Chartered Accountants Superannuation Bulletin 08/04

Welcome to this edition of the Chartered Accountants Superannuation Bulletin. What follows is a brief update on current superannuation issues aimed at assisting practitioners.

Issue No 04 /2008 21 March 2008 1. ATO Updates 2. News and Media Releases 3. Aged Care Reforms 4. Training and Development

SMSFR 2008/D1

Superannuation: Application to the Superannuation Industry (Supervision) Act 1993 to unpaid trust distributions payable to a Self Managed Superannuation Funds is the latest in a series of SMSF rulings announced by the Australian Taxation Office. The Institute is calling for comment on the ruling to be taken into account in its submission. Please forward comments and feedback to super.queries@charteredaccountants.com.au by Wednesday, 23 April 2008.

SMSF Seminars

The Tax Office will be holding free seminars on SMSFs during March and early April.

The seminars will help trustees of SMSFs get up-to-date with recent changes to super, how these changes relate to SMSFs, and give them a better understanding of their tax obligations as the trustee of an SMSF.

13 March 2008

Remittance Advice and Recovery Notice - electronic reporting specification version 3.0

This specification is to be used in the development of software for clients who wish to receive a remittance advice or recovery notice in respect of co-contribution payments or the superannuation guarantee allocation. This specification will be effective from 1 July 2008 and replaces version 2.0.

Low Rate Cap On Super Lump Sum Benefits

Explains what the low rate cap is and how it applies to your super lump sum benefits.

Electronic Self Managed Super Fund (SMSF) Audit Tool

The Australian Taxation Office (ATO) is developing a tool to assist auditors conduct a compliance audit of a self managed superannuation fund (SMSF).

The tool will be called eSAT an electronic SMSF audit tool, which will be available for pilot testing between July and September 2008.

Designed specifically by auditors, eSAT will help an auditor to identify, specify and report contraventions to the Tax Office. The tool will be supplied free and available on either CD or by downloading from the ATO website.

19 March 2008

Super Update March 2008

SuperUpdate is a monthly electronic newsletter issued to those working in the superannuation industry. It includes information about superannuation issues and changes in the administration of Australia's superannuation system. The newsletter provides summary information and directs readers to other sources for highly technical or more detailed information.

Tax Laws Amendment (2008 Measures No.1) 2008

The Tax Laws Amendment (2008 Measures No.1) 2008 was introduced to the Senate on 13 March 2008.

Keynote Speech From SPAA Conference

March 12 2008 Brisbane
View Senator The Hon Nick Sherry's keynote address to the SPAA conference delegates here.

New Information on Self Managed Super Highlights Governance Concerns

Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, has reinforced his support for the growing self managed superannuation fund (SMSF) sector and highlighted areas where the governance of the sector might be improved in the near future.

The Institute is meeting this week with Senator the Hon Sherry Minister for Superannuation and Corporate law on Thursday, 13 March 2008. This is an opportunity for the Institute to outline in further detail a range of issues relating to superannuation that the Institute had previously forwarded to the Minister.

The Institute was invited and attended the recently announced Financial Services Working Group. The Working Group's mandate is to determine the best possible approach to delivering short, comparable financial product disclosure documents and to determine an appropriate regulatory framework that facilitates the provision of financial advice in relation to the important decisions that investors make with regard to their superannuation. To ensure the best possible outcomes, the Working Group will carry out its work in consultation with industry and consumer groups. The Government is encouraging stakeholders to engage in this process and is accordingly taking steps to initiate this process as soon as possible.

Should members have comment and feedback on the issues outlined for the Financial Services Working Group please forward them through to Financial Services

1. Chartered Accountants Financial Planning Day
Seminar one - Asset protection
Seminar two - Tax and planning issues
Throughout March and April in Brisbane, Melbourne, Sydney, Adelaide & Perth. Essential information you need to correctly identify and implement tax and planning issues necessary for implementing a business succession plan.

2. 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.

3. Audit of Self Managed Superannuation Funds Workshop
Throughout May and June in Brisbane, Melbourne and Sydney. Now that there are competency requirements for auditors of self managed super funds, don’t miss out on ensuring your audits are compliant with the regulatory requirements.

4. Audit of Self Managed Superannuation Funds Update
Throughout May and June in Brisbane, Melbourne, Adelaide, Perth and Sydney. For those who attended the Audit of Self Managed Super Funds Workshops in 2007, the Audit of Self Managed Super Funds Workshops Update will give you thorough knowledge of the final competency requirements in just a few hours to be ready for 1 July 2008.

Disclaimers

This is an initiative of, and has been prepared by the Technical Standards 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.

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