Chartered Accountants Superannuation Bulletin Edition 15/2008

Welcome to this edition of the Chartered Accountants Superannuation Bulletin. This edition includes information on the Institute's recent media releases and provides members with details of the latest tools and resources available from the ATO and LexisNexis.

Issue No 15 /2008 22 August 2008 1. ATO updates 2. SMSF governance and investment strategies 3. Institute supports ASIC alert to accountants 4. ATO publications available to members 5. Access to LexisNexis newsletters 6. Training & development

11 August 2008

Access to super for members with a terminal medical condition

Information about the legislation allowing tax-free lump sum payments to those with a terminal medical condition.

14 August 2008

Changes to claiming a tax deduction for personal super contributions

This provides information on what you must do if a member wants to claim a deduction for personal super contributions.

Auditing a self managed super fund

These instructions for auditors of SMSFs provide questions and statements to consider when auditing a self managed super fund (NAT16308 , PDF, 133KB)

19 August 2008

Lost Members Statement (LMS) paper forms

Paper versions of the LMS for Lost Members Register (LMR) reports lodged from 1 July 2008.

SuperUpdate August 2008

Includes information on early access super schemes, super changes for sports people,changes to claiming a tax deduction for personal super contributions, SuperReport V10, PVA electronic reporting specifications, removal of MIPS or new MCS statement.

During the week the Institute released a media release that examined the issue of SMSF investment strategies, which represented a critical issue discussed at an industry forum hosted by the Institute in April this year. SMSF investment strategies generated a high level of debate, with overwhelming delegate opinion being that the appropriateness of some SMSF investment strategies are highly debateable.

"The Institute feels very strongly about how current SMSF investment strategies do not detail all the requirements of the Superannuation Investment Supervision 1993 (the Act). One delegate stated during the forum you don’t even need the strategy to be in writing. This is an area that requires immediate attention by all stakeholders," said Hugh Elvy, Head of Financial Planning and Superannuation at the Institute.

Click here to access the Institute's leadership papers

The Institute issued a media release earlier this week supporting ASIC's concerns over accountants signing 'capacity to repay loan' certificates without properly ascertaining or researching the borrower's financial position.

The Institute previously advised members, through a superannuation bulletin in May this year, of the need to be cautious when signing advice certificates to ensure they have taken on the responsibility of explaining the various terms and conditions of the borrowing conditions to their client.

The warning is in light of ASIC's report Protecting wealth in the family home. To read the Institute's media release please click here

The Australian Tax Office (ATO) has recently developed new publications to assist employers understand and meet their superannuation obligations. The publications provide different levels of depth and detail, and are particularly valuable resources for members.

These publications are available as hyperlinks on the Institute website

The ATO has also released information on its compliance program 2008/09.

The Knowledge Centre is pleased to inform members and candidates that they have free access to two LexisNexis publications, the Australian Superannuation Law Bulletin and the Retirement and Estate Planning Bulletin, via the Institute's website.

The Australian Superannuation Law Bulletin addresses the urgent need for authoritative guidance for practitioners operating within superannuation's legislative maze. Written in a concise and accessible style, the newsletter features analysis of the latest developments in superannuation law with a practical focus on its complex array of taxation, compliance and prudential issues. Legislative updates, news reports and commentary on government and industry policy by leading specialists and academics all provide the superannuation adviser with a depth of coverage and a valuable resource in this dynamic area.

Topics covered in the August edition includes articles on:

• Superannuation guarantees (including earning base changes)
• Statutory covenants
• Consumer empowerment
• Superannuation case studies

The Retirement and Estate Planning Bulletin provides expert analysis of retirement and estate planning issues for the lawyer, accountant and financial planner in areas including: superannuation, wills and probate, testamentary trusts, business succession, asset protection, taxation of death benefits, foreign trusts, allocated pensions, social security and family law.

Topics covered in the latest issue include:

• The vital link between super and estate planning
• Supreme Court case studies
• Innovative insurance funding solutions

The Knowledge Centre is presently reviewing its access to both newsletters and would appreciate your feedback as to their value and can be reached on 1800 809 828 or email knowledge@charteredaccountants.com.au

Superannuation Strategies Seminars

• Seminar 1 - Superannuation update
• Seminar 2 - Investment & Borrowing strategies
• Seminar 3 - SMSF estate planning

Throughout September in Townsville, Toowoomba and Rockhampton. This day provides practical sessions that closely examine the recent reforms and their impact on superannuation.

Chartered Accountants Technical Conference 2008 (Sydney)

Held over two days, 13-14 October 2008, the conference will take a technical and practical approach to the latest issues facing accountants in tax, accounting, audit and financial planning. The conference also contains sessions on superannuation

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.

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