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News: New ATO ID issued on allocation from reserves
Date: 9/08/2015
The ATO has published ATO ID 2015/22, entitled 'ECT: concessional contributions - allocation from 'pension reserve account' supporting 'complying lifetime pension' (CLP). This ID is an update of ATO ID 2012/84 to reflect that the excess concessional contributions tax provisions were moved from Division 292 of the ITAA 1997 to Division 291.
Therefor
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News: SuperStream – clarifying the rules
Date: 29/06/2015
The 'SuperStream' regime is due to commence from 1 July 2014 for medium and large employers, but there is still currently much confusion around how the regime is exactly meant to work, particularly given the recent announcement made by the Government to provide transitional relief until 1 July 2015. In this article, I seek to provide some clarity a
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News: ATO uses new powers to recover superannuation entitlements
Date: 12/01/2015
The ATO has recovered $8m in worker’s superannuation entitlements from phoenix operators of labour-hire companies in South Australia and Victoria. According to the ATO, these companies were involved in the seasonal fruit picking and meat packing industries and were not paying superannuation entitlements for workers.
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News: Trustees penalised for early access
Date: 3/11/2014
In a recent decision before the Federal Court, two directors of the corporate trustee of an SMSF have been penalised a total of $40,000, plus made liable to pay court costs of $10,000. Refer to Deputy Commissioner of Taxation (Superannuation) v Graham Family Superannuation Pty Limited [2014] FCA 1101.
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News: ATO ID Withdrawn – 2002/697
Date: 6/08/2014
The ATO has withdrawn the following interpretative decision: ATO ID 2002/697
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