News
SPAA against audit report timing relief
The Self-Managed Super Fund Professionals' Association of
Australia (SPAA) has expressed its opposition to some regulatory
measures aimed at alleviating the strict timeline auditors have for
completing the audit report of a self-managed super fund (SMSF) (16
February 2012) More...
Stonger Super second tranche amendments
released
The government has released amendments to the second tranche of the
Stronger Super legislation. This includes expanding the covenants
for registrable superannuation entity (RSE) licensees, applying new
trustee duties to trustees of an RSE that offers a MySuper product
and applying personal duties to the directors of corporate trustees
in their own right. It also provides details of the power for APRA
to issue prudential standards in relation to superannuation (16
February 2012) More...
FOFA impact statements fall short: OBPR
The Office of Best Practice Regulation (OBPR) said government
regulatory impact statements (RIS) on six areas of proposed
financial advice reforms did not meet best practice standards (15
February 2012) More...
ASIC releases guidance on advertising
We have released guidance to help promoters comply with their legal
obligations when advertising financial products and services (14
February 2012)
More...
Director liability laws gain steam
The Australian government has released an exposure draft of the
proposed Personal Liability for Corporate Fault Reform Bill
2012. The ED would amend Treasury (non-taxation) portfolio
legislation to comply with Council of Australian Government
principles (14 February 2012)
More...
Exposure draft opens door to online super –
superannuation and payment standards
The Government has released a draft of superannuation data and
payments standards. The proposed standards would assign super fund
members a number like the tax system's TFN. The reforms would
also amend the Superannuation Industry (Supervision) Act to provide
the tax commissioner with the ability to issue mandatory
superannuation data and payment standards. (13 February 2012) More...
Trio trustee to seek further Government
assistance
The acting trustee of Trio Capital will seek additional
compensation from the government to benefit the members of four
APRA-regulated superannuation funds that were formally under the
trusteeship of Trio. The assistance was granted under part 23 of
the Superannuation Industry (Supervision) Act 1993 (13 February
2012) More...
Announcement close on accountant exemption under
FOFA
After months of negotiations, the Federal Government is likely to
replace the so-called 'accountant's exemption' with a
limited, non-product licensing regime, the final issues being
discussed between the major accounting bodies and the Government
(09 February 2012)
More...
Federal Government acts on Remuneration Tribunal
decisions
Legislation introduced in Federal Parliament will reform key
entitlements of MPs and some former politicians. The legislation
will also limit undesirable windfall superannuation gains resulting
from decisions of the independent Remuneration Tribunal (09
February 2012) More...
ASFA releases MySuper paper
The Association of Superannuation Funds of Australia (ASFA) has
released a research paper focusing on the federal government's
low cost superannuation product, MySuper that outines strategic and
operational considerations for superannuation funds, and the
proposals contained in MySuper legislation before the parliament
and draft legislation (06 February 2012) More..
Improving consumer and investor
confidence
Author: Peter Kell (speech)
Delivered to the Association of Superannuation Funds of Australia
(ASFA) NSW February Luncheon Briefing (14 February 2012)
More...
Treasury: Super fund loans
Treasury has released an
exposure draft of amendments to the Corporations Regulations
2001 to provide that certain borrowing arrangements by
superannuation fund trustees permitted by the Superannuation
Industry (Supervision) Act 1993 (SIS Act) are financial products
under the Corporations Act 2001.
Limited recourse borrowing arrangements are permitted under
subsections
67A and
67B of the SIS Act. Financial institutions who currently
provide SMSF loans may need to vary their AFSL licence if they are
not currently authorised to issue securities or derivatives (14
February 2012)
Treasury: Disclosure of superannuation
contributions
Treasury has released an
exposure draft for the payslip reporting of superannuation
contributions.
This measure will amend the Superannuation Industry (Supervision)
Act 1993 (the SIS Act) to require employers to report, on payslips,
any information prescribed in the regulations about superannuation
contributions. The regulations will in turn require employers to
report the amount of superannuation contributions, as well as the
date on which the employer expects to pay them. (14 February
2012)
Retirement Savings Accounts Amendment
The Retirement
Savings Accounts Amendment Regulation 2012 (No. 1) reduces the
minimum payment amounts for account-based pensions by 25 per cent
for the 2012-13 financial year.
The reduction in the minimum payment amounts for 2012-13 applies to
account-based annuities and pensions, allocated annuities and
pensions, and market linked annuities and pensions.
This measure is designed to assist pension account balances to
recover from capital losses associated with the global financial
crisis (14 February 2012)
ASIC: Policy on indirect
self-acquisitions
Indirect self-acquisition occurs where shares in a company are
issued or transferred to an entity it controls. Regulatory
Guide 233 Indirect self-acquisition: Relief for investment
funds (RG 233) provides that ASIC may grant
conditional relief for investment funds and similar entities to
acquire shares in their listed parent company for the benefit of
investors (16 February 2012)
More...
ASIC: secured debt products
New measures by ASIC help ensure issuers of debt products such as
debentures and notes provide investors and financial consumers with
the information they need to make informed decisions about
investing in these products. ASIC has also updated its
Regulatory Guide 69 Debentures and notes: 'Improving
disclosure for retail investors', and uploaded more
information about secured debt products on its MoneySmart website
(08 February 2012)
More...
Legislation
[Draft] Superannuation Legislation Amendment (Stronger
Super and Other Measures)
Bill 2012
The Government has released for public consultation an exposure
draft for the payslip reporting of superannuation contributions
measure and the accompanying explanatory materials.
This measure will permit the Australian Taxation Office to
disclose details of an individual's superannuation interests
and superannuation benefits to superannuation providers and their
administrators to enable funds to assist their members to find and
consolidate their superannuation interests.
20/02/2012 Submissions close 14/02/2012 Open for Consultation and
Comments
Retirement Savings Accounts Amendment Regulation 2012
(No. 1) SLI 2012 No. 1
This Regulation amends the Retirement Savings Accounts Regulations
1997 and gives effect to the Government's announced measure to
reduce the minimum payment amounts for account-based pensions by 25
per cent for 2012-13 (13 February 2012) More...
Superannuation Industry (Supervision) Amendment
Regulation 2012 (No. 1) SLI 2012
No. 2
This Regulation amends the Superannuation Industry (Supervision)
Regulations 1994 and gives effect to the Government's announced
measure to reduce the minimum payment amounts for account-based
pensions by 25 per cent for 2012-13 (13 February 2012). More...
Cases
Montgomery Wools Pty Ltd as trustee for Montgomery Wools
Pty Ltd Superannuation Fund [2012] AATA 61
SUPERANNUATION – superannuation funds – self
managed superannuation fund – complying superannuation
fund – subject of review – role of Tribunal
– whether contravention of regulatory provisions
– in-house assets rule – whether there was a
loan – financial accommodation – sole purpose
test – investments to be arm's length –
required to deal – discretion to issue notice of
non-compliance – tax consequences – seriousness
of contraventions – other relevant considerations
– whether removal of trustee is available –
decision under review is affirmed. More...
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
