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Edition 08/01
8 February 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
- News and Media Releases
- ATO Updates
- First Home Saver Accounts
- Training and Development
1. News and Media Releases
The Australian Securities and Investments Commission (ASIC) has launched Super Decisions a new guide featuring essential facts and easy to understand tips about getting the most out of superannuation. The guide is a good reference for clients interested in superannuation, particularly after the changes to superannuation in 2007. Topics covered include:
- Judging superannuation performance
- Choosing an investment strategy
- What to do when changing jobs
The website also includes a super fund comparison worksheet. This can assist clients in comparing benefits, fees, insurance, investment options, and services of different funds.
The Minister for Superannuation and Corporate Law, Senator the Hon Nick Sherry and the Minister for Finance and Deregulation, the Hon Lindsay Tanner MP, today announced the formation of a Financial Services Working Group dedicated to looking at the current key issues associated with financial services advice and disclosure. The Working Group will consist of senior officers from Treasury, ASIC and the Department of Finance and Deregulation.
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2. ATO updates
04 Feb 2008
Unclaimed super - information for superannuation providers. Information about unclaimed super and superannuation providers' reporting obligations.
21 Jan 2008
How to lodge an objection If you disagree with a decision made by the Tax Office under laws administered by the Commissioner, you may have the right to lodge an objection or request a review.
04 Feb 2008
Cap on untaxed super lump sum benefits How the untaxed plan cap applies to your untaxed super lump sum benefits (not including death benefits paid from a super fund).
01 Feb 2008
Request to transfer whole balance of superannuation benefits between funds The Request to transfer whole balance of superannuation benefits between funds form, otherwise known as the portability form, allows members to transfer their benefits between funds.
31 Jan 2008
Claiming deductions for personal super contributions When and how you can claim tax deductions for personal super contributions you have made to a complying super fund or retirement savings account.
23 Jan 2008
Excess contributions tax - Applying to have your contributions disregarded or reallocated. For information about applying to have your contributions disregarded or reallocated.
22 Jan 2008
Employment termination payments - extension of time Provides information about when you can apply for an extension of time to have a payment treated as an employment termination payment.
31 Jan 2008
PS LA 2008/1 The Commissioner's discretion to disregard or reallocate concessional and non-concessional contributions for a financial year.
18 Jan 2008
ATO ID 2008/18 Superannuation: deductibility of superannuation contribution made to a director of a corporate trustee.
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3. First Home Saver Accounts
The government this week formally approved the establishment of first home saver accounts. These accounts will enable a tax payer to put aside up to 10% of their income, capped at $10,000 per annum, into a specialised savings vehicle. Low income earners will receive a 15% contribution on contributions up to $5,000. This equates to $750 as a government contribution when after tax contributions of $5,000 are deposited. These accounts will be offered by banks, building societies, credit unions and life companies. To be eligible for the savings concessions the individual must meet the requirements of the First Home Buyers Grant and meet a qualifying period of 4 years.
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4. 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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For further information on this newsletter, please contact:
Natala Low
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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