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Welcome to this edition of the Chartered Accountants Superannuation Bulletin. This edition includes information on new superannuation resources produced by the Institute's Knowledge Centre. Members are also advised of the key dates for the 2008/09 self-managed superannuation fund calendar.
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| Issue No 17 /2008 |
19 September 2008 |
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Thursday, 11 September 2008
Lost members register - for super providers
This information gives super providers basic information to meet their lost member reporting obligations.
Monday, 15 September 2008
Super reporting and lodgment dates 2008-09
Key lodgment and reporting dates for super funds (including self-managed super funds) for 2008-09.
Friday, 19 September 2008
SuperUpdate September 2008
This edition includes changes to temporary residents' super, balances held in the superannuation holding accounts, LMR reporting, unclaimed super money rollover payments, completing SMSF annual return, SG charge calculator, upcoming international agreements.
Draft self managed super funds ruling - SMSFR 2008/D4
Self managed superannuation funds: the meaning of 'borrow money' or 'maintain an existing borrowing of money' for the purposes of section 67 of the Superannuation Industry (Supervision) Act 1993.
This draft ruling is now open for comment. Please email you comments to the Institute at super.queries@charteredaccountants.com.au before Friday, 24 October 2008.
AASB Action Alert
The Australian Auditing Standards Board (AASB) has released its latest Action Alert detailing the outcomes of its latest meeting on Wednesday, 27 August 2008 and a summary of the superannuation implications surrounding plans and Approved Deposit Funds.
The next meeting of the AASB will be held on Wednesday, 24 September 2008.
ATO new website
The ATO has released a new website dedicated to self-managed super funds. The website is segmented and targeted to the key stakeholders of the sector, namely trustees and auditors. The website includes information for people considering an SMSF, people new to a SMSF, current SMSF trustees and the roles and responsibilities of approved auditors.
To access the new webpage visit www.ato.gov.au/smsf
2008 calendar of SMSF due dates |
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2008 calendar of SMSF due dates
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| October 31 |
Income tax return for all super funds where prior year income tax returns are outstanding as at 30 June 2008 Note: If all outstanding prior year returns have been lodged by this date, the 2008 return is due as in the normal program. |
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| December 1 |
Payment of 2008 income tax for super funds where one or more prior year income tax returns were outstanding as at 30 June 2008.
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| February 29 |
Income tax return for new registrant (taxable and non-taxable) self-managed super funds (SMSFs) (SMSF annual return). Payment (if required) is also due today.
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| March 31 |
Income tax return due for super funds with total income in excess of $2 million in the latest year lodged.
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| May 15 |
Income tax return or SMSF annual return. Due date for all super funds and tax agents clients not allocated to other categories (Oct 31, Jan 15, Fed 28, Mar 31).
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| June 5 |
Income tax return for non-taxable or refund super funds as per latest year lodged as well as actual non-taxable or refund in current year.
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Changes to ATO advice no longer provides Chartered Accountants permission to formally certify claims for lost superannuation monies.
In the instructions issued by the Australian Taxation Office (ATO) Chartered Accountants are notably absent from the list of those who can certify documents relating to unclaimed or 'lost' superannuation monies.
The Institute advises members that the following persons can certify copies of the unclaimed superannuation document originals, as being true and correct copies:
- Bail Justice
- Barrister
- Commissioner for Affidavits
- Commissioner for Declarations
- Commissioner for Oaths
- Doctor
- Judge
- Justice of the Peace
- Minister of Religion (who is authorised to celebrate marriages)
- Police Officer (rank of Sergeant or above, or highest ranking officer in the station)
- Proclaimed Bank Manager
- Sheriff
- Solicitor
Recognised accountants which include Chartered Accountants have been excluded from this list.
Some larger superannuation funds have also adopted these rules as being appropriate when identifying a person when claiming benefits from a fund.
The certification rules are of a higher standard than for anti-money laundering identification purposes.
The Institute will hold discussions with the ATO and is seeking a change to this policy.
For more information go to Superannuation and unclaimed money .
New superannuation resources |
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Sound Education in Superannuation
The Knowledge Centre now subscribes to the Television Education Network's (TEN) Sound Education in Superannuation CD series.
Produced on a monthly basis, it will assist those working in the area to stay responsive to developments impacting the superannuation and self-managed superannuation funds (SMSFs) environment. The series explores different topics each month, and includes regular sections on legislative changes, superannuation cases and Australian Taxation Office (ATO) rulings.
Please contact the Knowledge Centre if you would like:
- To borrow the latest CD
- Additional information about the series
- Information about other Television Education Network (TEN) products we subscribe to.
The Knowledge Centre team can be reached on 1800 809 828 or email knowledge@charteredaccountants.com.au
Recent LexisNexis bulletins
(Retirement and Estate Planning Bulletin and the Australian Superannuation Law Bulletin)
The September editions of the Retirement and Estate Planning Bulletin and the Australian Superannuation Law Bulletin are now available from the Institute's website.
The bulletins direct readers to recent changes, topical commentary, court decisions and provide practical assistance on how to respond to the revised superannuation, retirement and estate planning landscapes.
To access the latest and past editions of the Retirement and Estate Planning Bulletin and the Australian Law Bulletin please use the following links:
Retirement and estate planning bulletin
Australian superannuation law bulletin
Please contact the Knowledge Centre's library if you would like:
- Additional information about these bulletins and/or information about other LexisNexis products
- To provide feedback on these resources.
The Knowledge Centre team can be reached on 1800 809 828 or email knowledge@charteredaccountants.com.au
Chartered Accountants Technical Conference
Held throughout October in Sydney and Melbourne. Addresses the latest legislation changes and technical details in separate streams for business and practice.
Audit of Self Managed Superannuation Funds Workshop
Throughout October in Brisbane, Perth, Adelaide, Sydney and Melbourne. With the increase in the number of reviews and audits of self managed super funds to 11,000 and new competency requirements in effect, here's your chance to understand those requirements and ensure you comply.
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.
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
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