The accuracy of the content is not guaranteed. Please rely only on the authorised document. Australians' retirement savings could be compromised because the government and ATO have left super funds out of their GST public and industry information campaign, according to ASFA – The Voice of Super. "Other major business sectors have had the benefit of ATO information booklets and rulings prepared specifically for them, but the super industry is still waiting," said Philippa Smith, CEO of ASFA. "The GST legislation will require super funds to review their contractual relationships with a range of suppliers," said Ms Smith. "If funds do not have the correct arrangements in place, or lack the right documents, too much GST will be paid or GST input credits will be wasted." "Accounting records adequate for running the fund and for paying income tax are not good enough for meeting GST responsibilities." ASFA has stepped into this breach, and is undertaking a series of Seminars throughout Australia, on the GST and the New Tax System for superannuation funds, the next of which will be held in Melbourne on Wednesday 10 May. Ross Clare, ASFA's Principal Researcher, and also a presenter at the ASFA seminars said, "Implementing the new tax regime will be demanding and time consuming for most industries, but it will be particularly difficult for the superannuation industry." "Without the benefit of these ASFA activities many superannuation funds could have ended up paying too much GST or incurring penalties, which would have been to the detriment of the retirement benefits of fund members." Tour dates for the ASFA Roadshow include/d: Adelaide on 1 May; Perth 2 May; Sydney 4 May; Brisbane 8 May; Canberra 9 May; Melbourne 10 and 15 May and Hobart 16 May.
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