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Superannuation Income Streams
Published on 23 January 2013, this information sheet outlines the issues trustees of Self Managed Superannuation Funds (SMSFs) may need to take into account when a superannuation income stream (SIS) starts or stops.
The document explains when a SIS exists and highlights the ongoing requirements for the trustee of the SMSF to ensure that the minimum pension standards in the Superannuation Industry (Supervision) Regulations 1994 (SISR94) are met.
Super Guarantee (SG) for Long Distance Drivers
Published on 21 January 2013, this information sheet sets out how employers must calculate the correct amount of super guarantee (SG) contributions for their employees working as long distance drivers, including how to work out ordinary time earnings (OTE). It also explains how to calculate SG for drivers paid on a piece-rate basis, such as cents per kilometre.
The information sheet states that since 1 July 2008, the minimum amount of super an employer needs to pay by law has been based on their employee’s OTE.
The Tax Office believes that some employers in the transport industry may not be calculating OTE correctly, especially if they are basing their calculations on advice the Tax Office gave in 1995. That advice was based on the law at the time and expressed the view that:
The current information sheet states that the 1995 advice is no longer correct under the existing law and employers can no longer rely on it.
Illegal Early Access to Superannuation
Published on 11 January 2013, this information sheet outlines the Government’s proposed measure that will introduce new penalties for promoters of schemes that facilitate the illegal release of superannuation. These new penalties will enable the Tax Office to prosecute scheme promoters.
Updated SMSF Trustee Declarations
Published in December 2012, this fact sheet should be read in conjunction with the updated Trustee declaration (NAT 71089) approved form. The Tax Office recommends that SMSF trustees should keep a copy of this fact sheet with them and refer to it when making important decisions on behalf of their fund.
The updated Trustee declaration has the following new inclusions:
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