Trustees that were considering making off-market transfers of listed securities from related members into their superannuation funds after 1 July, should be able to breath a sigh of relief today, after the government decided to remove the key Schedule that would have restricted such transfers from the Tax and Superannuation Laws Amendment (2013 Measures No. 1) Bill 2013.
“The government will be proposing an amendment to remove schedule 4 from this bill. Schedule 4 contains specific rules for trustees and investment managers of self managed superannuation funds in relation to acquiring assets from and disposing of assets to related parties,” Lindsay Bradbury, Assistant Treasurer Minister Assisting for Deregulation said in parliament last night.
“The measure is a response to a recommendation of the Super System Review, which was undertaken in 2010. Since the time of the review, the government has made significant reforms to the superannuation system, including to the SMSF sector. Further consultation with industry has indicated that the concerns the measure is seeking to address are not as pressing as they were at the time of the review.”
Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances.
Also in the Switzer Super Report
- James Dunn: A happy arrival – Virtus Health IPO
- Anna Kassianos: Fundie’s favourite – Oil Seach
- Ron Bewley: The energy sector – ORG, STO and WPL outperform
- Barrie Dunstan: Keep calm and carry on
- Paul Rickard: Don’t get caught – fraud and SMSFs
- Penny Pryor: Question of the week – income replacement
