Chartered Accountants Superannuation Bulletin Edition 19/2008

Welcome to this edition of the Chartered Accountants Superannuation Bulletin.

Issue No 19 /2008 17 October 2008 1. ATO updates 2. News and media releases 3. Government guarantees cash deposits 4. ASIC investor guides 5. The Knowledge Centre's superannuation gateway 6. Training and development

10 October 2008

Super member tax file number notification - electronic reporting specification

Specifications on the system requirements necessary for the Super member tax file number (TFN) notification to be received electronically.

APRA publication shows an increase in superannuation fund assets

The Australian Prudential Regulation Authority (APRA) has released its June 2008 Quarterly Superannuation Performance publication. This publication shows that overall total assets held in superannuation funds increased over the June 2008 quarter by $7.4 billion to a total of $1.17 trillion.

The publication reports that over this quarter industry funds assets increased by 0.9%, while retail and corporate funds dropped by 0.7% and 4.1% respectively.

Click here to access the full report.

FPA conference 20-21 November 2008

The Financial Planning Association (FPA) is having it's national conference on the Gold Coast from 20-21 November 2008. In acknowledgement of the relationship that the FPA has with the Institute of Chartered Accountants the FPA is offering the same registration rates to Chartered Accountants as offered to FPA members.

If you are interested in attending this conference please see the conference programme for registration details.

AFR Masterclass for financial planning

Just a reminder to members that the AFR Smart Investor masterclass for financial planning is open until 31 October 2008.

For the past 10 years, AFR Smart Investor's Masterclass for financial planning has given Australia's financial planners the chance to showcase their expertise and technical know-how and how they use it to add value for their clients.

The AFR Smart Investor's Masterclass tests planners understanding of financial structures, tax, superannuation (including self-managed super funds), asset allocation, social security and investment strategies and how they can apply that knowledge to real life situations. Questions must be completed by an individual in one sitting. Calculators and reference books are permitted.

More information and entry details are available on the following websites, Asset magazine www.assetmag.com.au or AFR Smart Investor www.afrsmartinvestor.com.au

To restore confidence in the financial system the federal government undertook to guarantee deposits in approved deposit taking institutions. In response to member queries the Institute sought clarification in respect to deposits made by SMSF trustees. The government has confirmed that deposits made by SMSFs will be protected by the guarantee. Members should remember that a deposit in a Cash Management Trust is not protected by a guarantee as these are not deposits in an ADI.

However the deposits of the CMT may be protected by the guarantee. Members and trustees should review their CMT situation.

Treasury has released the further information on it's website about the guarantee of wholesale funding and deposits

ASIC has released investor guides for unlisted mortgage funds and unlisted property trusts. These guides are a great source of information for clients and can be downloaded from the ASIC website. The investor guides were created from stakeholder feedback, of which the Institute of Chartered Accountants provided comment.

• New unlisted investments page
• Investing in mortgage funds guide
• Investing in property trusts guide

Superannuation subject gateway

The superannuation subject gateway highlights the resources currently held in the Knowledge Centre's collection for use by members and candidates.

This gateway directs you to:

• Key books
• Relevant journals
• Popular audio visual resources such as the Television Education Network's (TEN) Sound Education in Superannuation series
• Online services that are readily accessible to you via the Institute's website such as EBSCO's online business news
• Online services that the Knowledge Centre subscribes to on your behalf
• Members' Handbook
• Related workshops and conferences
• Important Institute products
• Lobbying activities.

The superannuation gateway is updated on a regular basis as new materials are added to the Knowledge Centre's collection. Members and candidates are advised to contact the Knowledge Centre for resources that they are interested in and/or for resources that are not listed but which we might have in our collection.

Retirement and Estate Planning Bulletin and the Australian Superannuation Law Bulletin

The Knowledge Centre team would like to draw your attention to recent and past copies of the LexisNexis Retirement and Estate Planning and Australian Superannuation Law bulletins available to members and candidates free of charge via the Institute's website.

These monthly bulletins contain articles by leaders in superannuation, retirement and estate planning. They also direct readers to changes in these areas, including recent cases and changes to legislation. Practical guidance is often provided.

• Retirement and Estate Planning Bulletin
• Australian Superannuation Law Bulletin

The Knowledge Centre team can be reached on 1800 809 828 or email knowledge@charteredaccountants.com.au

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 is your chance to understand those requirements and ensure you comply.

Self Managed Superannuation Funds Seminars

Throughout November in Brisbane, Perth, Adelaide, Sydney, Parramatta and Melbourne. Are you across all the latest SMSF strategies? Accurately establish effective estate and pension plans for your clients.

Self Managed Superannuation - Fundamentals

Live Online Training – Wednesday 22 October 12.30pm AEDT

Superannuation – Pre 11 August 1999

Live Online Training – Tuesday 28 October 1.00pm AEDT

Pre-11 August 1999 superannuation fund investments, loans and leases and the end of transition period on 30 June 2009

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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