Superannuation Alert - 14.08.13
Financial Services eBulletin - 14 August 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.
- The 43rd Federal Parliament was prorogued on 5 August 2013. The Federal Election will take place on 7 September 2013. The following super-related Bills have now lapsed:
- On 6 August 2013, the Superannuation and Corporations Legislation Amendment (Low Income Superannuation Contribution) Regulation 2013 was registered on the Federal Register of Legislative Instruments. The Explanatory Statement provides that the Regulation is 'minor and mechanical in nature'.
- APRA has issued 5 new FAQs relating to SuperStream.
- ASIC has released its initial submission to the Senate Economics References Committee Inquiry into the performance of ASIC. According to the accompanying media release, 'ASIC will make several submissions to the inquiry, including a major submission that addresses the full terms of reference and issue-specific responses to other submissions to the Committee'.
- ASIC has also released the transcript of a speech given at the FSC Annual Conference by Greg Medcraft, Chairman of ASIC, on 31 July 2013. The speech was titled 'The future of financial regulation'.
- The ATO has released Draft Taxation Determination TD 2013/D7 defining 'in what circumstances is an asset of a complying superannuation fund a segregated current pension asset under section 295-385 of the Income Tax Assessment Act 1997' (ITAA 97)? Comments are due by 4 September 2013.
- The Administrative Appeals Tribunal ruled in favour of the Commissioner in Harste v Commissioner of Taxation AATA 544 in relation to whether an ETP received by the applicant was a genuine redundancy payment within the meaning of section 83-175 of the ITAA 97.
- In Kelly v FCT FCAFC 88 the Full Federal Court upheld the decision at first instance that the applicant was not allowed a superannuation deduction under s 290-60 of the ITAA 97.
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.