Superannuation Alert - 28.11.13

Financial Services eBulletin - 28 November 2013

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

  • On 24 October 2013, in Ioppolo & Hesford v Conti [2013] WASC 389, the Supreme Court of Western Australia held that the surviving trustee of a self managed superannuation fund was not obliged to appoint an executor of a deceased member as a trustee. The Court dismissed a challenge to the trustee's decision to pay the death benefit to the deceased member's husband on the grounds of bad faith, even though the decision was contrary to a direction contained in the deceased member's will.
     
  • On 13 November 2013, the Federal Government announced that the Productivity Commission will be conducting an inquiry into how to encourage private financing and funding for major infrastructure projects. Submissions are due on 23 December 2013. Draft Terms of Reference are available.
     
  • On 13 November 2013, the ATO issued Tax Determination 2013/22 titled Income tax: 'concessional contributions' - allocation of a superannuation contribution with effect from a day in the financial year after the financial year in which the contribution was made.
     
  • On 14 November 2013, the Supreme Court of New South Wales in Re Retail Employees Superannuation Pty Limited [2013] NSWSC 1681 advised the trustee of the Retail Employees Superannuation Trust that it would be justified in amending the fund's trust deed to authorise the trustee to be paid a fee so as to enable the trustee to provide remuneration to its directors.
     
  • On 20 November 2013, the Federal Government announced that it has appointed Mr David Murray AO, the former Commonwealth Bank and Future Fund chief, to head an inquiry into Australia's financial system. The draft Terms of Reference for the inquiry are available here, and a final report will be published by November 2014. Comments on the draft Terms of Reference should be lodged by 5 December 2013. 
     
  • On 21 November 2013, the House of Representatives passed the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 (Cth) which seeks to repeal the mining tax from 1 July 2014, to repeal the low income superannuation contribution, and to slow the increase of the superannuation guarantee charge to 12%. It now progresses to the Senate.
     
  • On 22 November 2013, the Productivity Commission released a report entitled An Ageing Australia: Preparing for the Future which urges early preparation for our increasing aged population. On the same day, ASFA issued a response suggesting that the Age Pension qualifying age be increased to 70.

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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