Superannuation Alert - 15.04.15

Financial Services eBulletin - 15 April 2015

The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.

On 2 April 2015 the ATO withdrew ATO ID 2007/99 as the references in that decision were no longer current. ATO ID 2007/99 related to deductions for personal superannuation contributions where an employee receives periodic workers' compensation payments. Guidance on the issues covered by ATO ID 2007/99 are included in paragraphs 57 to 66 of Taxation Ruling 2010/1 Income tax: Superannuation contributions.

On 8 April 2015 the ATO released Product Ruling PR 2015/4 (Ruling) which addresses the tax consequences of changing the portfolio structure, contributing to and partially redeeming an investment in a unit in a particular registered managed investment scheme. The Commissioner has advised trustees of superannuation funds that no consideration has been given in this Ruling as to whether investment in that scheme may contravene the provisions of the Superannuation Industry (Supervision) Act 1993 (Cth). The Ruling applies prospectively from 1 July 2015 in relation to potential investors in the scheme.

On 13 April 2015 the Australian Transaction Reports and Analysis Centre Industry Contribution Determination 2015 (No. 1) (Determination) was registered. The Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011 imposes a levy on certain entities ("leviable entities") which is payable in instalments. The purpose of the levy is to recover the costs of the performance of AUSTRAC’s regulatory and intelligence functions. The Determination sets out the method for determining the amount of the instalment of levy payable by a leviable entity for 2014-15. The Explanatory Statement explains that for the 2014-15 financial year, only one instalment of levy will be payable.

Further information

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