EXTENSION OF DRAWDOWN RELIEF FOR PENSIONERS
The Government has announced they will continue to support self-funded retirees by extending the drawdown relief currently provided for the 2010-11 year.
To read more, go to
POSITIONS VACANT
We are seeking to fill two roles within our organisation:
SUPERANNUATION MANAGER:
Responsibilities
SUPERANNUATION ADMINISTRATOR:
Responsibilities:
SMSFs and excess contributions tax
Seeking to avoid excess contributions tax - the ATO is looking into some of these arrangements. To read more, go to:
Super System Review - bringing the back office of super into the 21st Century. To read more, go to:
The ATO have released their March 2010 Super Update newsletter, to read more on Guidance to funds on processing rollovers, common misunderstandings identified during recent no-TFN compliance activies, Departing Australia Superannuation payments and other issues, go to:
Article by Jeremy Cooper - A Conversation about SMSF's, to read more go to:
Have you looked at the changes to the superannuation contributions rules? Things to consider both before and after 30 June 2007:
Before 30 June 2007:
1 July 2007 to 30 June 2008:
(Note: for people aged 65 and over contributions can only be made if they have satisfied a work test. Once you turn 75 contributions cannot be made into superannuation.)
For information on the Better Super changes, please go to the following Australian Government websites:
ATO - Superannuation Home Page
We welcome Janine Barton to the team.
Janine joins the team as a Superannuation Manager. She is a Certified Practising Accountant with 6 years experience in self managed superannuation funds.
Does your deed need to be up-dated?
We are pleased to be able to offer a low flat-fee rate of $330.
Please contact us to arrange an up-dated deed now.
The Government's 'Simplified Super' legislation received royal assent on 15 March 2007.
For further information, please go the Australian Government's website by clicking on the link below:
Complex Investments: If you don't understand them, don't buy them.
Today the Australian Securities & Investments Commission issued a consumer alert urging people to carefully consider whether they fully understood complex investments before buying them.
For the full article please click on the link below:
Superannuation legislation introduced into Parliament.
On the 7th December 2006 the government introduced legislation to give effect to its Simplified Superannuation reforms as earlier announced in the May Budget.
Amongst the legislation introduced, the Tax Laws Amendment (Simplified Superannuation) Bill 2006 outlining the Simplified Superannuation reforms is currently before the Economics Parliamentary Committee who are due to report on the 6th February 2007.
Draft Regulation outlining the new simplified standards for annuities and pensions have also been introduced and interested parties are invited to provide comments on these draft regulation by the 1st February 2007.
We introduce a new member to the team, Marianne Parletta
Marianne joins Superfund Accounting Services as our new office receptionist.
We say goodbye to Danielle Smith who has left us to embark on a new career path in retail.
Future regulation of self managed superannuation funds.
Speech by Raelene Vivian, Deputy Commissioner of Taxation, click on the link below to access.
Investment in Instalment Warrants by Superannuation Funds.
The Government has said it will introduce legislation allowing superfunds to continue to invest in instalment warrants.For further information please go to the Minister for Revenue and the Assistant Treasurer's website by clicking on the link below:
http://www.assistant.treasurer.gov.au/pcd/content/pressreleases/2006/078.asp
We introduce a new member to the team, Sarah Evans.
Sarah joins SAS as a junior superannuation administrator. Sarah has moved from Mercer Human Resource Consulting where she was a support administrator in their superannuation division.
Sarah is currently undertaking her Advanced Diploma of Accounting at Adelaide TAFE.
APRA has issued new Circulars No. I.A.1 for contribution and benefit accrual standards for regulated superannuation funds and No. I.C.2 payment standards for regulated superannuation funds.
The circulars aim to clarify the rules around regulated superannuation funds both accepting contributions and paying superannuation benefits.
Click on the link below to access the circulars:
http://www.apra.gov.au/Superannuation/Superannuation-Circulars.cfm
The Governments consultation process on A Plan to Simplify and Streamline Superannuation came to an end and the Government confirmed it will proceed with the changes recommended with some modifications.
The Government has indicated that it is their intention for legislation to be introduced into Parliament by Christmas.
For further information, please go to the Australian Governments website by clicking on the link below:
http://simplersuper.treasury.gov.au/
SAS has a new office address in North Adelaide.