Superannuation Alert - 11.10.12

Financial Services eBulletin - 11 October 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 28 September 2012, the Administrative Appeals Tribunal (AAT) handed down its decision in the matter of Boyn and Commissioner of Taxation AATA 660. The matter involved consideration of the correct method of calculating tax payable on the taxable component of an employment termination payment where the applicant had reached his superannuation preservation age.
  • On 2 October 2012, Corporations Amendment Regulation 2012 (No 8) was registered on the Federal Register of Legislative Instruments. The amendment inserts new regulation 7.7A.16 which details when a benefit will be 'grandfathered' for the ban on conflicted remuneration.
  • On 2 October 2012, the High Court of Australia handed down its decision in the matter of Forrest v ASIC & Anor; Fortescue Metals Group Ltd v ASIC & Anor HCA 39 which considered whether public statements claiming Fortescue had entered into 'binding contracts' in relation to a project in the Pilbara region were misleading or deceptive. See the Lander & Rogers eBulletin Public statements and continuous disclosure - the Fortescue Metals decision for further details.
  • On 2 October 2012, the AAT handed down its decision in the matter of Lynton v Commissioner of Taxation AATA 667. The decision considered whether financial hardship constituted special circumstances sufficient to disregard excess non-concessional contributions for a financial year.
  • On 5 October 2012, the ATO released Interpretative Decision 2012/84 which considered whether a member of a SMSF who commutes a complying lifetime pension has concessional contributions for a financial year.

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.

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