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News
Changes to SG Super
17/11/2011
The Government has introduced draft legislation which will make two significant changes to compulsory super. The first change is to increase the superannuation guarantee age limit from 70 to 75. The second change is to increase (over 7 years) the compulsory employer superannuation contribution rate from 9% to 12%. Both changes commence on 1 July 2013.Refund of Contributions Tax
17/11/2011
Draft legislation to implement the Government’s proposal to refund contributions tax for low income super members has now been introduced. The draft legislation is Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011 and was introduced on 2 November 2011.MySuper Legislation
17/11/2011
Only last month (it seems) did the Government release an exposure draft of the first round of the MySuper legislation and now the Government has released the legislation as a Bill.Correct Addresses are Everything - Jones v SCT & Statewide Superannuation Pty Ltd [2011] FCA 1255
17/11/2011
As SMSFs are not subject to the jurisdiction of the Superannuation Complaints Tribunal, SUPERCentral News usually does not comment upon cases involving the Tribunal. However, this case does merit consideration because it raises questions as to whether proper notice had been given by the Trustee and the consequences of the failure to provide notice.Unintended Consequences of the Cooper Review
13/10/2011
When the establishment of the Super System Review (aka the Cooper Review) was announced by the then relevant Minister, Senator Sherry, many thought that the Review would be the means by which large super funds would make life unpleasant for SMSFs.