Superannuation reforms passed

The Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 and the Superannuation Auditor Registration Imposition Bill 2012 have been passed by Parliament and are awaiting Royal Assent.

The changes include:

  • from 1 October 2011 to 1 July 2017, superannuation funds that merge can roll-over unrealised gains or losses on revenue and capital assets and allow the transfer of realised revenue losses and capital losses.
  • a new registration regime for self-managed superannuation fund (SMSF) auditors, commencing on 31 January 2013. The measure will require auditors to register with ASIC.
  • superannuation providers will be required to provide statements for all members who held an interest in the fund at any time during the reporting period, not just those for whom contributions are received.
  • a tax file number validation service which can be used by employers and trustees to ensure the information they hold for their employees and members is correct.
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