
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.