Issue: 400
Sent: 29-06-2010 10:09:04
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US Financial Regulation Misses the MarkA How To Book Of Self Managed Super FundsEmail Marketing WorkshopsLegislative Developments Affecting SuperannuationEmail Marketing Business Opportunity - Helen Bairstow
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Legislative Developments Affecting Superannuation

Click here to buy - A How To Book of SMSF's by Tony Negline
Tony Negline

There are two important legislative issues to discuss this week:

1. Super gearing changes

The legislation - discussed in earlier additions of this publication - making these changes progressed through Parliament very late on the last sitting day of the budget sittings. (It had initially seemed that it had failed to finish its passage through the Senate.)

It seems that it has gone through Parliament unamended.

The revised super gearing rules will begin on the day the legislation received Royal Assent. As of last night (28 June) the Parliamentary website was not reporting that this had occurred.

2. Excess contributions

Last week the Government introduced legislation to adjust how excess contributions are treated.

There are three changes:

Importantly there is no change to how the ATO can make an excess contribution assessment. That is, "special circumstances" have to exist.

Given that there is little change in how the ATO has to go about making a decision then it will be interesting to see if this change has any significant impact.

These provisions are expected to begin when this legislation receives Royal Assent. If an election is called then this legislation may lapse and it will only become law if it is reintroduced.

From a political point of view the Government can be said to be "doing something".

Finally please consider purchasing a copy of my book. You can look at the contents page at the following link:

The second edition has just been released.

Two options are available - once only subscription - $55 inc GST - or an annual subscription will gives you access to all the updates made throughout the year ($120 inc GST). The book can be purchased at the following link:

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This email is general in nature only and does not constitute or convey specific or professional advice. Legislation changes may occur quickly. Formal advice should be sought before acting in any of the areas discussed. Be aware that the information in these articles may become innaccurate with time. Responsibility is disclaimed for any inaccuracies, errors or omissions. Particular investments are neither invited nor recommended and hence this publication is not "financial product advice" as defined in Section 766B of the above legislation. All expressions of opinion by contributors are published on the basis that they are not to be regarded as expressing the official opinion of any other person or entity unless expressly stated. No responsibility for the accuracy of the opinions or information contained in the contributor's articles is accepted by any other person or entity. Copyright: This publication is copyright. If you wish to reproduce this article you require a license, which can be purchased here, to do so.

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