Superannuation technical minutes, March 2011

7. Other business/close of meeting

Focussing questions/statement

• TIES Submissions
• Next NTLG Sub-group meeting is scheduled for 7 June 2011 in Melbourne.
• It is extremely important that members meet the RSVP deadline, to enable the secretariat to organise rooms and catering and to know if we have enough attendees to warrant a meeting etc.

Meeting discussion

Tax Issues Entry System (TIES)

The chair advised that there will be a new standing agenda item for each meeting asking whether any issues discussed at the meeting warrant consideration through the TIES process, (other than those already submitted). No further items were identified.

Related party builder acquisitions

A member queried whether anything more was being done in relation to agenda item 7.1 from the December 2010 meeting. In particular, it was queried whether any further submissions had been sought regarding whether a related party builder can acquire building materials as an agent of the superannuation fund trustee. The chair suggested that if members generally understand the ATO's view the item would be closed unless further submissions are received. Members accepted this proposal.

Successor fund

A member queried whether the successor fund rules in section 290-170 of the Income Tax Assessment Act 1997 apply to any funds which hold a rolled over contribution or is limited to a successor fund as defined in the SIS Regulations. The ATO noted that the term 'successor fund' as used in the new subsections in sections 290-170 and 290-180 is defined in subsection 995-1(1) using terms consistent with the SIS Regulations.

Sections within Agenda items

• 1. Open and introductions
• 2. Previous minutes
• 3. Action items
• 4. Update on recently published and withdrawn rulings, practice statements and ATO IDs
• 5. Litigation update
• 6. Technical questions raised by members
• 7. Other business/close of meeting