Superannuation Alert 6.8.14
Financial Services eBulletin - 6 August 2014
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 28 July 2014, the ATO issued a Decision Impact Statement on the Full Federal Court Decision of Kelly v FCT  FCAFC 88. The case regarded whether interests in a partnership were validly assigned to certain trustees, and whether a superannuation contribution for the directors was an allowable deduction. The Court held that a superannuation contribution for a director of a corporate trustee can only be deducted from the income of the trust if the director is a common law employee of the trust, and is engaged in producing assessable income of the trust. The ATO noted that this was consistent with Taxation Ruling TR 2010/1.
- On 29 July 2014, the Financial System Inquiry announced it will be holding public forums across the country during August.
- On 31 July 2014, ASIC released Report 402 - ASIC enforcement outcomes: January to June 2014 outlining outcomes achieved by ASIC during the period of January to June 2014. In that time frame, ASIC achieved 256 enforcement outcomes. The outcomes were achieved in the market integrity, corporate governance, financial services and small business areas. One of the matters noted concerned superannuation whereby a trustee paid an infringement notice in relation to superannuation advertising in January 2014 (see ASIC release 14-001MR).
- On 31 July 2014, the ATO released Access, accountability and reporting - Reuniting superannuation showing that during the 2013-14 financial year the ATO's online service consolidated over 68,000 superannuation accounts. The combined value of the consolidated accounts was nearly $277m.
- On 1 August 2014, an exposure draft regulation Superannuation Industry (Supervision) Amendment (Pass Through of Employee Details) Regulation 2014 and a draft explanatory statement were released by the Federal Treasury seeking to amend the SIS regulations. The amendment will require a superannuation fund to pass on contribution data "it receives from any of its default employers relating to any other superannuation funds." Comments are due by 1 September 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.