The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry and is in addition to our Superannuation Update, which analyses the main developments of interest in more detail.
- On 6 February 2012, the Greens issued a media release proposing all superannuation contributions be taxed at the individual's marginal tax rate less 15%.
- On 6 February 2012, in Schuurmans-Stekhoven v The Commissioner of Taxation [2012] AATA 62, the AAT confirmed the Commissioner of Taxation's earlier decision that the Commissioner should not exercise his discretion to reallocate excess superannuation contributions to a previous income year because there were no 'special circumstances' as required under s 292-465 of ITAA 1997.
- On 6 February 2012, in Montgomery Wools Pty Ltd as trustee for Montgomery Wools Pty Ltd Superannuation Fund [2012] AAT 61, the AAT affirmed the Commissioner of Taxation's decision to issue a non-compliance notice to a self managed superannuation fund for contravening certain provisions of the Superannuation Industry (Supervision) Act 1993.
- On 7 February 2012, the Superannuation Guarantee (Administration) Amendment Bill 2011 was introduced into the Senate. According to the Explanatory Memorandum the Bill proposes to amend the Superannuation Guarantee (Administration) Act 1992 by increasing the maximum age of an employee for superannuation guarantee purposes from 70 to 75 and incrementally increasing the superannuation guarantee charge percentage from 9 per cent to 12 per cent by 2019-20.
- On 7 February 2012, the Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011 was introduced into the Senate. According to the Explanatory Memorandum this Bill seeks to enable eligible low income earners to receive the low income superannuation contribution. Provisions of the Bill were referred to the Senate Economics Legislation Committee, from which a report is due on 14 March 2012.
- On 8 February 2012, the House of Representatives Standing Committee on Economics tabled its Advisory Report on the Tax Laws Amendment (2011 Measures No 9) Bill 2011.The Committee recommended the Bill be passed unamended. The Bill contains amendments concerning, among other things, electronic portability of superannuation.
- On 9 February 2012, Treasury released draft legislation titled Superannuation Legislation Amendment (Stronger Super and Other Measures) Bill (No 2) 2012 and a draft explanatory memorandum detailing 'a framework to support the implementation of superannuation data and payment standards that will apply to specified superannuation transactions undertaken by superannuation entities and employers'. Interested parties are invited to comment on the exposure draft legislation and explanatory material. The closing date for submissions is 23 February 2012.
- Details of the Productivity Commission's inquiry into default superannuation funds in modern awards are available on the Productivity Commission website.
Further information
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