Governing Rules Update - Key Changes

The SUPERCentral Governing Rules is currently in the process of being updated.  The update process will be completed by 4 June 2012.

The new version of the SUPERCentral Governing Rules - Version 6/12 will apply on and from 5 June 2012.

Key changes made to the SUPERCentral Governing Rules include:

Unallocated Contribution Account

The Governing Rules have been amended to permit the Trustee (if they so wish) to take advantage of ATO ID 2012/16.  Under the ID, the ATO has confirmed the practice whereby contributions received in June can be accepted by the Super Fund, placed into an unallocated contribution account and then credited to the member’s account in July.  The crediting to the member’s account must occur by 28 July.  In this case, the contributions will be counted for contribution cap purposes in respect of the financial year in which they are credited to the member account and not the preceding financial year.

Refund of Excess Concessional Contributions

The Governing Rules have been amended to permit the Trustee to act upon any release authority issued by the ATO in respect of the “refund” of excess concessional contributions. 

Power to Carry on a Business

The Governing Rules have been amended to expressly authorise the Trustee to carry on a business.  While there is no SIS Act prohibition against a Trustee of a regulated superannuation fund from carrying on a business, the normal SIS Act investment rules still apply.  In particular, the Trustee cannot borrow in respect of the business, cannot give charges over the assets of the business and the carrying on of the business must be consistent with the investment strategy of the superannuation fund.

For advisers and Trustees who have adopted the SUPERCentral Governing Rules, full details of the various changes are available from the SUPERCentral Website using your user ID and password.  www.supercentral.com.au.