SUPERCentral News
The legislation to support these financial products is now operational.
Two recent decisions of the Superannuation Complaints Tribunal (SCT) suggest that the concept of financial dependency is wider than previously thought.
According to Super Minister Senator Sherry, the review into SMSFs has now been concluded and the Government is examining the conclusions and policy proposals arising from the review.
Apparently, a courier engaged by the ATO has misplaced a CD containing the details and Tax File Numbers of approximately 3,000 Self Managed Superannuation Funds.
In the early 70s, when inflation became a serious problem the solution was to index everything in an attempt to immunize or reduce the negative effects of inflation.
The ATO and APRA have released the following breakdown of assets within the Super sector
The Commissioner also noted that about 70% of SMSFs lodged their returns on time for the 2006/07 tax year.
Key points about SMSFs from the ATO recently released statistical report
While you can be relaxed and comfortable about the Henry Tax Review, SMSF trustees should not be relaxed and comfortable about out-of-date investments strategies.
This review was launched by Senator Sherry on 14 February 2008. As this review seems to be purely an administrative review there have been no terms of reference issued and the personnel of the review have not been formally identified. Equally, no time limit for completion of the review has been released (to our knowledge).
According to one measure, a retired couple will need an income of $49,500 to live comfortably. A retired couple will need an income of $26,850 for a modest lifestyle in retirement.
However, in a development about which SMSF Trustees should be concerned, the ATO is increasingly using the ultimate sanction: making an SMSF non-complying.
While the headline may be alarming, the details are that the particular SMSF Trustee simply used his SMSF as the means to operate an early release scheme.
Remember RATS, ANTS, Ralph? And there were some significant changes in 1988 to superannuation but we can't remember the acronym for those changes.
Unfortunately, the prognosis for significant personal tax reductions is, in our view, highly unlikely.
According to the Henry Tax Review, the big taxes (in order of revenue produced and based on 2006/07 figures)
The Henry Tax Review has recently released its first background paper.
The Supervisory levy will now be included in the SMSF's notice of assessment and will now be payable on the due date specified in the notice of assessment.
SMSFs will have to lodge only one return for 2007/08 and subsequent financial year.
The former Prime Minister Paul Keating has again expressed his view that the Superannuation Guarantee rate should be increased from the current 9% to 15%.