SUPERCentral News
The Sherry Review has moved from the Communiqué stage to the legs stage with the release of the terms of reference and the legs who will be doing the leg work.
Legislation to implement the Government’s Budget Decision to reduce the concessional contributions cap from $50,000 to $25,000 has been introduced. The legislation will also introduce the reduction in the transitional concessional contributions cap from $100,000 to $50,000.
Legislation to implement the Government’s Budget Decision to reduce, on a temporary basis, the rate of co contribution from 150% to 100% has been introduced.
The current version of the SUPERCentral Governing Rules – Version 04/09 – has been registered with the Queensland Department of Resources and Water as a “standard terms document”.
Since 1 July 2007 superannuation law has required that each person becoming a trustee, or each director of a company which acts as trustee, of a self managed superannuation fund; sign an ATO approved form – the ATO Trustee Declaration.
With the first Rudd Government budget some change to former Coalition Government’s initiatives to bolster superannuation could have been expected.
Minimum Pension Limit change continues for 2009/10
The good news is that the following are unchanged:
The Big Policy Issues are:
Concessional Contributions Cap – for 2009/10 and following years this will be $25,000. (Under the Costello Super Regime this cap for 2009/10 would have been $55,000.) Presumably the cap will still be indexed.
Before 1 July 2007, superannuation interests consisted of up to 7 different “ETP Components”, with each component separately taxed. Under the Simplified Super system, superannuation interests consist of usually only two components: the tax free (or tax exempt component), and the taxable component.
In their Will a deceased may forgive debts owing to the deceased by third parties including friends and relatives.
The new law relating to the breakdown of a de facto relationship came into force on 1 March 2009. It took effect in all States except South Australia and Western Australia as a result of a referral of powers by all other States.
The Queensland Supreme Court has recently had to consider whether a member’s nomination in relation to his superannuation account constituted a binding death benefit nomination. The nomination was made in respect of a self managed superannuation fund.
The ATO will be phoning self managed superannuation funds that were registered in the 2007/08 tax year and that have not yet lodged their 2008 annual returns.
We hope you can join us for our next session of the Bacon, Super & Eggs Breakfast Seminar.
What is it all about, Alfie? It's hard to know.
Senator Sherry has officially announced that the Government will conduct a review of the Australian superannuation system.
This previously announced measure has now been included in the new Government’s first legislative change to Superannuation. Super lump sum payments to members who are terminally ill will be tax free. This measure will apply to payments made on or after 1 July 2007 (the previous Government proposed that the exemption apply from 12 September 2007).
The SUPERCentral system follows a ‘best practice’ data security plan and incorporates a multi-layered system that works seamlessly with major database, file services and business, banking, email and technical applications to ensure enhanced protection.