SCG Newsletter

Occasional Newsletter

No. 5 of 2007, 17 December 2007

In this Issue
2007 Federal Election
Call for Community Input Into 2008-2009 Budget
Taxation
Superannuation
DIaC Annual Report
Spread the Word
From the Editor


Season's greetings from all of we volunteers in the Southern Cross Group.

In this, the last issue of the Newsletter for 2007, we have a round up on the November election and the reshaping of the Ministry and the Commonwealth's departmental structures.

We alert you to the opportunity for expatriates to have an input to the 2008-09 federal budget.

Several taxation and superannuation issues are also covered.

Remenber that we provide an automated message forwarding facility to , either through this link or the one at the end of the Newsletter.

And a timely reminder if your contact details or profile have changed recently. Please use the "Update Profile/EmailAddress" link at the end of this message to bring the SCG mailing list up to date..

Regards


John (Sid) MacGregor
Editor
Canberra and Brussels
editor@southern-cross-group.org


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Sponsorship Possibilities



Would your business like to sponsor future editions of this newsletter? Sponsorship money is essential to enable the SCG to keep serving the Australian Diaspora. The SCG is entirely volunteer-run and has no paid staff. Sponsorship and donations help offset overheads such as web-hosting fees, postage, stationery, and other sundry outlays. Contact us for further information at info@southern-cross-group.org
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2007 Federal Election

Election Results

As most will be aware the Labor Party has won government in the 24 November election with a substantial majority. Details of voting are being continuously updated on the website of the Australian Electoral Commission (AEC).

New Departmental Structures

Labor has made a number of substantial changes to the departmental structure of the Commonwealth Public Service which reflect Labor's policy intentions. As is usual, the new structures are identified in the Administrative Arrangements Order which is available via the link on the Parliamentary Information page of the website of the Department of Prime Minister and Cabinet. The order identifies the nature of each Department's responsibilities and the legislation which the Department's Minister is responsible for administering.

Labor Ministry

The new Labor Ministry was sworn in by the Governor-General on Monday 3 December 2007. A useful listing of the Ministry is also to be found via the link on the Parliamentary Information pgge on the website of the Department of Prime Minister and Cabinet. Note that the responsibilities of Ministers, Assistant Ministers and Parliamentary Secretaries are clearly defined in this document. It also identifies the Minister that will answer questions about the portfolio in the Chamber in which the responsible Minister is not located.

Media Statement Introducing the New Ministry

The lengthy media statement by Kevin Rudd when he announced the new Ministry on 29 November is available on the official website of the Australian Labor Party.

Labor's Pre-Election Policies

Labor's pre-election policy statements on a range of issues are available via the links on the official website of the Australian Labor Party.


Other Labor Statements

There have been many other statements by the Labor Party both before and after the election which outline Labor's intentions. They are available via the links on the home page of the official website of the party.
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Calls for Community Input Into 2008-2009 Budget

The Treasurer, Wayne Swan, issued a media release on 4 December 2007 calling for families, individuals, business and community groups to submit ideas on the content of the Federal Budget for next year. This is an opportunity for those in the oft forgotten Australian Diaspora to make known their ideas.

Interested parties are asked to lodge submissions as soon as possible, and before Friday, 18 January 2008.
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Taxation

SCG Note

All we are seeking to do in regard to taxation matters is to make you aware of some of the issues that may affect you. It is for you to do your own research and make your own decisions about the issues.



We are not qualified or competent to provide personal advice on the matters we identify, nor are we able to respond to any queries you may have.





Foreign Exchange Rates



Those who have to file Australian tax returns to the Australian Taxation Office (ATO) which include foreign transactions (income, deductions and foreign tax paid), are required to convert the amounts to Australian dollars at rates determined by the ATO. To facilitate this the ATO publishes on a monthly basis the rates to be used in respect of most foreign currencies.



The latest list, with retrospective data, was published on 6 December 2007. The link will take you to the introductory page - click on the printer icon at the top right of the text to see the full document displayed on your screen.



Revised Australia - Finland Double Tax Agreement

The revised double tax agreement between Australia and Finland entered into force on 10 November 2007. The original advice regarding this was published by the ATO on 20 December 2006.

Review of NSW Taxation

The NSW Premier has requested the Independent Pricing and Regulatory Tribunal (IPART) to undertake a review of state taxation in NSW, with a draft report to be handed to the government by 14 March 2008, and a final report by 31 May 2008.

Although the deadline of 23 November has passed for the delivery of public submissions you may still view the Issues Paper prepared by the Tribunal.


Capital Gains Tax (CGT)

The latest update by the ATO on CGT for the 2007-08 income year is current as at 30 November 2007. Click on the printer icon on the introductory page to see the full text on your screen.



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Superannuation

SCG Note

All we are seeking to do in regard to superannuation matters is to make you aware of some of the issues that may affect you. It is for you to do your own research and make your own decisions about the issues.



We are not qualified or competent to provide personal advice on the matters we identify, nor are we able to respond to any queries you may have.



Working Temporarily in Australia



The Australian Tax Office (ATO) published on 3 December 2007 a new information sheet (NAT 71622) about the recovery of superannuation contributions by those temporary residents (non-Australian citizens) who have worked in Australia.





The ATO has issued a related advice to businesses which employ temporary residents.


Application of Anti-Money Laws to Superannuation



Australia's new anti-laundering laws, which came into effect on 12 December 2007, have an impact on those joining or claiming benefits from Australian superannuation funds. A media release from the Association of Superannuation Funds of Australia Limited is available on their website.



The text of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 is available for download from the ComLaw website. The transitional act is also available for download.




Distribution of Death Benefits from Superannuation Funds



Of interest to those who are members of Australian superannuation funds will be the following comments by the Superannuation Complaints Tribunal in its recently published 2006-07 Annual Report.




"The largest proportion of complaints received by the Tribunal continues to be complaints about the distribution of death benefits when there is no valid binding nomination in place. Many of these disputes involve adult children from a prior relationship disputing a proposed distribution to a current partner. In determining these cases, which involve competing claims by people who all meet the definition of dependency, the approach adopted by the Tribunal is to examine whether each of the claimants had a legal or moral right to look to the member for financial support in retirement had the member not died. The Tribunal then examines any nomination of a preferred beneficiary made by the member, the circumstances of the relationships and the financial needs of the parties.



"In the Tribunal's experience, there continues to be a lack of understanding amongst members (and sometimes, their legal advisers) about the operation of superannuation death benefits, viz. the interaction between superannuation and wills, the distinction between nominations of preferred beneficiaries and binding death benefit nominations and the role of trustees in distributions of death benefits. To this end, the Tribunal has recently been working with other organisations to disseminate relevant information in the hope of greater understanding in this area."


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Department of Immigration and Citizenship (DIaC) Annual Report 2006-07



The DIaC annual report for the last financial year is now available on the department's website. Apart from mentioning the parliamentary progress of the new citizenship acts, the report does not discuss the application of the new provisions from 1 July 2007.



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SCG Contact Information


Newsletter Editor
John (Sid) MacGregor
editor@southern-cross-group.org

Europe
Anne MacGregor
anne@southern-cross-group.org

United Kingdom
Eric Brown
eric@southern-cross-group.org

North America
Robyn Stephenson
robyn@southern-cross-group.org

Asia
Ed Smith
ed@southern-cross-group.org

Australia
Jacqui Mowbray
jaqui@southern-cross-group.org




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