The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
|Legislative updates||ASIC instruments registered|| |
On 27 June 2017, the following compilations of ASIC Class Orders were registered:
On 28 June 2017, a compilation of ASIC Class Order [12/749] was registered, incorporating amendments affecting the instrument up to 28 June 2017. The instrument continues to exempt superannuation platforms, multifunds and hedge funds from the shorter PDS regime.
|Legislative updates||ASIC Cost RecoveryRegulations made||ASIC Supervisory Cost Recovery Levy Regulations 2017 (Cth)|| |
On 27 June 2017, the ASIC Supervisory Cost Recovery Levy Regulations 2017 (Cth) were made under the ASIC Supervisory Cost Recovery Levy Act 2017 (Cth) (Act). The regulations commenced on 1 July 2017.
The Explanatory Statement explains that the Act imposes a levy on entities regulated by ASIC to recover regulatory costs and that the amount of levy payable in a financial year is calculated in accordance with the regulations made under the Act. The regulations apply either a flat or a graduated levy to entities in each industry subsector regulated by ASIC. The type of levy and the formula for calculating the amount of levy payable is different for each industry subsector.
|ATO||Div 293 deferred tax debt requests||ATO Website|| |
The ATO has updated its guidelines in relation to its approach to assessing liability for 'Division 293 tax' by advising defined benefit funds that funds may send a status request to the ATO in order to determine whether a defined benefit member’s Division 293 'deferred debt account' is in debt (this will determine whether or not the fund will be required to calculate an end benefit cap for that member for tax purposes).
|Case law update||Excess contributions tax||Moore and Commissioner of Taxation (Taxation) 2017] AATA 998|| |
On 29 June 2017, the Administrative Appeals Tribunal of Australia handed down its decision in the matter of Moore and Commissioner of Taxation (Taxation)  AATA 998.
In this matter the taxpayer appealed to the Tribunal for a review of the Commissioner’s decision not to disregard or re-allocate the taxpayer’s excess super contributions tax assessment of $78,602.00. The taxpayer was unable to justify a conclusion that there were special circumstances permitting a determination under section 292-465 of the Income Tax Assessment Act 1997 (Cth).
|Case law update||Permanent banning order||Re Panganiban and ASIC  AATA 1026|| |
On 5 July 2017, the Administrative Appeals Tribunal of Australia handed down its decision in the matter of Re Panganiban and ASIC  AATA 1026.
In this matter a qualified financial planner who was previously employed by an Australian Financial Services Licensee before engaging in self-employment, failed in his attempt to overturn a decision made by ASIC to permanently ban him from providing financial services.
The ban was imposed by ASIC on grounds that he was converting superannuation-related insurance policies unnecessarily to acquire a commission on those conversions.
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