Update November 2013

Transcription

1 Update November 2013 Australian Superannuation Practice Legislation and Research Materials Managing Editor BHAKTHI MANJUNATH In this Update Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013 and Superannuation (Excess Concessional Contributions Charge) Act 2013 were inserted. Superannuation (Excess Concessional Contributions Tax) Act 2007 was repealed. Material Code: Print Post Approved PP255003/00584 Thomson Reuters (Professional) Australia Limited 2013 Looseleaf Support Service If you have any questions or comments, or to order missing pages, please contact Customer Care LTA ANZ on Fax: For further information visit our website at

2 Corporations Act 2001 was amended by the Corporations and Financial Sector Legislation Amendment Act 2013 (Act 59 of 2013) and Governance Measures) Act 2013 (Act 61 of 2013). The Corporations and Financial Sector Legislation Amendment Act 2013 enable the Australian Securities Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) to determine how often they assess compliance by particular Australian market licence and clearing and settlement facility licence holders with their legal obligations. The Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Act 2013 require registrable superannuation entity licensees that are also responsible entities of registered managed investment schemes to comply with requirements on adequate resources and risk management systems. Corporations Regulations 2001 were amended by the Corporations Amendment Regulation 2012 (No 6) (SLI 172 of 2012), Corporations Amendment (Compensation Arrangements) Regulation 2013 (SLI 190 of 2012) and Superannuation and Corporations Legislation Amendment (Low Income Superannuation Contribution) Regulation 2013 (SLI 202 of 2013). The Corporations Amendment Regulation 2012 (No 6) amends the Corporations Regulations 2001 to exclude litigation funding schemes. The Corporations Amendment (Compensation Arrangements) Regulation 2013 updates references to New Zealand financial regulators in the Corporations Regulations Corporations Regulations 2001, Superannuation Guarantee (Administration) Regulations 1993 and Superannuation Industry (Supervision) Regulations 1994 were amended by the Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 (SLI 155 of 2013). The amending Regulation amends various regulations to implement MySuper and governance measures announced by the Government as part of the Stronger Super reforms. Family Law (Superannuation) Regulations 2001 were amended by the Family Law (Superannuation) Amendment (ABS) Regulation 2013 (SLI 137 of 2013). The amending Regulation provides the enabling power for the Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination ASP Legislation & Research Materials 2

3 Fringe Benefits Tax Assessment Act 1986 and Income Tax Assessment Act 1997 were amended by the Charities (Consequential Amendments and Transitional Provisions) Act 2013 (Act 96 of 2013). The amending Act makes consequential amendments and makes transitional arrangements for the registration of new subtypes of entities with the Australian Charities and Not-for-profits Commission and to preserve the charitable status of certain entities. Income Tax Assessment Act 1997 was amended by the Superannuation Legislation Amendment (New Zealand Arrangement) Act 2012 (Act 181 of 2012), Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Act 2013 (Act 82 of 2013), Tax and Superannuation Laws Amendment (2013 Measures No 2) Act 2013 (Act 85 of 2013), Tax and Superannuation Laws Amendment (2013 Measures No 1) Act 2013 (Act 88 of 2013), Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Act 2013 (Act 89 of 2013), Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Act 2013 (Act 118 of 2013) and Tax Laws Amendment (2013 Measures No 2) Act 2013 (Act 124 of 2013). Income Tax Assessment Act 1997 and Superannuation (Government Co-contribution for Low Income Earners) Act 2003 were amended by the Superannuation Legislation Amendment (New Zealand Arrangement) Act 2012 (Act 181 of 2012). The amending Act implements the arrangement on Trans-Tasman Retirement Savings Portability to enable Australians and New Zealanders to transfer retirement savings between the two countries. Income Tax (Transitional Provisions) Act 1997 was amended by the Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Act 2013 (Act 118 of 2013) and Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Act 2013 (Act 82 of 2013). Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 was amended by the Tax and Superannuation Laws Amendment (2013 Measures No 1) Act 2013 (Act 88 of 2013). The amending Act provides that income tax is generally not payable on the interest paid by the Commonwealth on unclaimed money from 1 July ASP Legislation & Research Materials 3

4 Superannuation (Government Co-contribution for Low Income Earners) Act 2003 was amended by the Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Act 2013 (Act 82 of 2013), Tax and Superannuation Laws Amendment (2013 Measures No 2) Act 2013 (Act 85 of 2013), Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Act 2013 (Act 118 of 2013) and Tax Laws Amendment (2013 Measures No 2) Act 2013 (Act 124 of 2013). Superannuation (Government Co-contribution for Low Income Earners) Regulations 2004 were amended by the Corporations Legislation Amendment (Low Income Superannuation Contribution) Regulation 2013 (SLI 202 of 2013). Superannuation Guarantee (Administration) Act 1992 was amended by the Tax Laws Amendment (2013 Measures No 2) Act 2013 (Act 124 of 2013). Superannuation Industry (Supervision) Act 1993 was amended by the Governance Measures) Act 2013 (Act 61 of 2013), Tax and Superannuation Laws Amendment (2013 Measures No 2) Act 2013 (Act 85 of 2013) and Statute Law Revision Act 2013 (Act 103 of 2013). The Governance Measures) Act 2013 over-ride any provision in the governing rules of a registrable superannuation entity that requires the trustee to use a specified service provider, investment entity or financial product; enable the Australian Prudential Regulation Authority to issue infringement notices for a broader range of breaches of the Act; require superannuation trustees to provide eligible persons, generally on request, with the reasons for decisions made in relation to a complaint; require persons seeking to take legal action against a director for a breach of their duties to first seek leave from the court; extend the availability of certain legal defences to directors and trustees; remove restrictions on director voting; clarify the definition of superannuation contribution to include defined benefits. ASP Legislation & Research Materials 4

5 Superannuation Industry (Supervision) Regulations 1994 were amended by the Superannuation Industry (Supervision) Amendment Regulation 2013 (No 3) (SLI 105 of 2013) and Corporations and Related Legislation Amendment Regulation 2013 (No 1) (SLI 152 of 2013). The Superannuation Industry (Supervision) Amendment Regulation 2013 (No 3) implements the portability of retirement savings between Australia and New Zealand. Australians and New Zealanders will be able to take their superannuation with them when they move permanently from one country to the other. Superannuation (Resolution of Complaints) Act 1993 was amended by the Governance Measures) Act 2013 (Act 61 of 2013) and Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Act 2013 (Act 82 of 2013). The Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Act 2013 increases the time limits within which beneficiaries can lodge complaints with the Superannuation Complaints Tribunal regarding total and permanent disability claims. Superannuation (Unclaimed Money and Lost Members) Act 1999 was amended by the Tax and Superannuation Laws Amendment (2013 Measures No 1) Act 2013 (Act 88 of 2013) and Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Act 2013 (Act 118 of 2013). The Tax and Superannuation Laws Amendment (2013 Measures No 1) Act 2013 provides that income tax is generally not payable on the interest paid by the Commonwealth on unclaimed money from 1 July Superannuation (Unclaimed Money and Lost Members) Regulations 1999 were amended by the Treasury Legislation Amendment (Unclaimed Money and Other Measures) Regulation 2013 (SLI 117 of 2013) and Superannuation (Unclaimed Money and Lost Members) Amendment (Prescribed Public Sector Superannuation Schemes and Other Measures) Regulation 2013 (SLI 203 of 2013). ASP Legislation & Research Materials 5