Superannuation Alert - 12.12.12

Financial Services eBulletin - 12 December 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 December 2012, the Superannuation Legislation Further Amendment (Further MySuper and Transparency Measures) Bill 2012 received Royal Assent. The Bill is the third tranche of legislation implementing the Government's MySuper and governance reforms as part of Stronger Super. The Bill includes amendments relating to the transition of accrued default amounts to MySuper by 1 July 2017, superannuation fees and costs, providing intra-fund advice, insurance, default funds in modern awards and the mandatory disclosure of executive pay and investments.
  • On 4 December 2012, the Treasury Legislation Amendment (Unclaimed Money and Other Measures) Bill 2012 received Royal Assent. The Bill makes amendments to various Acts to bring forward the time at which money is recognised under the relevant law as lost or unclaimed.
  • APRA has released its online draft MySuper Authorisation Application Form and online draft Eligible Rollover Fund Authorisation Application Form on its website which will enable draft applications to be submitted to APRA for consultation as part of its MySuper and ERF Authorisation and Transition Packages released on 3 October 2012. RSE licensees will be able to offer these products from 1 July 2013 once authorised. The forms and the software required to access them can be found on the website.
  • On 1 November 2012, the AAT handed down its decision inAAT Case AATA 754, where it affirmed the Commissioner's decision not to reallocate late concessional contributions to the previous financial year where the delay occurred as a result of a "mistaken belief" as to the timing of a superannuation contribution. The taxpayer had argued that her mistake as to the operation of the law constituted "special circumstances" under s 292-465 of the ITAA 1997, and that the law was not intended to adversely affect women whose work patterns were affected by childcare responsibilities. While the AAT stated that it was "not unsympathetic to her situation and acknowledge her frustration that such a small mistake should be permitted to undermine what she sees as pursuing the objects the legislation", it subsequently ruled that mistakes as to the operation of the law are not "unusual or uncommon" so as to constitute "special circumstances".

 

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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