ATO News

For convenience we have provided some tax office information which is freely available at their web site. Please click on the topics below for detailed information:

Topics	Description
Simpler super - transitional cap of $1 million on non-concessional contributions	Explains the transitional non-concessional contributions cap and how to have your excess amounts released.
Simpler super - employment termination payments - transitional arrangements	Explains how transitional arrangements may apply to some termination payments until 30 June 2012.
Simpler super - selling or transferring assets	Describes how a capital gains tax event can be triggered if you sell or transfer an asset to make a contribution to your superannuation fund between 10 May 2006 and 30 June 2007.
Simpler super - defined benefit funds	Explains how the $50,000 concessional contributions cap applies to defined benefit funds.
Simpler super - exclusion from the transitional non-concessional contributions cap	Explains the exclusion from the transitional non-concessional contributions cap of super contributions consisting of certain personal injury payments and proceeds from the disposal of certain small business assets.
Self managed superannuation fund statistical report	The Tax Office will publish regular statistical reports in respect of the self managed superannuation fund market. The contents of this report have been determined following valuable feedback from the superannuation industry.
What is Superannuation	Superannuation is a way of saving for your retirement. In Australia, employers must pay superannuation on behalf of all their eligible employees.
Introduction to superannuation – for self managed superannuation funds	Describes how superannuation is a long-term savings arrangement that operates primarily to provide income for retirement.
What is a self managed superannuation fund?	Defines what a self managed superannuation fund is.
Setting up a self managed superannuation fund	Provides a guide to the steps involved in setting up a fund. Topics covered include: obtaining a trust deed appointing trustees electing to become a regulated fund, and obtaining a tax file number and Australian business number.
Duties of trustees	Explains that trustees of self managed super funds ultimately responsible for the running of their fund. It imperative that each trustee understands the duties, responsibilities and obligations of being a trustee.
Sole purpose test	Explains that the object of the sole purpose test is to ensure that self managed super funds are maintained for the purpose of providing benefits to members upon their retirement.
Acceptance of contributions	Explains to trustees of self managed super funds the minimum standards relating to the acceptance of contributions prescribed under the Superannuation Industry (Supervision) Act 1993 (SIS Act).
Investment strategy and investment restrictions	Explains that investment management is a key area of responsibility for trustees of self managed super funds.
Administrative obligations	Explains the range of administrative obligations imposed on self managed super funds under the law.
Election and return lodgment APRA or the Tax Office (self managed superannuation funds)	Explains the process for election and annual return lodgments and whether the Tax Office or APRA regulates and manages the process.
Checklist for self managed Superannuation funds (long version)	Highlights some of the more important rules under the SIS Act that a trustee must comply with.
Preservation rules	Explains that trustees of self managed super funds are required to comply with the preservation rules set out in the SIS Act.
Payment of benefits	Explains that trustees of self managed super funds need to know the requirements of the SIS Act when paying benefits from their fund.
Actuarial certificates	Outlines the two distinct purposes for which a self managed super fund may need to obtain an actuarial certificate in relation to pensions.
Checklist for self managed superannuation funds (short version)	Designed to draw attention to details that a trustee of a self managed super fund must be aware of in operating a fund.
Allocated pension payments	Explains allocated pension payments for self managed super funds. The Superannuation Industry (Supervision) Regulations 1994 require a pension payment at least annually.
Allocated pension deductions and rebates	Explains whether a recipient receives a deductible amount and a tax offset (rebate) on an allocated pension/annuity.
Tax implications for allocated pensions	Explains that if your fund pays a pension there are two methods it can use under the Income Tax Assessment Act 1936 to exempt from tax that ‘proportion’ of the fund’s income earned in respect of its current pension liabilities.
Payment for allocated pensions	Explains that a self managed super fund can pay for an allocated pension provided the trust deed allows for the payment of benefits as an income stream.
What is an allocated pension?	Explains that an allocated product can be treated as a pension by meeting specific conditions under the Superannuation Industry (Supervision) Regulations 1994. An allocated pension can be set up within a superannuation fund to pay a benefit as income.
Penalties	Discusses penalties that may apply to self managed super funds that contravene the SIS Act.
Illegal arrangements to withdraw your superannuation	Explains our concerns that schemes involving self managed super funds are being used to gain improper early access to preserved superannuation, and the consequences of being involved in such schemes.
Australian Taxation Office Superannuation Circular 2003/1 – valuation of assets	We intend that self managed super funds should use market values for all valuation purposes. This includes valuations for determining the purchase price of a pension and the use of market value accounting for all financial statements. This circular provides the basis for conducting these valuations.
Self managed superannuation funds – role and responsibilities of trustees	This guide has been written for trustees of self managed super funds as an introduction to the rules governing the operation of these funds as set out in the SIS Act. The decision to become a trustee of a self managed fund should not be taken lightly. Trustees are responsible for ensuring their fund complies with the SIS Act, as well as with many other legislative and administrative requirements.
Self managed superannuation funds role and responsibilities of approved auditors	This guide outlines the responsibilities of approved auditors of self managed super funds under the SIS Act and the Superannuation Industry (Supervision) Regulations 1994. It also explains what we expect of auditors when conducting audits.
Guide to the ABN, GST and PAYG for the superannuation industry	This provides an outline of elements of The New Tax System. In particular it explains how the Australian business number (ABN), goods and services tax (GST) and the pay as you go tax system apply to the superannuation industry.
DIY Super – It’s your money...but not yet!	Provides an overview of the Tax Office’s position on self managed superannuation funds.
Does a self managed superannuation fund suit me?	This fact sheet will help you decide if a self managed superannuation fund is for you
Securing the assets of the fund	This fact sheet will explain what your obligations are in securing fund assets.