Superannuation Alert - 26.02.14
Financial Services eBulletin - 26 February 2014
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 14 February 2014, the Australian Tax Office (ATO) released Interpretative Decision 2014/5 which deals with the issue of whether "[a]mounts paid by the trustee of a superannuation fund to a fund member are a superannuation income stream benefit under subsection 307-70(1) of the [Income Tax Assessment Act 1997] where the amounts are attributable to an account balance of the member and the trustee has agreed to protect part of the member's account balance for an agreed period of time."
- On 19 February 2014, the Tax and Superannuation Laws Amendment (2014 Measures No. 1) Regulation 2014 was registered with the Federal Register of Legislative Instruments. The Regulation:
- prescribes an interim method for calculating the amount of an individual’s "defined benefit contributions" for the purposes of Division 293 tax to enable the Commissioner of Taxation to determine an individual’s liability for the 2012-13 financial year;
- updates the lists of public sector superannuation schemes in the Superannuation Guarantee (Administration) Regulations 1993 (SG Regulations); and
- prescribes the Australian Taxation Office as an "approved clearing house" for the purposes of the SG Regulations.
- On 19 February 2014, the ATO published a media release ATO reviews approach to SMSFs as industry takes off noting various comments made by ATO Deputy Commissioner Superannuation, Alison Lendon, about the ATO's commitment to improving the services it provides to SMSF fund managers and trustees, in light of the growing popularity of the SMSF industry.
- On 20 February 2014, APRA released the December 2013 interim edition of its Quarterly Superannuation Performance which provides industry aggregate summaries of financial performance, financial position and key ratios. In its media release, APRA reported that "[t]otal estimated assets, which include the assets of self-managed superannuation funds and the balance of life office statutory funds, rose to $1.8 trillion at 31 December 2013."
- The ATO has published the webpage When to pay, which provides information to employers on when to pay superannuation guarantee contributions in respect of eligible employees. The webpage also notes the government's announcement that it will be transferring the Small Business Superannuation Clearing House to the ATO from April 2014.
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.