Super Group Monthly Legislation and Case Update: June 2004

Transcription

1 Super Group Monthly Legislation and Case Update: June LEGISLATION 1.1 Federal Parliament Superannuation Legislation Amendment (Family Law and Other Measures) Act 2004 Act No. 58 of 2004 This Act received Royal Assent on 4 May It amends several Acts which govern the Commonwealth parliamentary, military and public sector superannuation schemes so that those schemes may accommodate the changes made to the Family Law Act 1975 in relation to superannuation splitting. The following instruments were created pursuant to this legislation during the month of May: Family Law (Superannuation) (Provision of Information - Military Superannuation and Benefits Scheme) Determination 2004 Gazetted 13 May 2004 in Special Gazette S 153. Family Law (Superannuation) (Provision of Information - Defence Force Schemes) Determination 2004 Gazetted 13 May 2004 in Special Gazette S 152. Family Law (Superannuation) (Provision of Information Public Sector Superannuation Scheme) Amendment Determination 2004 (No. 1) Gazetted 13 May 2004 in Special Gazette S 151. Family Law (Superannuation) (Provision of Information - Commonwealth Superannuation Scheme) Amendment Determination 2004 (No. 1) Gazetted 13 May 2004 in Special Gazette S 150. Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2004 (No. 3) Gazetted 13 May 2004 in Special Gazette S 149.

2 2 Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval Amendment 2004 (No. 4) Gazetted 14 May 2004 in Special Gazette S 159. Military Superannuation and Benefits Amendment Trust Deed 2004 (No. 1) Gazetted 18 May 2004 in Special Gazette S 161 Parliamentary Contributory Superannuation Act Superannuation (Family Law - Parliamentary Contributory Superannuation Act 1948) Orders 2004 Statutory Rules 2004 No. 97 Gazetted 18 May 2004 in Special Gazette S 160 Defence Force Retirement and Death Benefits (Family Law Superannuation) Orders Statutory Rules 2004 No. 99 These Orders, dated 18 May 2004, introduce family law super splitting provisions specific to members and pensioners of the Defence Force Retirement and Death Benefits Scheme and their former spouses. Defence Forces Retirement Benefits (Family Law Superannuation) Orders Statutory Rules 2004 No. 100 These Orders, also dated 18 May 2004, introduce family law super splitting provisions specific to pensioners of the Defence Forces Retirement Benefits Scheme and their former spouses. Draft Amending Superannuation Regulations On May 4, the Assistant Treasurer released draft amending regulations covering the Government's superannuation co-contribution scheme for low income earners. The draft regulations are expected to be gazetted before 30 June (c) Superannuation (Family Law Superannuation Act 1922) Orders 2004 Statutory Rules 2004 No. 85 These Orders, dated 9 May 2004, came into effect for sections 1, 2, and 3 on 11 May 2004 on the day they were Gazetted. Sections 4, 5, and 6 come into effect on the commencement of Schedule 1 to the Superannuation Legislation Amendment (Family Law and Other Matters) Act (d) Superannuation Safety Amendment Act 2004 Act No. 53 of 2004 Superannuation (Family Law Superannuation Act 1976) Orders 2004 Statutory Rules 2004 No. 86 These Orders, also dated 9 May 2004, came into effect for Part I on 3 on 11 May 2004 on the day they were Gazetted. The rest of the Orders come into effect when Schedule 1 of the Superannuation Legislation Amendment (Family Law and Other Matters) Act 2004 commences.

3 3 (e) Superannuation Industry (Supervision) Amendment Regulations 2004 (No. 2) - Statutory Rules 2004 No. 84 These statutory rules were gazetted on 12 May The purpose of these rules is to amend the SIS Act and Regulations to restrict the use of small and non-arm s length funds for tax avoidance purposes. (f) Notice of Rescission of Disallowance of Corporations Amendment Regulations (No. 8) 2003, Schedule 3, items (1) to (4), (6), (8) and (9). The Senate rescinded its resolution of 24 March 2004 to disallow Schedule 3, items (1) to (4), (6), (8) and (9) of the Corporations Amendment Regulations (No. 8) 2003 No. 282 (Cth). Notice of the rescission was published in Government Gazette GN 20 on 19 May Schedule 3 amends Parts 7.7 and 7.9 of the Corporations Regulations 2001 (Cth) requiring further information to be given to members. 2 ASIC 2.1 Shutdown of Gold Coast Superannuation Scheme ASIC media release No , 24 May 2004 The Federal Court has issued permanent injunctions and made declarations against Mr Chad Timmins of the Gold Coast, a trustee of a self-managed superannuation fund (SMSF), in relation to his involvement in a scheme illegally promoting the early redemption of superannuation. 2.2 Policy Statements Nothing of relevance 2.3 Class Orders ASIC has released the following Class Orders: CO 04/523 which modifies the operation of section 609 of the Corporations Act so that persons who operate an Investor Directed Portfolio Service (IDPS) are deemed not to have an interest in the securities held through that IDPS. CO 04/527 operators of Australian investment schemes can invest in certain unregistered FCISs from USA, UK, Hong Kong, New Zealand, Guernsey, Jersey, and Isle of Man.

4 4 2.4 Frequently Asked Questions ASIC has released the following frequently asked questions and answers to those questions: (c) (d) QFS 129 (11 May 2004) - Under the Financial Services Reform regime a person must provide a financial services guide (FSG) and a product disclosure statement (PDS) from the time that their principal obtains an AFS licence. Can I combine the PDS and FSG into one document? QFS 141 (14 May 2004) - What guidance has ASIC issued on superannuation calculators? QFS 108 (14 May 2004) - Who can be the authorised representative of a licensee? QFS 61 (19 May 2004) - What effect does the disallowance of certain disclosure regulations have on superannuation, retirement savings account and annuity products? 3 APRA 3.1 APRA Insight First Quarter, 2004 APRA released its First Quarter Newsletter on 31 May Disqualifications The following persons have been disqualified by APRA from acting as trustees, investment managers or responsible officers of a corporate trustee of a superannuation fund: Mr David Leonard Bayes, disqualified 11 March 2004 Mr Graham W. Stewart, disqualified 30 April 2004 (c) Mr Ian R. Stevens, disqualified 30 April 2004 (d) Mr Kelvin Roehr, disqualified 5 May 2004 (e) Scott Byron Dalziel, disqualified 10 May 2004 (f) Peter Joseph Glass, disqualified 10 May 2004 (g) Mr Cleo Antoniou, disqualified 27 May 2004 (h) Mr George Stavros, disqualified 27 May 2004

5 5 4 ATO 4.1 Recently Released Tax Determinations Nothing of relevance. 4.2 Recently Released ATO Final Class Rulings Class Ruling CR 2004/43 - Income tax: Approved Early Retirement Scheme - South Australian Water Corporation (Targeted Voluntary Separation Package) (5 May 2004) Class Ruling CR 2004/45 - Income tax: Approved Early Retirement Scheme - Central Highlands Region Water Authority (Timbermill) (12 May 2004) (c) Class Ruling CR 2004/47 - Income tax: Approved Early Retirement Scheme - NSW Roads and Traffic Authority (19 May 2004) (d) Class Ruling CR 2004/49 - Income tax: National Entitlement Security Trust payments to members - character of payments made to members (26 May 2004) 4.3 Recently Released Product Rulings Nothing of relevance. 4.4 Recently Released ATO Interpretative Decisions ATO ID 2004/407 - Assessable income: residential properties instalment sales contracts - investor not carrying on a business ATO ID 2004/428 - Capital gains tax: absolute entitlement to trust asset - multiple beneficiaries 5 ASFA 5.1 ASFA has released the following Action Issues: (c) ASFA Action Issue 218 (4 May 2004) Calculators, Coalition and Co- Contributions. ASFA Action Issue 219 (12 May 2004) Budget Boosts for Super. ASFA Action Issue 220 (31 May 2004) Integrity and Independence.

6 6 6 CASES Elliot v Australian Prudential Regulation Authority [2004] FCA 586 (23 April 2004) Wendy Gray and Defence Force Retirement and Death Benefits Authority [2004] AATA 450 (4 May 2004) Guthrie & Anor v Hoy [2004] NSWSC 361 (4 May 2004) Kenneth Brauer and Commissioner of Taxation [2004] AAT 455 (11 May 2004) Glenys Anne Syred (As Administratrix of the Estate of Gary Verson Syred) v BGC (Australia) Pty Ltd [2004] WASC 87 (13 May 2004) Graham James Shingles and Defence Force Retirements and Death Benefits Authority, [2004] AAT No. N2003/19 Commonwealth Superannuation Scheme Board of Trustees v Kitching [2004] FCA 605 (18 May 2004) Webb v Retirement Benefits Fund Board [2004] TASSC 48 (25 May 2004) Commissioner of Taxation v Hart [2004] HCA 26 (27 May 2004)