Sent: 14-12-2010 12:13:02
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ATO changes its Super Contribution Tax Ruling
Last Friday the Tax Office announced an important concession for larger super funds in relation to tax deductions for personal super contributions.
Tax Ruling 2010/1 on super contributions, initially released in February, changed how the maximum tax deduction for personal contributions will be determined especially when some of a member's personal contributions are rolled or transferred to another fund or taken as a lump sum.
In that ruling the ATO said that this change would apply from 1 July 2010.
The change involves super funds recording more information about super fund members. Moreover it demands that this information be held for several years.
Needless to say the larger super funds were unhappy about the additional reporting requirements and asked for some changes. The ATO has made one amendment in relation to contributions made over several years.
The ATO has now announced that it's new rule will apply from 1 July 2011. You can read more here: http://www.atcbiz.com.au/r.php?r=7yx8z1f
Next a quick word about on-line retailing. As you are aware there has been much talk in the media over the last week about how on-line retailers are making life tough for traditional retailers. One of the issues traditional retailers have attacked is the so called GST pricing advantage overseas based online retailers.
Interestingly one of the voices complaining loudly about on-line retailers has spent more than 10 years arguing that on-line retailing was a waste of time and would never amount to much!
My colleague Lester Wills recognised many years ago that on-line retailing would probably revolutionise the way we shop. All those years ago I don't recall many people agreeing with Lester as they couldn't see beyond traditional retailing. It looks like his prophecy has finally come true and it's beginning to annoy traditional retailers.
Finally please consider purchasing a copy of "A How To Book Of Self Managed Super Funds". You can look at the contents page at the following link: http://www.atcbiz.com.au/r.php?r=0mjd6ne
For details of the changes made from version 2 to version 3 visit: http://www.http://www.atcbiz.com.au/r.php?r=7aj5d3d
There have been many changes to this book. Version 3.0 contains over 30 pages of new material.
This update has taken longer than I would like however I have been delayed due to a frustratingly steady stream of political policy announcments, review documents and the release of various ATO documents.
Two purchase 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: http://www.atcbiz.com.au/r.php?r=5a4agqb
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