In a media release in February, Senator Nick Sherry, Minister for Superannuation and Corporate Law announced a consultation with superannuation practitioners and organisations regarding industry practices in self-managed superannuation funds (SMSFs). The Minister is concerned that that some individuals may be bullied into establishing SMSFs without fully appreciating the responsibilities and costs involved.
The Government will monitor the SMSF sector to ensure that current and potential trustees are aware of the risks involved and are equipped with the skills to run a fund in a 'prudent fashion'.
The ATO has finalised its ruling on whether investments by SMSFs in related companies or unit trusts are to be treated as in-house assets — materially the ruling is to the same effect as the draft.
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In early January, the ATO advised that it would pass on members' TFNs to superannuation funds unless requested otherwise.
Members have until late February to contact the ATO to ask it not to pass on their TFN.
In a keynote address to the ASIC Summer School on 19 February, Dr Ken Henry, Secretary to the Treasury, shed light on the Rudd Government's policy on superannuation. He did so on behalf of Senator Sherry.
Of particular note were the following objectives which are generally in line with the previous government's superannuation objectives:
Although at a general level, this is pretty much "business as usual", the detail of future legislation may contain the usual devilry.
Individuals or agents acting on behalf of a superannuation entity and wishing to update details for that fund or trust for ABN purposes may now apply to do so as follows:
For more information, please contact Maddocks on 03 9288 0555 or 02 8223 4100 and ask for a member of the Maddocks Superannuation Team.
Leigh is a partner in the Maddocks Tax & Revenue team.
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His advice covers both direct and indirect tax considerations.
Leigh advises Australian and multinational companies, high net worth individuals, accountants and financial advisers on all areas of taxation law.
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For more information, contact Maddocks on (03) 9258 3555 and ask to speak to a member of their team.