Superannuation interests and multiple accounts: commissioner's view

The tax commissioner has released a document outlining his view as to what constitutes a 'superannuation interest' in relation to the different kinds of superannuation funds. He notes that a member of an SMSF always has just one interest in the fund, except for an amount that supports an income stream commenced from an SMSF. However, he says it is a question of fact whether the various amounts, benefits and entitlements that a member has in a non-SMSF constitute one interest or several interests in the fund.

Super co-contributions pass $1 billion

Senator Nick Sherry, minister for superannuation and corporate law, has announced the government has now paid over $1 billion in superannuation co-contributions this financial year. He said it was important individuals ensure they don't miss out on a co-contribution payment next financial year by making personal contributions before 30 June 2008. Those on an income of $28,980 or less will receive the maximum co-contribution payment of $1.50 for every $1.00 of after-tax contributions.

ATO outlines key compliance risks for SMSFs

The ATO has outlined the key compliance risks facing trustees of self-managed superannuation funds (SMSFs) and their advisers over the next few years. Speaking at a recent conference, Assistant Deputy Commissioner, explained the role and responsibilities of SMSF trustees and approved auditors, new rulings and determinations, the Tax Office's compliance focus for 2007-08, key risks and a top 10 checklist. Mr Read also indicated that the Tax Office is undertaking 550 reviews of funds that reported loans of 80 per cent or more of assets.

ATO urges taxpayers to keep TFNs safe

The ATO is reminding people to keep their tax file number (TFN) as safe as they would a passport or bank account details. Deputy Commissioner Michael Cranston said identity crime is a genuine threat, and TFNs oould be used by perpetrators to commit fraud, not only against the ATO but also against other organisations and individuals.