Chartered Accountants Superannuation Bulletin Edition 21 2008

Welcome to this edition of the Chartered Accountants Superannuation Bulletin. This edition includes information on members liability capping reporting requirements along with a link to an online questionnaire where members can confidentially submit their information to the Institute. Also another media opportunity is available to interested members, this time through the website superliving.com.au and the "Ask an expert" section.

Issue No 21 /2008 14 November 2008 1. ATO updates 2. Liability capping reporting requirements 3. Excess contributions tax update 4. Superannuation clearing house consultation 5. Media opportunity 6. Knowledge Centre update 7. Training and development

5 November 2008

Superannuation Consultative Committee (SCC) minutes

Issues discussed include standard business reporting, the compliance program 2008-09, and updates on new measures, ordinary time earnings and simpler super.

All firms need to supply insurance and claims data to the Institute. This information will be reported to the Professional Standards Council in an aggregated format to preserve confidentiality. This reporting is a legislative requirement for the liability capping schemes.

As advised in a recent email to all CPP holders, this information can be reported to the Institute using a simple online questionnaire. For more details, please visit http://www.charteredaccountants.com.au/capquestions

Excess contibutions tax (ECT) was an issue raised with the ATO in June 2008 by the Superannuation Consultative Committee. Please find below the response from the ATO on this issue.

Generally, a client will not need to request an ECT assessment as this will happen automatically once their Individual Income Tax Return (or advice that a return is not necessary) and superannuation member information is provided to the ATO by their relevant funds. However there may be circumstances under which a client recognises that they may have exceeded a contributions cap and they wish to seek an assessment before we contact them. If a client wishes to request an early assessment they are able to contact the ATO on 13 10 20 to discuss their individual circumstances.

Click on the following links to access content on the ATO website which provides further detail:

Requesting an assessment for either the transitional non-concessional cap

For ongoing caps

General information on Excess Contributions Tax

Chartered Accountants should also be aware that the ATO is currently contacting funds and administrators to establish contributions made prior to 10 May 2006. This will assist in reducing the number of potential excess transitional non-concessional cases and the ATO is anticipating being in a position to issue the majority of transitional ECT assessments in the 2009 calendar year. Additionally, the ATO plan to commence issuing assessments in respect of the ongoing caps early in 2009.

If trustees of a self managed superannuation fund want to close down the superannuation fund they must notify the ATO of this decision. This is done by completing the relevant wind up labels in the fund's income tax and regulatory return.

For more information on winding up a self managed superannuation fund call the Superannuation Infoline on 13 10 20 or click here

The Hon. Nick Sherry, Minister for Superannuation and Corporate Law, released today a two part discussion paper, which is the first step to cutting superannuation red tape for small businesses.

The purpose of this discussion paper is to invite feedback on:

• The issues associated with the implementation of the government's 2008-09 budget measure to establish an optional superannuation clearing house facility (discussed in Part A of the paper); and
• Possible initiatives aimed at improving the lost members framework (discussed in Part B of the paper).

The Institute will be lodging a submission on this discussion paper and would like to invite members to provide their feedback, which will be incorporated into the submission. Please email your feedback to superannuation@charteredaccountants.com.au

Click here to access the full discussion paper.

The Institute has been approached by the editor of www.superliving.com.au enquiring as to whether any Chartered Accountants would be interesting in contributing to the website's "Ask an expert" section.

Superliving is a high quality website, which provides information on lifestyle issues such as health, wellbeing, investing and superannuation. The website is aimed at people over the age of 45.

The "Ask an expert" section responds to questions that readers have emailed in. The types of questions can range from factual accountancy information to financial planning and complicated superannuation/SMSF scenarios.

Click here to view a sample question.

To respond to the financial planning and superannuation questions Chartered Accountants will need to be an authorised representative of a dealer group or have their own AFSL licence.

If you are interested in taking up this opportunity, or would like further information, please contact Ben McAlary ben.mcalary@charteredaccountants.com.au

Online superannuation and financial planning news and alerts

The Knowledge Centre subscribes to two online news databases - Business Source® Corporate and the Australia/NZ Reference Centre™ databases. These databases contain local and international news on a range of topics including superannuation and financial planning.

As a member, you can search the databases and access:

• Journals, magazines and some e-books
• Newspapers
• Industry profiles
• Country reports
• Company profiles
• Company SWOT analyses
• Market research reports
• Product reviews.

Users can also set up search alerts - this is a great way of monitoring breaking developments and key areas of interest. As part of this feature, EBSCO provides you with email notifications of online news and articles relating to your search parameters.

In addition users can elect to receive tables of contents from your favourite journals. EBSCO will send you an email notification when the latest edition becomes available on the EBSCO platform.

Please click here to access the Australia/NZ Reference Centre™ database

Click here to access the Business Source® Corporate database

Please contact the Knowledge Centre team if you would like training on these databases and/or assistance setting up table of content journal and search alerts. The team can be reached on 1800 809 828 or knowledge@charteredaccountants.com.au

LexisNexis newsletters

The Knowledge Centre would like to draw your attention to our two LexisNexis newsletters - the Australian Superannuation Law Bulletin and the Retirement and Estate Planning Bulletin

As these publications are produced on a regular basis, they direct professionals to key developments impacting retirement, superannuation and estate planning. The publications contain relevant case law, legislation and rulings.

Self Managed Superannuation Funds Seminars

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

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.