Super funds exempt under TASA

20 June 2013
| By Staff |
image
image
expand image

The Federal Government will exempt superannuation funds from its amendments to the Tax Agency Services Act 2009 (TASA 2009).

In a letter to the Shadow Assistant Treasurer, Senator Mathias Cormann, Assistant Treasurer David Bradbury said tax advice provided by a superannuation fund or pension fund would not be regulated by TASA 2009 because they were not ‘tax agent services' as per the Tax Practitioners Board.

Bradbury clarified that intra-fund advice provisions would also be exempt under the Tax Laws Amendment Measures (2013 Measures No 2), as well as income protection and salary continuance information provided by an insurer due to the TPB descriptor.

"This means that tax advice provided by a superannuation fund or pension fund pursuant to the issuance of a payment summary, or advice provided by an insurer pursuant to payments of income protection or salary continuance insurance payments and the corresponding issue of payment summary, are not tax agent services and therefore not covered by the regime," it said.

Financial advisers would also receive an extension on the current exemption by 12 months, which would push out the implementation date to 30 June 2014.

Bradbury said the Government would consult to determine if any additional changes were required to TASA 2009 to achieve its objectives. It would consider if any other general advice or services should receive an exemption from the regime.

Last week the Industry Super Network and the Australian Institute of Superannuation Trustees sought clarification on whether superannuation funds would be captured under the TASA 2009 provisions.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year ago
Kevin Gorman

Super director remuneration ...

1 year ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year ago

The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation ...

10 hours ago

Super funds had a “tremendous month” in November, according to new data....

4 days 9 hours ago

Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion....

4 days 14 hours ago