Regulatory Roundup – April 2013

 

Changes to Superannuation 

Information sheet: ‘Changes to super for super funds, including self-managed super funds’

Published on 25 March 2013, this information sheet contains information to keep super funds, including SMSFs, up to date on new super announcements by the Government and on any changes to the law which may affect them.  The Tax Office says that this information will be updated regularly.

Information on the following topics is covered in this edition:

  • Consolidating multiple accounts and reuniting lost super
  • Securing super
  • MySuper
  • Data and e-commerce standard
  • Changes for SMSFs
  • Operation of certain super trust deed clauses, and
  • Other SMSF issues.

 

Employer’s Obligations to New Superannuation Changes

Information sheet: ‘Getting employer clients ready for changes to super’

Published on 19 March 2013, this information sheet advises that in April 2013 the Tax Office will be sending information out to employers with Superannuation Guarantee (SG)obligations.  Some of them may be clients of tax agents.

Employers across Australia will have new super obligations under a range of reforms that are being implemented from 2013 to 2019.

From 1 July 2013, employers must:

  • increase the minimum rate for SG payments on behalf of their employees from 9% to 9.25%
  • start making SG contributions for employees aged 70 years and over with the removal of the existing upper age limit.

 

Superannuation Rates and Thresholds 

Updated factsheet: ‘Key superannuation rates and thresholds’

On 13 March 2013, the Tax Office published an updated factsheet that contains key superannuation rates and thresholds that apply in relation to contributions and benefits, employment termination payments, SG and co-contributions for the 2013-14 financial year.


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