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

Last Updated: 24 February 2012

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...

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