SUPERCentral News
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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.
Late last year the High Court decided in Kennon v Spry that a husband who tried to exclude his wife from the family trust would have to pay her over $2 million.
The ATO has released another Taxpayer Alert warning super investors against taking up offers of early release of their preserved benefits.
A SUPERCentral template document is now available in respect of the 50% pension rule relief announced by the Government.
Many discretionary or family trusts have an Appointor (under whatever name it may be called). This is the party who has the power to remove the trustee of the trust and appoint a new trustee.
The ATO has just released a Taxpayer Alert (TA 2009/8 Issued 17 April 2009) – which express the ATO’s concerns as to sale of shelf SMSFs which have attached Pre 11 August 1999 unit trusts.
Currently, a person will be entitled to a Government Co-Contribution in respect of a tax year if they satisfy a number of conditions (including being under the age of 71 and having lodged a tax return for the relevant tax year).
One of the changes arising from the 2008 Budget was the Government’s decision to harmonise (ie make tougher) the income tests used in various tax legislation as a precondition for tax concessions.
In simple terms, a taxpayer who carries on both a business and who is engaged as an employee, will be able to claim a tax deduction for their personal super contributions if their assessable income as an employee is less than one-tenth of their total assessable income.
The ATO has updated the Trustee Declaration Form and released a new version. The new version (February 2009) replaces the previous version (June 2007).
Unlike the other contribution caps, this cap is not indexed and remains at $100,000.
Since sending the flyer on Townsends’ Super Gearing Services we’ve seen unparalleled interest in the super gearing process with many accountants saying that their client SMSFs are keen to be involved.
A superannuation lawyer from Bartier Perry Solicitors reportedly told an industry conference this week that ensuring trust deeds are amended to incorporate the latest changes in laws is important as the deed sets the operating rules of the fund.
Due to recent legislative changes and to further improve the flexibility of the SUPERCentral Governing Rules they will be updated effective from April 22, 2009.
Senator Sherry, the Superannuation Minister, has indicated that if the current pension concession - which permits trustees to only pay 50% of the minimum pension limit which would otherwise apply for 2008/9, is to continue into the 2009/10 financial year, an announcement will be made in June 2009.
Whatever is in the Budget, one change won’t be.