Australian master superannuation guide 2020/21

Product Information
List of Abbreviations
HIGHLIGHTS OF 2019/2020 CHANGES
1 SUPERANNUATION IN AUSTRALIA
2 QUALIFYING FOR TAX CONCESSIONS
	Superannuation Taxation
	Superannuation Funds
	Approved Deposit Funds
	Pooled Superannuation Trusts
3 SIS PRUDENTIAL SUPERVISION OF SUPERANNUATION FUNDS
	Prudential Requirements
	Governing Rules and Trustee Rules
	Fund Operation
	Pension Standards
	Investment Rules
	RSE Licensing and Registration
	Public Offer Entities and ERFs
	Superannuation Service Providers
	ADF Prudential Requirements
	PST Prudential Requirements
	Penalties
	Powers of the Regulators
	Superannuation Levies
4 FINANCIAL SERVICES REGULATION
	Superannuation and FSR Regime
	Financial Services Regulation
	Financial Product Disclosure
	Market Conduct and Prohibited Conduct
	Licensing
	Financial Services Disclosure
	Conduct Rules
	Design and Distribution Obligations • Product Intervention
	ASIC Regulatory Documents and Guidelines
	ASIC Levy
5 SELF MANAGED SUPERANNUATION FUNDS
	Self Managed Superannuation
	Regulation of SMSFs Contravention
	Qualifying as an SMSF
	Establishing an SMSF
	Managing an SMSF
	SMSF Administration and Audit
	Duties and Obligations — Checklists
6 CONTRIBUTIONS TO SUPERANNUATION FUNDS AND RSAs
	Superannuation Contributions — An Overview
	Employer Superannuation Contributions
	Personal Superannuation Contributions
	Division 293 Tax
	Transfer balance cap from 1 July 2017
	Total Superannuation Balance
	Excess Contributions
	Treatment of Excess Concessional Contributions
	Treatment of Excess Non-Concessional Contributions
	Assessments of Excess Contributions Tax
	Release Authorities
	Commissioner’s Discretion to Disregard or Reallocate Contributions
	Refund of Contributions Made By Mistake
	Interaction with Tax File Number Rules
	Government Co-Contribution
	Low Income Superannuation Tax Offset
	Spouse Contributions
	Contributions Splitting
7 TAXATION OF SUPERANNUATION FUNDS, ADFs AND PSTs
	Superannuation Taxation
	Taxation of Complying Funds
	Taxation of Non-complying Funds
	Foreign Superannuation Funds
	Government and Semi-Government Funds
	Approved Deposit Funds
	Pooled Superannuation Trusts
	Goods and Services Tax
8 SUPERANNUATION BENEFITS • TERMINATION PAYMENTS
	Superannuation Benefits and Termination Payments
	Superannuation Benefits
	Superannuation Member Benefits
	Superannuation Death Benefits
	Non-complying Superannuation Fund Payments
	Trans-Tasman Retirement Savings Transfers
	Payments to Former Temporary Residents
	Benefits in Breach of Rules
	Roll-overs
	Termination Payments from an Employer
9 MYSUPER • SUPERSTREAM
	MySuper Products
	Authorisation to Offer MySuper Products
	Fee Rules for MySuper Products
	MySuper — Additional Trustee Obligations
	Offences
	Dashboard and Other Disclosure Requirements
	APRA Prudential Standards
	Reporting Standards — RSE
	SuperStream — Data and Payment Standards
	APRA Letters — MySuper Guidelines
10 RETIREMENT SAVINGS ACCOUNTS
	The RSA Scheme
	RSAs and RSA Institutions
	Prudential Supervision of RSAs
	Taxation of RSA Business
	Contributions to and Payments from RSAs
11 TAX ADMINISTRATION • PAYG • TFNs
	Self-assessment System for Superannuation Entities
	Tax Returns for Superannuation Entities
	Payment of Tax by Superannuation Entities under PAYG Instalment System
	Superannuation and the PAYG Withholding System
	Penalties, GIC and SIC
	Objections
	Australian Business Numbers
	Tax File Numbers
12 SUPERANNUATION GUARANTEE SCHEME
	Outline of SG Scheme
	Constitutional Challenge to the SG Laws
	Superannuation Clearing House
	Payment and Data Standards for Employer Contributions
	Interaction with Workplace Laws
	Choice of Fund
	Application of SG Scheme
	Liability of Employers to SG Charge
	Salary Sacrifice Arrangements
	Calculation of SG Charge
	Assessment and Payment of SG Charge
	SG Amnesty from 24 May 2018 to 7 September 2020
	Action against employers who fail to meet their SG obligations
	Distribution of Shortfall Component
	Record-keeping and Reporting Obligations
	Penalties, Prosecution and General Interest Charge
	Superannuation Holding Accounts Special Account
13 RESOLUTION OF COMPLAINTS
	Resolution of Complaints
	Complaints to AFCA
	Complaints Procedural Matters
	Conciliation of Complaints
	Review of Decisions or Conduct
14 SUPERANNUATION AND FAMILY LAW
	Introduction to Splitting Superannuation Interests
	Adjustment of Property Interests Under the Family Law Act 1975
	Applying s 79 (or s 90SM) to Superannuation
	Procedures
	Financial Agreements (Including Superannuation Agreements)
	Taxation Consequences of Payment Splits
15 OTHER TRUSTEE OBLIGATIONS • ACCOUNTING STANDARDS
	Superannuation Trustee Obligations
	Anti-money Laundering and Counter-Terrorism Financing
	Bankruptcy and Superannuation
	Accounting and Auditing Standards
16 SUPERANNUATION AND TAX PLANNING
17 LEGISLATION REVIEW • PROPOSED REFORMS
18 INSTANT REFERENCE — RATES, THRESHOLDS AND CHECKLISTS
	Income Tax Rates
	Superannuation Benefits
	Termination of Employment Benefits
	Annuities and Foreign Pensions
	Departing Australia Superannuation Payments
	CGT Concessions
	Superannuation Contributions
	Contribution Caps — Tax and Charge
	Indexation
	Pensions and Annuities
	Superannuation Guarantee Charge
	Superannuation Levy
	PAYG Withholding
	Approved Forms and Guides
	Checklists
	SMSF Tax and Annual Return 2020
	Addresses and Contact Details
	Superannuation Calculators
Case Table
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	X
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	Z
Decisions of Boards of Review and AAT
	[Table 1]
Section Finding List
Rulings, Determinations & Circulars Finding List
Index
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