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15 Dec 11 NTLG Superannuation Technical Sub-group

Last Thursday 8 December 2011, Gabrielle Teys FTIA attended a meeting of the NTLG Superannuation Technical Sub-group. At this meeting participants discussed:

  • The significance of the fact sheet (entitled ‘Fund rules intended to prevent excess contributions tax’) following the withdrawal of TA 2010/2. External participants expressed concerns over implications in the fact sheet in relation to the effectiveness of trust deeds where intermingling has occurred and there has been a failure to recognise the mistake and pay the money back within a short period of time. The Tax Institute is considering making a submission on how this fact sheet can be revised. Should you be interested in contributing to such a submission, please contact us at Tax Policy.
  • External participants sought a progress report in relation to the concept of custodian trust arrangements in the limited recourse borrowing arrangements context. This issue was carried over from a previous meeting and is significant especially in jurisdictions where significant stamp duty implications could be incurred. Participants sought to understand the timeline according to which an ATO view might be issued. The ATO noted that while there is no confirmed view on the issue, a breadth of issues (including Division 6 issues related to ‘looking through’ the trust) needed to be considered.
  • The ATO has produced an Issues Paper in relation to Death Benefits on the concept of "Interest" which was not discussed in TR 2011/D3. The ATO expressed the view that while this issue is a commencement of a myriad of issues in relation to Death Benefits, answers to these questions and the accompanying legal basis would form the foundation of ongoing discussions on the subject. The Tax Institute is considering making a submission in response to this Issues Paper. Should you be interested in contributing to such a submission, please contact us at Tax Policy.

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