EXPLANATORY MEMORANDUM. of Minister for Financial Services and Superannuation. Subject - Superannuation Industry (Supervision) Act 1993

Size: px
Start display at page:

Download "EXPLANATORY MEMORANDUM. of 2012 - Minister for Financial Services and Superannuation. Subject - Superannuation Industry (Supervision) Act 1993"

Transcription

1 ATTACHMENT B EXPLANATORY MEMORANDUM Minute No. of Minister for Financial Services and Superannuation Subject - Superannuation Industry (Supervision) Act 1993 Superannuation Industry (Supervision) Amendment Regulation 2012 (No. ) Subsection 353(1) of the Superannuation Industry (Supervision) Act 1993 (SIS Act) provides, in part, that the Governor-General may make regulations prescribing matters required or permitted by the SIS Act to be prescribed, or necessary or convenient to be prescribed, for carrying out or giving effect to the SIS Act. Subsection 31(1) of the SIS Act provides that the regulations may prescribe standards applicable to the operation of regulated superannuation funds and to trustees of those funds. Subsection 35B(2) of the SIS Act provides that the regulations may provide for, or in relation to, the preparation of accounts and statements covered by subsection 35B(1) of the SIS Act. If the regulations do so, the accounts and statements covered by subsection 35(1) must be prepared in accordance with the regulations. The purpose of the proposed Regulations is to amend the Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations) to require: trustees of self managed superannuation funds (SMSFs) to consider insurance for their members as part of the fund s investment strategy; money and other assets of an SMSF be kept separate from those held by a trustee personally and by a standard employer-sponsor or an associate of a standard employer-sponsor; and SMSFs to value the assets of the fund at their net market value for reporting purposes. In 2009, the Government commissioned an independent review of the governance, efficiency, structure and operation of the superannuation system (the Super System Review). The final report of the Super System Review was provided to the Government on 30 June 2010 and recommended, among other things: trustees be required to consider insurance for SMSF members as part of their investment strategy: the covenant requiring separation of fund assets from personal or employer assets be replicated as an operating standard; and require SMSFs to value their assets at net market value for reporting purposes. On 16 December 2010, the Government announced that it supported all three of these recommendations. The proposed Regulations would specify that trustees are required to consider whether the fund should hold a contract of insurance that provides insurance cover for one or more members of the fund. This is intended to ensure that trustees appropriately consider whether to hold insurance for SMSF members.

2 The proposed Regulations would also specify that a trustee of an SMSF must keep money and other assets of the fund separate from any money and assets held by the trustee personally or by a standard employer-sponsor or an associate of a standard employer-sponsor of the fund. In making this requirement an operating standard, the Australian Taxation Office (ATO) will have a direct power to enforce this requirement. The proposed Regulations would also specify that when preparing accounts and statements required by subsection 35B(1) of the SIS Act an asset must be valued at its net market value. This will ensure that assets held within the superannuation system are valued in the same manner and will provide members with current and accurate information about the financial position of their SMSF and their entitlements. Details of the proposed Regulations are provided in the Attachment. The SIS Act specifies no conditions that need to be satisfied before the power to make the proposed Regulations may be exercised. The proposed Regulations would be a legislative instrument for the purposes of the Legislative Instruments Act The proposed Regulations would commence on 1 July The Minute recommends that Regulations be made in the form proposed. Authority: Subsections 353(1), 31(1) and 35B(2) of the Superannuation Industry (Supervision) Act 1993 [Minister s initials]

3 ATTACHMENT Details of the proposed Superannuation Industry (Supervision) Amendment Regulation 2012 (No. ) Regulation 1 Name of Regulations This regulation would specify the name of the Regulations as the Superannuation Industry (Supervision) Amendment Regulation 2012 (No. ) Regulation 2 Commencement This regulation would provide for the Regulations to commence on 1 July Regulation 3 Amendment of Superannuation Industry (Supervision) Regulations 1994 This regulation would provide that Schedule 1 amends the Superannuation Industry (Supervision) Regulations Schedule Amendments Item 1 Item 1 makes a minor amendment to accommodate a further paragraph in subregulation 4.09(2) (see item 2, below). Item 2 Item 2 would insert a new paragraph into subregulation 4.09(2) for SMSF trustees. Paragraph 4.09(2)(e) is intended to ensure that trustees of SMSFs consider whether they should hold a contract of insurance that provides insurance cover for one or more members of the fund. Trustees of SMSFs are expected to be self-reliant in determining the type and level of insurance cover members might require whether within or outside their SMSFs. The Super System Review panel noted that less than 13 per cent of SMSFs have insurance and that SMSF members were more likely to hold appropriate levels of insurance, or be able to hold insurance outside their superannuation, than members of other superannuation funds. In making its recommendation, the panel wanted to ensure that trustees appropriately consider the holding of insurance for SMSF members. SMSF trustees will be required to consider whether to hold insurance, for their members, such as life insurance when they formulate, regularly review and give effect to the fund s investment strategy. Trustees may evidence this requirement by documenting decisions in the fund s investment strategy or minutes of trustee meetings that are held during the income year. Regulation 4.09 is a prescribed standard applicable to the operation of superannuation entities. Section 34 of the SIS Act provides that a person who

4 intentionally or recklessly contravenes this standard is guilty of an offence punishable on conviction by a fine not exceeding 100 penalty units. Item 3 Item 3 would insert subregulation 4.09A to require that a trustee of an SMSF keep money and other assets of the fund separate from any money or assets held by the trustee personally or by a standard employer-sponsor or an associate of a standard employer-sponsor. A standard employer-sponsor is defined in subsection 16(2) of the SIS Act. This requirement is currently established by way of a covenant deemed to be incorporated into the governing rules of the fund. The ATO is unable to enforce compliance with covenants and relies on voluntary compliance by trustees. The Super System Review panel noted that breaches with the existing covenant occur with some frequency, such as where an SMSF is operated using a member s bank account rather than having a separate account established for the SMSF, or where assets are recorded in one or more member s name personally, rather than in their capacity as trustee of the SMSF. Contraventions of the existing covenant are one of the most commonly reported contraventions reported to the ATO. Regulation 4.09A would be a prescribed standard applicable to the operation of superannuation entities. Section 34 of the SIS Act provides that a person who intentionally or recklessly contravenes this standard is guilty of an offence punishable on conviction by a fine not exceeding 100 penalty units. Item 4 Item 4 would amend subsection 4.09(2) to require trustees to regularly review the fund s investment strategy. This amendment is consistent with the proposed amendments contained in the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill Trustees may evidence this requirement by documenting decisions in the minutes of trustee meetings that are held during the income year. Item 5 Section 35B of the SIS Act requires trustees of SMSFs to ensure a statement of financial position and an operating statement is prepared in respect of each year of income. Subsection 35B(2) of the SIS Act provides that the regulations may provide for, or in relation to, the preparation of accounts and statements covered by subsection 35B(1) of the SIS Act. If the regulations do so, the accounts and statements covered by subsection 35(1) must be prepared in accordance with the regulations. Item 5 would insert Regulation 8.02B to require that for the year of income and any later year of income, when preparing accounts and statements required by subsection 35B(1) of the Act for an SMSF, an asset must be valued at its net market value.

5 Subregulation 8.02A(2) would define net market value as the amount that could be expected to be received from the disposal of an asset, in an orderly market, after deducting the costs expected to be incurred in realising the proceeds of such a disposal. Currently, SMSFs are generally able to choose either historical cost or market valuation accounting method to value their assets when preparing their financial statements. SMSFs in pension phase in house assets should value assets at market value each year. The Super System Review found that the differing valuation methods used by SMSFs has a significant impact on a member s ability to ascertain current superannuation benefits, affects the reliability and usefulness of superannuation data and compounds the difficulty in comparisons with large superannuation funds that are regulated by the Australian Prudential Regulation Authority (APRA). Large APRA regulated funds, as reporting entities, are required by the Australian Accounting Standard AAS 25 to value their assets at net market value as at the reporting date. The valuations are reported in the financial reports that these funds are required to prepare. Subregulation 8.02B(2) would adopt the same definition of net market value as AAS 25. This requirement will ensure assets held within the superannuation system are valued in the same manner and will enhance the comparability of financial information across all sectors of the superannuation system. This will assist in providing a greater understanding of the SMSF sector and its performance. Additionally, this will provide members with current and accurate information about the financial position of their SMSF and their entitlements. Subsection 35B(5) provides that a person commits an offence if the person contravenes section 35B and carries a penalty of 100 penalty units. Subsection 35B(6) provides that this is also an offence of strict liability and carries a penalty of 50 penalty units. Strict liabity is defined in section 6.1 of the Criminal Code.

EXPLANATORY MEMORANDUM. of 2012 - Minister for Financial Services and Superannuation. Subject - Superannuation Industry (Supervision) Act 1993

EXPLANATORY MEMORANDUM. of 2012 - Minister for Financial Services and Superannuation. Subject - Superannuation Industry (Supervision) Act 1993 EXPLANATORY MEMORANDUM Minute No. of 2012 - Minister for Financial Services and Superannuation Subject - Superannuation Industry (Supervision) Act 1993 Superannuation Industry (Supervision) Amendment Regulation

More information

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY SUPERANNUATION CIRCULAR NO. III.E.1 REGULATION OF SMALL APRA FUNDS

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY SUPERANNUATION CIRCULAR NO. III.E.1 REGULATION OF SMALL APRA FUNDS AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY SUPERANNUATION CIRCULAR NO. III.E.1 REGULATION OF SMALL APRA FUNDS DECEMBER 2000 2 DISCLAIMER AND COPYRIGHT NOTICE 1. The purpose of this Circular is to provide

More information

UNDERSTANDING SIS CONCEPTS

UNDERSTANDING SIS CONCEPTS This article provides an understanding of the SIS concepts relating to superannuation funds. Regulated Superannuation Fund Whether a fund is established as a SMSF or not, all funds must be a "regulated

More information

A Financial Planning Technical Guide

A Financial Planning Technical Guide Self Managed Superannuation Funds A Financial Planning Technical Guide Securitor Financial Group Limited ABN 48 009 189 495 AFSL 240687 Contents What is a self managed superannuation fund (SMSF)? 1 What

More information

Self managed superannuation funds. A Financial Planning Technical Guide

Self managed superannuation funds. A Financial Planning Technical Guide Self managed superannuation funds A Financial Planning Technical Guide 2 Self managed superannuation funds What is a self managed 4 superannuation fund (SMSF)? What are the benefits? 4 What are the risks?

More information

Important information:

Important information: SMSF insurance Important information: This document has been prepared by CommInsure, a registered business name of The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (CMLA).

More information

ESTABLISHING AN SMSF STEPS INVOLVED AND ISSUES TO BE CONSIDERED

ESTABLISHING AN SMSF STEPS INVOLVED AND ISSUES TO BE CONSIDERED Individuals face a number of considerations in deciding to establish a Self Managed Superannuation Fund (SMSF). This article considers some of those considerations and outlines some of the steps involved.

More information

Major Reasons for a Self Managed Superannuation Fund ( SMSF ) Trustee(s) Australian Taxation Office ( ATO )

Major Reasons for a Self Managed Superannuation Fund ( SMSF ) Trustee(s) Australian Taxation Office ( ATO ) Major Reasons for a Self Managed Superannuation Fund ( SMSF ) # Members control an SMSF and (subject to sole purpose test and other restrictions of Australian law) can choose investments (including own

More information

SELF MANAGED SUPERANNUATION

SELF MANAGED SUPERANNUATION SELF MANAGED SUPERANNUATION Position Yourself INFORMATION PACK INFORMATION PACK SELF MANAGED SUPERANNUATION FUNDS SMSF INFORMATION SHEET MAKING THE MOST OF YOUR SUPERANNUATION Self Managed Superannuation

More information

2. The audit of a self managed superannuation fund

2. The audit of a self managed superannuation fund 2. The audit of a self managed superannuation fund 2. The audit of a self managed superannuation fund 2:2 Introduction to this chapter 2:2 ASIC SMSF auditor registration 2:2 Overview of the audit of an

More information

Understanding Self Managed Superannuation Funds Version 5.0

Understanding Self Managed Superannuation Funds Version 5.0 Understanding Self Managed Superannuation Funds Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to

More information

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY SUPERANNUATION CIRCULAR NO. II.D.3 ACQUISITION OF ASSETS FROM RELATED PARTIES

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY SUPERANNUATION CIRCULAR NO. II.D.3 ACQUISITION OF ASSETS FROM RELATED PARTIES AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY SUPERANNUATION CIRCULAR NO. II.D.3 ACQUISITION OF ASSETS FROM RELATED PARTIES November 2000 DISCLAIMER AND COPYRIGHT NOTICE 1. The purpose of this Circular is

More information

5/4/2015 ATO ID 2015/10 Self managed super fund: Life insurance Buy sell agreement financial assistance sole purpose

5/4/2015 ATO ID 2015/10 Self managed super fund: Life insurance Buy sell agreement financial assistance sole purpose ATO Interpretative Decision ATO ID 2015/10 Superannuation Self managed super fund: Life insurance Buy sell agreement financial assistance sole purpose CAUTION: This is an edited and summarised record of

More information

What Is A "Self-Managed Superannuation Fund"? Introduction. What is a SMSF?

What Is A Self-Managed Superannuation Fund? Introduction. What is a SMSF? What Is A "Self-Managed Superannuation Fund"? Introduction This memorandum explains what self-managed superannuation funds are, how they are regulated, what laws apply, who sets them up and what their

More information

AMP SMSF Solutions. Is an individual or corporate trustee. for your SMSF?

AMP SMSF Solutions. Is an individual or corporate trustee. for your SMSF? AMP SMSF Solutions Is an individual or r corporate trustee ght for your SMSF? 3 One of the greatest aspects of a self managed super fund (SMSF) is the level of control you have in tailoring your fund to

More information

Self managed superannuation funds investment strategy and investment restrictions

Self managed superannuation funds investment strategy and investment restrictions Self managed superannuation funds investment strategy and investment restrictions Investment management is a key area of responsibility for trustees of self managed superannuation funds (SMSFs). The Superannuation

More information

Self Managed Superannuation Limited Recourse Borrowing Explanatory Notes

Self Managed Superannuation Limited Recourse Borrowing Explanatory Notes Self Managed Superannuation Limited Recourse Borrowing Explanatory Notes What are the general requirements for establishing a limited recourse borrowing arrangement under section 67A of the Superannuation

More information

REPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009. Arrangement of Sections

REPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009. Arrangement of Sections REPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009 Arrangement of Sections PART 1 INTRODUCTION 1 Interpretation... PART 2 ESTABLISHMENT OF OFFSHORE LIMITED PARTNERSHIPS 2 Offshore limited

More information

LICENCES AND REGISTRATIONS

LICENCES AND REGISTRATIONS LICENCES AND REGISTRATIONS FOR PUBLIC PRACTITIONERS IN AUSTRALIA INTRODUCTION In addition to the CPA Australia By-Laws, a public practitioner may be required to satisfy a number of licensing requirements

More information

SMSF insurance options and strategies

SMSF insurance options and strategies SMSF insurance options and strategies Agenda Will be looking at: Requirement to consider insurance Why hold insurance through an SMSF? Life Insurance Permanent Incapacity Temporary Incapacity. Requirement

More information

Approved auditors and self-managed super funds

Approved auditors and self-managed super funds Guide for SMSF auditors Approved auditors and self-managed super funds Your role and responsibilities as an approved auditor We recommend that you read this guide and make sure you are familiar with your

More information

Superannuation 2010 2011

Superannuation 2010 2011 RESEARCH PAPER NO. 3, 2010 11 9 September 2010 Superannuation 2010 2011 Leslie Nielson Economics Section Executive summary This paper, updated for the 2010 11 financial year, is designed to provide readers

More information

GUIDANCE NOTE FOR ADVISING ON SMSFS

GUIDANCE NOTE FOR ADVISING ON SMSFS GUIDANCE NOTE FOR ADVISING ON SMSFS GUIDANCE FOR CPA AUSTRALIA PUBLIC PRACTITIONERS FINANCIAL ADVISORY SERVICES Continuing growth in the number of self-managed superannuation funds (SMSFs) illustrate the

More information

Self-Managed Super Fund Basics and Buying Property with your SMSF Money

Self-Managed Super Fund Basics and Buying Property with your SMSF Money RETIRE WITH MORE Self-Managed Super Fund Basics and Buying Property with your SMSF Money YOUR GUIDE TO BUYING PROPERTY WITH YOUR SMSF MONEY $$$ Unit 1, 3 Robinson Place Rockingham WA 6168 admin@integratax.com.au

More information

Statistics. Quarterly Superannuation Performance (interim edition) June 2014 (issued 21 August 2014)

Statistics. Quarterly Superannuation Performance (interim edition) June 2014 (issued 21 August 2014) Statistics Quarterly Superannuation Performance (interim edition) June 2014 (issued 21 August 2014) www.apra.gov.au Australian Prudential Regulation Authority Copyright Australian Prudential Regulation

More information

New Ways For High Net Worth Individuals

New Ways For High Net Worth Individuals New Ways For High Net Worth Individuals And Business Owners To Build Wealth Tax Effectively With Introduction A SMSF It may be that the SMSF is the absolute way of the future March 2010 Jeremy Cooper Head

More information

Financial Advisers (Amendment) Bill

Financial Advisers (Amendment) Bill Financial Advisers (Amendment) Bill Bill No. 15/2015. Read the first time on 11 May 2015. A BILL intituled An Act to amend the Financial Advisers Act (Chapter 110 of the 2007 Revised Edition). Be it enacted

More information

Payroll Tax Act 2011. Republication No 6 Effective: 25 November 2015. Australian Capital Territory A2011-18. Republication date: 25 November 2015

Payroll Tax Act 2011. Republication No 6 Effective: 25 November 2015. Australian Capital Territory A2011-18. Republication date: 25 November 2015 Australian Capital Territory A2011-18 Republication No 6 Effective: 25 November 2015 Republication date: 25 November 2015 Last amendment made by A2015-49 (republication for amendments by A2015-48 and A2015-49)

More information

PERSONAL LIABILITY FOR DEBTS, FOLLOWING CONTRAVENTION OF S.216

PERSONAL LIABILITY FOR DEBTS, FOLLOWING CONTRAVENTION OF S.216 IMPORTANT NOTICE EXTRACTS FROM THE INSOLVENCY ACT 1986 AND INSOLVENCY RULES THE PROVISIONS OF SECTION 216, 217 and 235 OF THE INSOLVENCY ACT 1986 and Rules 4.226 to 4.230 RESTRICTION ON RE-USE OF COMPANY

More information

Guidance Notes and Circulars

Guidance Notes and Circulars Guidance Notes and Circulars Superannuation Circular No. I.A.1 Contribution and Benefit Accrual Standards for Regulated Superannuation Funds September 2006 www.apra.gov.au Australian Prudential Regulation

More information

FAMILY SUPER FUND (SMSF) NEWSLETTER

FAMILY SUPER FUND (SMSF) NEWSLETTER SPRING 2014 Super Legislation Update Key Measures A number of key superannuation measures are due to commence from 1 July 2014, as outlined below. The measures due to start from this time include the following:

More information

ISSUE 3 10 AUGUST 2010

ISSUE 3 10 AUGUST 2010 ISSUE 3 10 AUGUST 2010 In this issue: SUPERANNUATION SUPERANNUATION Identify theft alert Superannuation drawdown relief INSURANCE Group purchasing bodies for insurance and risk products Brokers report

More information

2004-2006 THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA HOUSE OF REPRESENTATIVES GENERAL INSURANCE SUPERVISORY LEVY IMPOSITION AMENDMENT BILL 2006

2004-2006 THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA HOUSE OF REPRESENTATIVES GENERAL INSURANCE SUPERVISORY LEVY IMPOSITION AMENDMENT BILL 2006 2004-2006 THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA HOUSE OF REPRESENTATIVES GENERAL INSURANCE SUPERVISORY LEVY IMPOSITION AMENDMENT BILL 2006 EXPLANATORY MEMORANDUM Circulated by the authority of

More information

SUPERANNUATION FUNDS

SUPERANNUATION FUNDS SUPERANNUATION FUNDS. I note that you provide two different types of superannuation funds. Can you tell us what the differences are between them? 2. Are the deeds updated for the new legislation? 3. Why

More information

Getting to know your SMSF Trust Deed

Getting to know your SMSF Trust Deed Getting to know your SMSF Trust Deed Trust Deed Age What are you missing out on? Regulatory change from OSS to SIS and Corps Act Related parties 3 year binding death benefit nominations Contribution splitting

More information

Introduction for SMSF trustees. Running a self managed super fund

Introduction for SMSF trustees. Running a self managed super fund Introduction for SMSF trustees Running a self managed super fund NAT 11032-11.2013 NAT 72579-03.2013 NAT 71923-04.2013 NAT 74124-04.2013 NAT 8107-08.2012 Our commitment to you We are committed to providing

More information

ATO ID 2012/32 and legislation in relation to reserves

ATO ID 2012/32 and legislation in relation to reserves ATO ID 2012/32 and legislation in relation to reserves Australian Taxation Office Treasury Submission by the Superannuation Committee of the Legal Practice Section of the Law Council of Australia 25 June

More information

Australian superannuation funds should be exempt from FATCA withholding obligations on this basis.

Australian superannuation funds should be exempt from FATCA withholding obligations on this basis. 7 May 2012 CC:PA:LPD:PR (REG-121647-10) Room 5205 Internal Revenue Service PO Box 7604 Ben Franklin Station Washington D.C. 20044 United States of America Reg-121647-10: Regulations Relating to Information

More information

Understanding gearing Version 5.0

Understanding gearing Version 5.0 Understanding gearing Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to gearing. This document has

More information

THIRD SUPPLEMENT TO THE GIBRALTAR GAZETTE No. 4,167 of 7th May, 2015

THIRD SUPPLEMENT TO THE GIBRALTAR GAZETTE No. 4,167 of 7th May, 2015 THIRD SUPPLEMENT TO THE GIBRALTAR GAZETTE No. 4,167 of 7th May, 2015 B. 13/15 Clause PRIVATE TRUST COMPANIES BILL 2015 1. Short title and commencement. 2. Interpretation. 3. Registration of Private Trust

More information

Governance working group

Governance working group Governance working group Issues paper on trustee and director duties March 2011 PROPOSED REFORM The Government s response to recommendation 2.1 of the Super System Review included in principle support

More information

End of Year Superannuation Fund Circular To all Super Fund Trustees

End of Year Superannuation Fund Circular To all Super Fund Trustees 21 June 2013 End of Year Superannuation Fund Circular To all Super Fund Trustees Maximise year end opportunities and minimise risks The end of the financial year will be here before you know it. In this

More information

Retirement Fund (Amendment) 1 A BILL. i n t i t u l e d. An Act to amend the Retirement Fund Act 2007.

Retirement Fund (Amendment) 1 A BILL. i n t i t u l e d. An Act to amend the Retirement Fund Act 2007. Retirement Fund (Amendment) 1 A BILL i n t i t u l e d An Act to amend the Retirement Fund Act 2007. [ ] ENACTED by the Parliament of Malaysia as follows: Short title and commencement 1. (1) This Act may

More information

GUIDANCE NOTE - SMSFS & PROPERTY

GUIDANCE NOTE - SMSFS & PROPERTY GUIDANCE NOTE - SMSFS & PROPERTY GUIDANCE FOR CPA AUSTRALIA PUBLIC PRACTITIONERS FINANCIAL ADVISORY SERVICES The decision to establish a self-managed super fund (SMSF) requires careful consideration. While

More information

Setting up an SMSF Developing an Investment Strategy for your SMSF

Setting up an SMSF Developing an Investment Strategy for your SMSF Setting up an SMSF Developing an Investment Strategy for your SMSF Australian Shareholders Association Tutorial Resource Library Disclaimer The ASA is not licensed to give financial advice. The content

More information

Financial Services (Banking Reform) Act 2013

Financial Services (Banking Reform) Act 2013 Financial Services (Banking Reform) Act 2013 CHAPTER 33 26.75 Financial Services (Banking Reform) Act 2013 CHAPTER 33 CONTENTS PART 1 RING-FENCING Ring-fencing 1 Objectives of Prudential Regulation Authority

More information

SMSF Facts Sheet. July 2015

SMSF Facts Sheet. July 2015 SMSF Facts Sheet July 2015 Key Superannuation Rates and Thresholds - 2015/16 Contributions The tables below contain the amounts of concessional and non-concessional contributions you may make to your superannuation

More information

Casino Control Act 2006

Casino Control Act 2006 Australian Capital Territory A2006-2 Republication No 13 Effective: 14 October 2015 Republication date: 14 October 2015 Last amendment made by A2015-33 Authorised by the ACT Parliamentary Counsel About

More information

Borrowing to Buy Property in your Self Managed Super Fund

Borrowing to Buy Property in your Self Managed Super Fund Level 7,34 Charles St Parramatta answ 2150 PO Box 103 Parramatta NSW 2124 Phone: 02 9687 1966 Fax: 02 9635 3564 Web: www.carnegie.com.au Guide Build Protect Manage Wealth Borrowing to Buy Property in your

More information

Tax Agent Services Act 2009

Tax Agent Services Act 2009 Tax Agent Services Act 2009 No. 13, 2009 An Act to establish the Tax Practitioners Board and to provide for the registration of tax agents and BAS agents, and for related purposes Note: An electronic version

More information

PRODUCT DISCLOSURE STATEMENT. 02 9331 8664 admin@nowinfinity.com.au www.nowinfinity.com.au PO BOX 1409 Potts Point NSW 1335 ABN 16 154 927 376

PRODUCT DISCLOSURE STATEMENT. 02 9331 8664 admin@nowinfinity.com.au www.nowinfinity.com.au PO BOX 1409 Potts Point NSW 1335 ABN 16 154 927 376 PRODUCT DISCLOSURE STATEMENT 02 9331 8664 admin@nowinfinity.com.au www.nowinfinity.com.au PO BOX 1409 Potts Point NSW 1335 ABN 16 154 927 376 SMSF Product Disclosure Statement CONTENTS SMSF Product Disclosure

More information

What is Superannuation and how do Self Managed Superannuation Funds Work?

What is Superannuation and how do Self Managed Superannuation Funds Work? What is Superannuation and how do Self Managed Superannuation Funds Work? Superannuation is a long-term arrangement that operates primarily to provide income in retirement. Superannuation involves employers,

More information

DEBT RECOVERY AND ENFORCEMENT BILL 2010

DEBT RECOVERY AND ENFORCEMENT BILL 2010 IN THE KEYS DEBT RECOVERY AND ENFORCEMENT BILL Explanatory Memorandum 1. This Bill is promoted by Mr. John Houghton MHK. 2. Part 1 gives the Bill its short title, provides powers for its commencement and

More information

This compilation was prepared on 1 July 2006 taking into account amendments up to Act No. 34 of 2006

This compilation was prepared on 1 July 2006 taking into account amendments up to Act No. 34 of 2006 Bankruptcy Act 1966 Act No. 33 of 1966 as amended This compilation was prepared on 1 July 2006 taking into account amendments up to Act No. 34 of 2006 Volume 2 includes: Table of Contents Sections 154A

More information

A superannuation fund that satisfied each of these requirements is then listed on HRMC's QROPs register.

A superannuation fund that satisfied each of these requirements is then listed on HRMC's QROPs register. 16 June 2015 Mr Robert Corton Her Majesty's Revenue and Customs Pension Scheme Services Fitzroy House Castle Meadow Road Nottingham NG2 1BD United Kingdom By email : regulations.qrops@hmrc.gsi.gov.uk Dear

More information

BERMUDA PENSION TRUST FUNDS ACT 1966 1966 : 204

BERMUDA PENSION TRUST FUNDS ACT 1966 1966 : 204 QUO FA T A F U E R N T BERMUDA PENSION TRUST FUNDS ACT 1966 1966 : 204 TABLE OF CONTENTS 1 1A 2 2A 3 4 5 6 7 8 9 10 11 12 13 14 15 Interpretation Application where 1998 Act applies to pension plan Qualification

More information

Crimes (Serious Sex Offenders) Act 2006 No 7

Crimes (Serious Sex Offenders) Act 2006 No 7 New South Wales Crimes (Serious Sex Offenders) Act 2006 No 7 Contents Part 1 Part 2 Preliminary Page 1 Name of Act 2 2 Commencement 2 3 Objects of Act 2 4 Definitions 2 5 Definitions of serious sex offence

More information

Maximise year end opportunities and minimise risks Self Managed Super Funds

Maximise year end opportunities and minimise risks Self Managed Super Funds Maximise year end opportunities and minimise risks Self Managed Super Funds The end of the financial year will be here before you know it. In this end of financial year update, we have summarised the key

More information

2015 No. 0000 FINANCIAL SERVICES AND MARKETS. The Small and Medium Sized Businesses (Credit Information) Regulations 2015

2015 No. 0000 FINANCIAL SERVICES AND MARKETS. The Small and Medium Sized Businesses (Credit Information) Regulations 2015 Draft Regulations to illustrate the Treasury s current intention as to the exercise of powers under clause 4 of the the Small Business, Enterprise and Employment Bill. D R A F T S T A T U T O R Y I N S

More information

DIY MVL Workbook. 1800 246 801 svpartners.com.au. A company ceases to exist on deregistration. (s.601ad(1))

DIY MVL Workbook. 1800 246 801 svpartners.com.au. A company ceases to exist on deregistration. (s.601ad(1)) In the course of professional practice, practitioners may encounter instances where a solvent company is no longer required by its directors and members. Examples may include: A company is not operating.

More information

Stronger Super reforms a kaleidoscope of change awaits the industry

Stronger Super reforms a kaleidoscope of change awaits the industry Stronger Super reforms a kaleidoscope of change awaits the industry Michael Chaaya, Christine Maher and Daniel Hobbs CORRS CHAMBERS WESTGARTH The government has announced the key design aspects of its

More information

1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.

1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. Reporting Standard SRS 161.0 Self-Insurance Objective of this Reporting Standard This Reporting Standard sets out the requirements for the provision of information to APRA relating to self-insurance arrangements

More information

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY SUPERANNUATION CIRCULAR NO I.C.4 EQUIVALENT RIGHTS FOR MEMBERS IN SUCCESSOR FUND TRANSFERS

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY SUPERANNUATION CIRCULAR NO I.C.4 EQUIVALENT RIGHTS FOR MEMBERS IN SUCCESSOR FUND TRANSFERS AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY SUPERANNUATION CIRCULAR NO I.C.4 EQUIVALENT RIGHTS FOR MEMBERS IN SUCCESSOR FUND TRANSFERS February 2001 DISCLAIMER AND COPYRIGHT NOTICE 1. The purpose of this

More information

THE PARLIAMENT OF THE COMMONWEALTH AIJSTRALIA I- OUSE OF REPRESENTATIVES HEALTH LEGISLATION AMENDMENT BILL 1985 EXPLANATORY MEMORANDUM

THE PARLIAMENT OF THE COMMONWEALTH AIJSTRALIA I- OUSE OF REPRESENTATIVES HEALTH LEGISLATION AMENDMENT BILL 1985 EXPLANATORY MEMORANDUM 1985 THE PARLIAMENT OF THE COMMONWEALTH OF AIJSTRALIA I- OUSE OF REPRESENTATIVES HEALTH LEGISLATION AMENDMENT BILL 1985 EXPLANATORY MEMORANDUM (Circulated by authority of the Minister for Health) 12643/85

More information

Self Managed Superannuation Fund Borrowing - Q s and A s

Self Managed Superannuation Fund Borrowing - Q s and A s Self Managed Superannuation Fund Borrowing - Q s and A s Self Managed Superannuation Fund (SMSF) Borrowing Q s and A s Borrowing through your SMSF is not as difficult a process as you may think. As a market

More information

Chapter 2. Principal issues

Chapter 2. Principal issues Chapter 2 Principal issues 2.1 The bills follow consultation undertaken by Treasury with industry stakeholders on an exposure draft bill. Submitters noted that many, or all, of their key concerns have

More information

Thinking about self-managed super

Thinking about self-managed super Introduction for people considering an SMSF Thinking about self-managed super Steps to work out if managing your own super is right for you NAT 72579-03.2013 NAT 71454 03.2013 NAT 71923-03.2013 COVER ICON

More information

SRF 330.0 must be completed for each RSE, defined benefit RSE, pooled superannuation trust (PST) and eligible rollover fund (ERF).

SRF 330.0 must be completed for each RSE, defined benefit RSE, pooled superannuation trust (PST) and eligible rollover fund (ERF). Reporting Form SRF 330.0 Statement of Financial Performance Instructions These instructions assist completion of Reporting Form SRF 330.0 Statement of Financial Performance (SRF 330.0). SRF 330.0 collects

More information

SMSF Trustee Companion

SMSF Trustee Companion If you are thinking about setting up a SMSF, there are a number of decisions you will need to make regarding the structure, operation and management of your fund. To help you understand the process and

More information

Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013 No.

Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013 No. 2010-2011-2012-2013 The Parliament of the Commonwealth of Australia HOUSE OF REPRESENTATIVES Presented and read a first time Superannuation Legislation Amendment (Reform of Self Managed Superannuation

More information

PLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.

PLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts. PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to March 17, 2008. It is intended for information and reference purposes only. This

More information

Chapter one: Definitions. Chapter Two: Conditions for Employment

Chapter one: Definitions. Chapter Two: Conditions for Employment FOREIIGN WORKERS ((Prrohiibiittiion off unllawffull emplloymentt and assurrance off ffaiirr condiittiions)) LAW,, 5751--1991 Chapter one: Definitions 1. In this law - Foreign worker - worker who is not

More information

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY SUPERANNUATION CIRCULAR NO III.A.6 WINDING-UP A SUPERANNUATION FUND

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY SUPERANNUATION CIRCULAR NO III.A.6 WINDING-UP A SUPERANNUATION FUND AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY SUPERANNUATION CIRCULAR NO III.A.6 WINDING-UP A SUPERANNUATION FUND April 2002 2 DISCLAIMER AND COPYRIGHT NOTICE 1. The purpose of this Circular is to provide

More information

DORMANT BANK ACCOUNTS (JERSEY) LAW 201-

DORMANT BANK ACCOUNTS (JERSEY) LAW 201- DORMANT BANK ACCOUNTS (JERSEY) LAW 201- REPORT Explanatory Note Draft 12A 7 July 2015 Page - 1 File No.711 Dormant Bank Accounts (Jersey) Law 201- Arrangement DORMANT BANK ACCOUNTS (JERSEY) LAW 201- Arrangement

More information

2015 No. 0000 FINANCIAL SERVICES AND MARKETS. The Small and Medium Sized Business (Finance Platforms) Regulations 2015

2015 No. 0000 FINANCIAL SERVICES AND MARKETS. The Small and Medium Sized Business (Finance Platforms) Regulations 2015 Draft Regulations to illustrate the Treasury s current intention as to the exercise of powers under clause 5 of the Small Business, Enterprise and Employment Bill. D R A F T S T A T U T O R Y I N S T R

More information

Witness Protection Act 1995 No 87

Witness Protection Act 1995 No 87 New South Wales Witness Protection Act 1995 No 87 Status information Currency of version Current version for 5 October 2012 to date (generated 10 October 2012 at 19:15). Legislation on the NSW legislation

More information

BELL POTTER. Self-managed super explained

BELL POTTER. Self-managed super explained BELL POTTER. Self-managed super explained TABLE OF Contents. introduction 3 setting up a self-managed super fund 4 Getting your fund started 7 preparing an investment strategy 10 managing your fund s investments

More information

Changes to insurance provided by SMSFs. terminal medical condition. ATO approves courses for education directions

Changes to insurance provided by SMSFs. terminal medical condition. ATO approves courses for education directions Specialists in Self-Managed Superannuation Funds (02) 4225 7779 solutions@bwaccounting.net.au www.bwaccounting.net.au Keeping you informed In this issue: ATO SMSF Updates Trusteeship Individual or Company?

More information

Private health insurance rebate and Medicare levy surcharge changes. June 2012

Private health insurance rebate and Medicare levy surcharge changes. June 2012 June 2012 IN THIS ISSUE Private health insurance rebate and Medicare Levy surcharge changes 30 June is around the corner Tax Changes affecting Small businesses Changes to the timing of Trust resolutions

More information

AS TABLED IN THE HOUSE OF ASSEMBLY

AS TABLED IN THE HOUSE OF ASSEMBLY AS TABLED IN THE HOUSE OF ASSEMBLY A BILL entitled INSURANCE AMENDMENT ACT 2014 TABLE OF CONTENTS 1 2 3 4 5 6 7 8 9 10 11 12 13 Citation Inserts section 15A Amends section 17A Amends section 30JA Amends

More information

An Bille um Iomaíocht agus Cosaint Tomhaltóirí, 2014 Competition and Consumer Protection Bill 2014 EXPLANATORY MEMORANDUM

An Bille um Iomaíocht agus Cosaint Tomhaltóirí, 2014 Competition and Consumer Protection Bill 2014 EXPLANATORY MEMORANDUM An Bille um Iomaíocht agus Cosaint Tomhaltóirí, 2014 Competition and Consumer Protection Bill 2014 EXPLANATORY MEMORANDUM Introduction The purpose of this Bill is to provide for the establishment of a

More information

QUANTUM WARRANTS PTY LTD

QUANTUM WARRANTS PTY LTD QUANTUM WARRANTS PTY LTD submission made to the Corporations and Financial Services Division The Treasury with respect to the proposed Corporations Amendment Regulations 2010 (No.) (proposed Regulations)

More information

Binding Death Benefit Nominations and Reversionary Pensions

Binding Death Benefit Nominations and Reversionary Pensions fit Pensions The Eighth Annual Estate Planning Conference Television Education Network Friday, 21 March 2014 Written and presented by: Phil Broderick Principal Sladen Legal Reference: 1PJB:21302413 SLADEN

More information

Changes to regulatory settings for financial products dealing with longevity

Changes to regulatory settings for financial products dealing with longevity ASFA Research and Resource Centre Changes to regulatory settings for financial products dealing with longevity Ross Clare Director of Research October 2013 ASFA Level 6 66 Clarence Street Sydney NSW 2000

More information

Governance working group

Governance working group Governance working group Issues paper on superannuation complaints, death benefit nominations and other issues March 2011 PROPOSED REFORM This paper considers design and implementation issues flowing from

More information

Protection from Harassment Bill

Protection from Harassment Bill Protection from Harassment Bill Bill No. 12/2014. Read the first time on 3rd March 2014. PROTECTION FROM HARASSMENT ACT 2014 (No. of 2014) Section ARRANGEMENT OF SECTIONS PART I PRELIMINARY 1. Short title

More information

Exposure draft TPB Information sheet TPB(I) D22/2014

Exposure draft TPB Information sheet TPB(I) D22/2014 Exposure draft TPB Information sheet TPB(I) D22/2014 Payroll service providers Tax Practitioners Board Exposure draft The Tax Practitioners Board (TPB) has released this draft information sheet as an Exposure

More information

Click here for Explanatory Memorandum

Click here for Explanatory Memorandum Click here for Explanatory Memorandum BILLE NA LIA-CHLEACHTÓIRÍ (SLÁNAÍOCHT GHAIRMIÚIL) (LEASÚ) 2009 MEDICAL PRACTITIONERS (PROFESSIONAL INDEMNITY) (AMENDMENT) BILL 2009 Mar a tionscnaíodh As initiated

More information

EXPLANATORY STATEMENT. STATUTORY RULES 2010 No.

EXPLANATORY STATEMENT. STATUTORY RULES 2010 No. EXPLANATORY STATEMENT STATUTORY RULES 2010 No. Issued by authority of the Assistant Treasurer Tax Agent Services Act 2009 Tax Agent Services Amendment Regulations 2010 Section 70-55 of the Tax Agent Services

More information

CRIMINAL PROCEDURE AMENDMENT BILL

CRIMINAL PROCEDURE AMENDMENT BILL REPUBLIC OF SOUTH AFRICA CRIMINAL PROCEDURE AMENDMENT BILL (As introduced in the National Assembly (proposed section 7); explanatory summary of Bill published in Government Gazette No. 3111 of 2 June 2008)

More information

Queensland. Credit (Commonwealth Powers) Act 2010

Queensland. Credit (Commonwealth Powers) Act 2010 Queensland Credit (Commonwealth Powers) Act 2010 Act No. 16 of 2010 Queensland Credit (Commonwealth Powers) Act 2010 Contents Page Part 1 Preliminary 1 Short title...........................................

More information

LEGAL AID ACT ARRANGEMENT OF SECTIONS PART I. Establishment of Legal Aid Council. 1. Legal Aid Council. 2. Membership of the Council, etc.

LEGAL AID ACT ARRANGEMENT OF SECTIONS PART I. Establishment of Legal Aid Council. 1. Legal Aid Council. 2. Membership of the Council, etc. LEGAL AID ACT ARRANGEMENT OF SECTIONS PART I Establishment of Legal Aid Council 1. Legal Aid Council. 2. Membership of the Council, etc. 3. Director-General of Legal Aid and other staff of the Council.

More information

Interpretative Assistance for Self Managed Superannuation Funds

Interpretative Assistance for Self Managed Superannuation Funds The Auditor-General Audit Report No.40 2011 12 Performance Audit Interpretative Assistance for Australian Taxation Office Australian National Audit Office Commonwealth of Australia 2012 ISSN 1036 7632

More information

Stamp Duties Consolidation Act 1999

Stamp Duties Consolidation Act 1999 Stamp Duties Consolidation Act 1999 Part 9: Levies 9.1 SECTION 123B OF THE SDCA...1 9.2 SECTION 124 OF THE SDCA...2 9.3 SECTION 124B OF THE SDCA...2 9.4 SECTION 125 OF THE SDCA...2 9.5 SECTION 125A OF

More information

AN BILLE UM CHOMHAIRLEOIRÍ BAINISTITHE FIACHAIS A RIALÁIL, 2011 REGULATION OF DEBT MANAGEMENT ADVISORS BILL 2011. Mar a tionscnaíodh As initiated

AN BILLE UM CHOMHAIRLEOIRÍ BAINISTITHE FIACHAIS A RIALÁIL, 2011 REGULATION OF DEBT MANAGEMENT ADVISORS BILL 2011. Mar a tionscnaíodh As initiated AN BILLE UM CHOMHAIRLEOIRÍ BAINISTITHE FIACHAIS A RIALÁIL, 2011 REGULATION OF DEBT MANAGEMENT ADVISORS BILL 2011 Mar a tionscnaíodh As initiated ARRANGEMENT OF SECTIONS PART 1 Preliminary and General Section

More information

JULY 2014. Superannuation, SMSF and Retirement Information

JULY 2014. Superannuation, SMSF and Retirement Information 146 Sanger Street PO Box 115 Corowa NSW 2646 Phone: 02 60331133 Fax: 02 60333604 Email: kg@kilara.com.au www.kilara.com.au JULY 2014 ABN 88 280 614 412 Partners Malcolm I McLean CPA Andrew R Holmes CPA

More information

NATIONAL STRATEGIC INTELLIGENCE ACT 39 OF 1994

NATIONAL STRATEGIC INTELLIGENCE ACT 39 OF 1994 NATIONAL STRATEGIC INTELLIGENCE ACT 39 OF 1994 [ASSENTED TO 23 NOVEMBER 1994] [DATE OF COMMENCEMENT: 1 JANUARY 1995] (English text signed by the President) as amended by National Strategic Intelligence

More information

Introduction for paying benefits from an SMSF. Paying benefits from a self-managed super fund

Introduction for paying benefits from an SMSF. Paying benefits from a self-managed super fund Introduction for paying benefits from an SMSF Paying benefits from a self-managed super fund NAT 74124-04.2013 Our commitment to you We are committed to providing you with accurate, consistent and clear

More information

Winding up a self managed super fund

Winding up a self managed super fund Introduction for SMSF trustees Winding up a self managed super fund What you need to know NAT 8107-08.2012 Our commitment to you We are committed to providing you with accurate, consistent and clear information

More information

Financial advice and Regulations: Guidance for the accounting profession

Financial advice and Regulations: Guidance for the accounting profession Financial advice and Regulations: Guidance for the accounting profession Developed exclusively for the members in public practice of CPA Australia and the Institute of Chartered Accountants Australia DATE

More information