This edition includes a summary of significant superannuation tax news and announcements made as at 30 November 2017, including:
- Draft anti-hybrid law released
On 24 November 2017 the Government released draft anti-hybrids legislation to prevent multinational groups (and related entities) from gaining an unfair competitive advantage by avoiding income tax or obtaining double tax benefits through hybrid mismatch arrangements
- Member contribution reporting
On 30 November 2017, the Deputy Commissioner Superannuation, Australian Taxation Office (ATO), James O'Halloran, gave an address to the 2017 Association of Superannuation Funds Australia (ASFA) Conference in Sydney.
In his speech, Mr O'Halloran discussed how the ATO is utilising technology to improve member contribution reporting by moving from an annual basis as currently stands through member contribution statements (MCS), to more regular reporting.
- ASIC updated on work on fee transparency for super and managed investment schemes
On 1 November 2017, the Australian Securities and Investments Commission (ASIC) released a media statement regarding the update on the continual improvements of fee transparency for super and managed investment schemes under Regulatory Guide 97 ‘Disclosing fees and costs in PDS and periodic statements’ (RG97).
- Other Superannuation matters