Australia: Superannuation & Funds Management - What's News? - 22 February 2012

Last Updated: 24 February 2012
Most Read Contributor in Australia, July 2017


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...


[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...


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.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.


Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.


Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at and we will use commercially reasonable efforts to determine and correct the problem promptly.