Superannuation Alert - 18.4.13

Financial Services eBulletin - 18 April 2013

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 4 April 2013, the Minister for Financial Services and Superannuation Bill Shorten released the Exposure Draft - Tax Laws Amendment (2013 Measures No. 2) Bill 2013: Investment Manager Regime and the accompanying Explanatory Memorandum for public comment. The draft bill proposes to introduce the third and final element of the Investment Manager Regime (IMR) by "expand the exemption available for qualifying investment income of certain foreign widely held foreign managed funds". According to Mr Shorten's media release, the key aim of the draft Bill is to "clarify the tax treatment of qualifying widely held foreign funds investing into certain Australian assets."
  • On 5 April 2013, the Treasury released a discussion paper seeking comments on the design and operation of the Financial Industry Supervisory Levy. Comments are due by 29 April 2013.
  • On 9 April 2013, ASIC released Report 336 - ASIC enforcement outcomes: July to December 2012. According to ASIC's media release , the report " enforcement outcomes achieved in the period 1 July 2012 to 31 December 2012 ... against a range of gatekeepers in the Australian financial system, such as financial advisers, auditors and directors."
  • On 10 April 2013, the ATO published the excess contributions tax (ECT) statistics for the key players in the superannuation industry. The ATO uses contributions data received from super funds, first home saver providers and individuals to determine whether a taxpayer has exceeded one or both contributions caps during a financial year. The statistics include the number of ECT assessments issued, the value of ECT liabilities, the average and median values of liabilities raised and the number of applications to disregard or reallocate super contributions. The ECT tables are updated twice a year and are accessible here.
  • On 10 April 2013, the ATO released the Excess Contributions Tax – Learner Guide which provides an explanation of ECT, including determining ECT, special rules, assessments, ECT refund offer and the payment of ECT.

Further information

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.