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04 Nov 11 Superannuation Subcommittee

The Tax Institute’s Superannuation committee, chaired by Daniel Butler FTIA (DBA Lawyers) met on Wednesday 2 November. The committee discussed developments in superannuation law and practice, including:

  • recent experiences in applying for the Commissioner’s discretion to disregard contributions in relation to a financial year (pursuant to s.295-465 of the 1997 Act) and objections against excess contributions tax assessments (pursuant to s.295-245 of the 1997 Act);
  • the release of draft ruling SMSFR 2011/D1 regarding SMSF borrowings;
  • the distinction between contractors and employees for super guarantee purposes, including the ATO’s position in response to the recent Roy Moran Research and On-Call Interpreters decisions, as well as the potential implications under the recently amended director penalty notice provisions;  and
  •  other recent cases, including Allens Asphalt.

On a sad note, Liz Goddard FTIA has stepped down from the committee due to personal commitments. Liz has been an active member of the committee for over 10 years, contributing to numerous submissions and representing The Tax Institute at the ATO’s superannuation consultative forums. We would like to recognise Liz’s valuable contributions to our policy positions and wish her all the very best for her future endeavours.

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