Australian master superannuation guide 2020/21

Description

Product Information List of Abbreviations HIGHLIGHTS OF 2019/2020 CHANGES 1 SUPERANNUATION IN AUSTRALIA 2 QUALIFYING FOR TAX CONCESSIONS Superannuation Taxation Superannuation Funds Approved Deposit Funds Pooled Superannuation Trusts 3 SIS PRUDENTIAL SUPERVISION OF SUPERANNUATION FUNDS Prudential Requirements Governing Rules and Trustee Rules Fund Operation Pension Standards Investment Rules RSE Licensing and Registration Public Offer Entities and ERFs Superannuation Service Providers ADF Prudential Requirements PST Prudential Requirements Penalties Powers of the Regulators Superannuation Levies 4 FINANCIAL SERVICES REGULATION Superannuation and FSR Regime Financial Services Regulation Financial Product Disclosure Market Conduct and Prohibited Conduct Licensing Financial Services Disclosure Conduct Rules Design and Distribution Obligations • Product Intervention ASIC Regulatory Documents and Guidelines ASIC Levy 5 SELF MANAGED SUPERANNUATION FUNDS Self Managed Superannuation Regulation of SMSFs Contravention Qualifying as an SMSF Establishing an SMSF Managing an SMSF SMSF Administration and Audit Duties and Obligations — Checklists 6 CONTRIBUTIONS TO SUPERANNUATION FUNDS AND RSAs Superannuation Contributions — An Overview Employer Superannuation Contributions Personal Superannuation Contributions Division 293 Tax Transfer balance cap from 1 July 2017 Total Superannuation Balance Excess Contributions Treatment of Excess Concessional Contributions Treatment of Excess Non-Concessional Contributions Assessments of Excess Contributions Tax Release Authorities Commissioner’s Discretion to Disregard or Reallocate Contributions Refund of Contributions Made By Mistake Interaction with Tax File Number Rules Government Co-Contribution Low Income Superannuation Tax Offset Spouse Contributions Contributions Splitting 7 TAXATION OF SUPERANNUATION FUNDS, ADFs AND PSTs Superannuation Taxation Taxation of Complying Funds Taxation of Non-complying Funds Foreign Superannuation Funds Government and Semi-Government Funds Approved Deposit Funds Pooled Superannuation Trusts Goods and Services Tax 8 SUPERANNUATION BENEFITS • TERMINATION PAYMENTS Superannuation Benefits and Termination Payments Superannuation Benefits Superannuation Member Benefits Superannuation Death Benefits Non-complying Superannuation Fund Payments Trans-Tasman Retirement Savings Transfers Payments to Former Temporary Residents Benefits in Breach of Rules Roll-overs Termination Payments from an Employer 9 MYSUPER • SUPERSTREAM MySuper Products Authorisation to Offer MySuper Products Fee Rules for MySuper Products MySuper — Additional Trustee Obligations Offences Dashboard and Other Disclosure Requirements APRA Prudential Standards Reporting Standards — RSE SuperStream — Data and Payment Standards APRA Letters — MySuper Guidelines 10 RETIREMENT SAVINGS ACCOUNTS The RSA Scheme RSAs and RSA Institutions Prudential Supervision of RSAs Taxation of RSA Business Contributions to and Payments from RSAs 11 TAX ADMINISTRATION • PAYG • TFNs Self-assessment System for Superannuation Entities Tax Returns for Superannuation Entities Payment of Tax by Superannuation Entities under PAYG Instalment System Superannuation and the PAYG Withholding System Penalties, GIC and SIC Objections Australian Business Numbers Tax File Numbers 12 SUPERANNUATION GUARANTEE SCHEME Outline of SG Scheme Constitutional Challenge to the SG Laws Superannuation Clearing House Payment and Data Standards for Employer Contributions Interaction with Workplace Laws Choice of Fund Application of SG Scheme Liability of Employers to SG Charge Salary Sacrifice Arrangements Calculation of SG Charge Assessment and Payment of SG Charge SG Amnesty from 24 May 2018 to 7 September 2020 Action against employers who fail to meet their SG obligations Distribution of Shortfall Component Record-keeping and Reporting Obligations Penalties, Prosecution and General Interest Charge Superannuation Holding Accounts Special Account 13 RESOLUTION OF COMPLAINTS Resolution of Complaints Complaints to AFCA Complaints Procedural Matters Conciliation of Complaints Review of Decisions or Conduct 14 SUPERANNUATION AND FAMILY LAW Introduction to Splitting Superannuation Interests Adjustment of Property Interests Under the Family Law Act 1975 Applying s 79 (or s 90SM) to Superannuation Procedures Financial Agreements (Including Superannuation Agreements) Taxation Consequences of Payment Splits 15 OTHER TRUSTEE OBLIGATIONS • ACCOUNTING STANDARDS Superannuation Trustee Obligations Anti-money Laundering and Counter-Terrorism Financing Bankruptcy and Superannuation Accounting and Auditing Standards 16 SUPERANNUATION AND TAX PLANNING 17 LEGISLATION REVIEW • PROPOSED REFORMS 18 INSTANT REFERENCE — RATES, THRESHOLDS AND CHECKLISTS Income Tax Rates Superannuation Benefits Termination of Employment Benefits Annuities and Foreign Pensions Departing Australia Superannuation Payments CGT Concessions Superannuation Contributions Contribution Caps — Tax and Charge Indexation Pensions and Annuities Superannuation Guarantee Charge Superannuation Levy PAYG Withholding Approved Forms and Guides Checklists SMSF Tax and Annual Return 2020 Addresses and Contact Details Superannuation Calculators Case Table A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Decisions of Boards of Review and AAT [Table 1] Section Finding List Rulings, Determinations & Circulars Finding List Index A B C D E F G H I K L M N O P Q R S T U V W