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Edition 07/25
25 January 2008
Welcome to this edition of Retirement Income Alert Today. What follows is a brief update on current superannuation and financial planning issues aimed at assisting practitioners.
Headlines
- Lobbying Update
- ATO Updates
- Training and Development
- News and Media Releases
- Business Leader Awards
1. Lobbying Update
Institute lobbying achievements in 2007 focused on the simpler superannuation regime where the Institute worked closely with the Australian Tax Office, government and treasury, on the implementation of the simplifying superannuation measures. The superannuation changes included; tax free benefits for people aged 60 and over, limits on concessional contributions to super and limits on non-concessional contributions to super.
In 2008, the Institute will work closely with government on a number of lobbying activities. The focus and initial lobbying priorities will be to continue dialogue with the key government ministers who already know the Institute and its work and also to identify the new government and political stakeholders and begin new relationships with them.
In 2008, the Institute will work closely with the new government on the superannuation policies it plans to address this year including; the automatic consolidation of lost accounts, the establishment of first home saver accounts using pre and post tax contributions and the establishment of a superannuation clearing house which will make the choice of fund simpler and cost effective. For more information of superannuation policies that will be put before parliament this year click here
Other key lobbying priorities for 2008 will include consultation with the Minister for de-regulation surrounding further reduction of red tape.
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2. ATO Updates
14 Jan 2008
Self paced learning guides for super professionals. This guide explains new arrangements for paying a super benefit from 1 July 2007.
08 Jan 2008
Bilateral social security agreements (provisions on double superannuation coverage) - explanation of agreement with Switzerland. Provides an explanation of the bilateral agreements between Australia and other countries relating to superannuation for their employees sent to work temporarily in these countries.
03 Jan 2008
Superannuation Consultative Committee Charter. This charter forms the governance plan for this forum and clearly identifies its purpose, roles and responsibilities.
19 Dec 2007
SuperUpdate December 2007. In this edition: TFNs and changes to TFN requirements for co-contributions, member crystallised pre-July 1983 amounts, new super obligations, reporting lost members, recovering super entitlements from failed companies, new Swiss bilateral agreement, and what to do if you receive a release authority.
17 Dec 2007
Calculating the components of a super benefit. Provides information for trustees and administrators of super funds to calculate the tax-free and taxable components of a super benefit (NAT71111).
15 Jan 2008
Super and your retirement. An introduction for retirees that provides
information about accessing and managing your super benefits if you are planning to retire, or have retired or semi-retired.
20 Dec 2007
Super contributions
- too much super can mean extra tax. This link explains the caps that apply to super contributions from 1 July 2007 and the tax payable if you exceed these caps.
ATO ID 2008/11
Superannuation Interest – Proportioning Rule
ATO ID 2007/225 ATO ID 2007/225 Superannuation Contributions: acceptance
of capped contributions by an SMSF.
SMSFD 2007/1
Self Managed Superannuation Funds: when is a dividend or trust distribution 'received' before the end of 30 June 2009 for the purposes of paragraph 71D(d) of the Superannuation Industry (Supervision) Act 1993?
SMSFD2007/3
Self Managed Superannuation Funds: when calculating the
market value ratio of in-house assets for the purposes of section 75 of the Superannuation Industry (Supervision) Act 1993 is it permissible for a self managed superannuation fund to value units held in a related unit trust at historical cost (purchase price)?
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3.Training and Development
Chartered Accountants SMSF Conference
Sydney - Friday, 22 February. As the number of Self Managed
Superannuation Funds continue to grow, so do the number of opportunities. Build on your knowledge with exceptional speakers, case studies and examples.
Chartered Accountants Public Practitioners Conference 2008 Throughout March in Yarra Valley, Gold Coast & Brighton le Sands.
Identify key issues and opportunities for small and medium sized practices at the Public Practitioners Conference. Walk away with insights into the key technical, practice management and professional development issues and opportunities that impact your practice.
Accounting and Auditing for the Aged Care Industry Seminar Throughout March in Brisbane, Melbourne, Sydney, Adelaide & Perth Are you an accountant or auditor for the aged care industry? Acquire essential information and advice to fully interpret relevant accounting standards for your business, clients and staff.
Chartered Accountants Business Forum 2008
Throughout April, May & June in Brisbane, Melbourne, Sydney, Canberra, Adelaide & Perth. What’s your strategy for the year ahead? Join industry leaders and your peers as vital topics are addressed, key technical updates explored, and new ideas and options examined.
Audit of SMSF DVD
*NEW PRODUCT* If you were unable to attend the sell-out workshops in October/November, don’t miss this opportunity to view highlights plus added extras at your convenience.
Simpler Superannuation Technical Paper
These essential updates on the new super landscape are guaranteed to bring you up to speed. Explore the key issues under the new Superannuation regime, with use of examples.
Simpler Superannuation Web Cast
Australia is currently undergoing the most significant changes to
superannuation in decades. Be prepared by watching Susan Orchard, from the Institute of Chartered Accountants, discuss the implications to taxed funds.
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4. News and Media Releases
AASB
– Action Alert December 2007 provides an update on the progress of
the AAS25 review.
AUASB
releases guidance for auditors of financial services licensees, general insurers and those using the work of actuaries
Minister for Superannuation and Corporate Law- The new Rudd Labor Government will act as soon as practicable to reunite millions of Australians with their lost super account following the release of details of new lost accounts and monies for 06/07.
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5. Business Leader Awards
Who will be Australia's Number 1 Business Leader 2008?
When: Friday 14 March 2008, 6.30pm
Where: Crystal Palace, Luna Park
Book your seats now to rub shoulders with Australia's leading business
men and women. For more information visit Business Leader Awards or call 02 9290 5784. Proudly sponsored by Perpetual and The Institute of Chartered Accoutants Australia
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For further information on this newsletter, please contact:
Special Interest Coordinator
Ph. 02 9290 5526
Email. super.queries@charteredaccountants.com.au
Disclaimers
This is an initiative of, and has been prepared by the Special Interest Team of the Institute of Chartered Accountants in Australia. While every effort has been made to ensure the accuracy of the information contained therein, neither the Institute nor its employees shall be liable on any grounds whatsoever in respect of decisions or actions taken as a result of using this publication. The information provided is a general guide only and should not be used, relied on or treated as a substitute for specific professional advice or referral to the relevant specific standard.
The information is this email is confidential to the named addressee and subject to copyright. No one else may read, print, store, copy, forward or act in reliance on all or any of this email or its attachments. If you are not he intended recipient, any use, reliance upon, disclosure or copying of this email is prohibited and unlawful. If you have received this email in error please notify the sender. The Institute of Chartered Accountants in Australia (ABN 50 084 642 571) does not warrant that this email and any attachments are error or virus free and recommends that all attachments be checked for computer viruses.
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