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Welcome to this edition of the Chartered Accountants Superannuation Bulletin. This superannuation bulletin invites members to comment on two new government submissions - the superannuation consultation paper and Senator the Hon Nick Sherry's Green Paper on financial services and credit reform. The Institute is also recruiting for a technical superannuation specialist's role, interested members are invited to contact the Institute for further information.
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| Issue No 10 /2008 |
13 June 2008 |
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30 May 2008
SuperMatch
SuperMatch is designed to help you match individuals with information from the lost members register (LMR), superannuation guarantee charge amounts and accounts maintained for individuals in the superannuation holding accounts (SHA) special account.
03 June 2008
Access to super for those with a terminal medical condition
Information about the proposed legislation relating to the taxation of superannuation lump sum payments to those with a terminal medical condition.
04 June 2008
Member contributions statement electronic reporting specification version 8.2
The new member contributions statement (MCS) version 8.2 is now available from the software developer's website.
Residency of self-managed super funds
For a self-managed super fund to receive tax concessions, it must be a complying super fund and must satisfy a residency test.
05 June 2008
Departing Australia superannuation payments annual report - electronic reporting specifications
From 1 July 2008 you must use software that complies with the current electronic reporting specification to report DASP payment summary data.
Schedule 32 - tax table for employment termination payments
For payments made on or after 1 July 2008. Use this table to calculate amounts to be withheld from employment termination payments paid to an individual. NAT 70980.
Schedule 33 - tax table for superannuation lump sums
For payments made on or after 1 July 2008. Use this table to calculate amounts to be withheld from superannuation lump sum payments to an individual. NAT 70981.
10 June 2008
Key superannuation rates and thresholds
Key superannuation rates including AWOTE, superannuation guarantee, reasonable benefit limits (including transitional), eligible termination payments (thresholds and tax-free limits), super co-contribution and surcharge.
11 June 2008
Super benefits from a taxed source - guide for super professionals
This guide (NAT 71952, PDF, 336KB) introduces the new arrangements from 1 July 2007 that affect super benefits paid from a taxed source.
ASIC releases FIDO
ASIC has released the latest edition of it's FIDO newsletter which covers topics such as protecting the family home, are you getting the right financial advice? and what is stock lending?
The government's Green Paper and simple advice within superannuation consultation paper have been released and are now available for comment.
The Institute has welcomed the superannuation consultation paper produced by the governments Financial Services Working Group, examining people’s access to simple superannuation advice.
The Institute, a participant in the Working Group, supports the objective of the consultation paper, which is to improve the access to low-cost financial advice within superannuation funds. The paper considers the queries members have on investment choice, insurance, contribution types, nominating beneficiaries and retirement income projections.
The Institute recognises the importance for Australians to have access to simple forms of advice on their superannuation and at the same time recognises the associated costs that exist in the provision of advice services.
The consultation paper outlines three main proposals that government would like feedback on. Members are invited to provide comments to the Institute at super.enquiries@charteredaccountants.com.au by Friday, 4 July 2008.
Members are also invited to provide comment on Senator the Hon Nick Sherry’s Green Paper on financial services and credit reform.
The Green Paper sets out a number of issues for consideration, with the key being the introduction of a national regulatory regime.
The purpose of the Green Paper is to consult stakeholders about the range of financial services and credit reform initiatives that the government is looking to develop. This is a wide reaching paper that should be reviewed by members and commented on as to its impact. Members are invited to submit their comments to the Institute at super.enquiries@charteredaccountants.com.au by Thursday, 26 June 2008.
Superannuation technical consultant role |
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Technical Consultant - Superannuation
- Part-time – 3 days
- Sydney CBD
The Institute is currently recruiting for an individual who has expert knowledge in the superannuation (particularly SMSFs) field. If you are interested in more work/life balance, or you know someone who may, this could just be the role.
Role responsibilities are: active monitoring of market and competitor information to assist with policy development and submission to regulatory bodies; writing articles of interest for inclusion in newsletters, Charter magazine, on our website and Training & Development seminars. Representation on regulatory committees, ongoing liaison with other regulatory bodies, industry bodies and member groups is also a key part of the role.
Requirements: degree/professional qualifications, 3+ years experience in the financial services sector and public practice sector, specifically SMSFs. Communication skills, influencing, analytical and research ability as well as relationship management skills are core competencies for success.
If you would like to apply for this role or for a copy of the job description, please contact Anne Johnston: anne.johnston@charteredaccountants.com.au
SMSF Conference DVD 2008
Recorded at the successful inaugural conference in February 2008, this DVD contains all the papers and presentations to view at your convenience.
Simpler Super 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.
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.
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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