SUPERCentral News
The Government has deferred to 1 July 2013 (previously the proposed start date was 1 July 2012) the Stronger Super measure requiring transfers of assets to or from SMSFs to be conducted through a market.
The amendments apply from 7 August 2012. However, the change in valuation will apply for the 2012-13 and subsequent financial years.
Two extraordinary decisions have recently been handed by the Administrative Appeals Tribunal (AAT).
The ATO has released the approved form of the Independent Auditors Report for 2011/12.
On 30 January 2012 the Personal Property Securities Act 2009 (PPSA) commenced. The PPSA governs security transactions in personal property (not land) throughout Australia.
In the 2012 State Budget, the NSW Government has deferred the abolition of mortgage duty for 12 months.
The new version of the SUPERCentral Governing Rules, Version 06/12 which applies on and from 5 June 2012 has now been lodged with the Queensland land titles office as a standard terms document.
As part of the SUPERCentral service, trustees of participating funds are provided with a generic Legal Compliance Statement.
Our legal advisers, Townsends Business & Corporate Lawyers, are nearing the end of the annual review of the SUPERCentral Toolkit Documents.
New PDS Rules will apply from 22 June 2012. These new rules apply to PDSs in respect of self managed superannuation funds as well as industry and retail superannuation funds.
Recent AAT cases have shown that the ATO will strictly apply the contribution timing rules set out in the “Superannuation Contributions Tax Ruling” – TR 2010/1.
How do Binding Death Benefit Nominations and Reversionary Pensions interact?
In the 2012 NSW State Budget, the NSW Government announced that the abolition of mortgage duty would be deferred 12 months and will now commence from 1 July 2013.
Buried in Budget Paper whatever, an item indicates that the SMSF annual fee (currently $180 per fund per year) will be increased. No mention is made of the amount of the increased fee.
Originally the Government proposed that for 2012/13 and following financial years, super investors aged 50 or more would be entitled to a concessional contributions cap of $50,000 per year, if they had a super balance under $500,000.
The Government has proposed that from the 2012/13 financial year, the contributions tax rate would be 30% (instead of 15%) for super members whose income is $300,000 or more. Essentially, concessional contributions would be taxed at 30% and not 15%.
The main items arising from the Budget for SMSFs are..
We have recently introduced our SMSF Gearing Unwinding product for use in NSW.
The ATO has released the LRB Ruling - SMSF 2012/1.
The SUPERCentral Governing Rules is currently in the process of being updated. The update process will be completed by 4 June 2012.