Australia: Superannuation & Funds Management - 6 March 2012

Last Updated: 12 March 2012
Most Read Contributor in Australia, September 2016

What's News - 6 March 2012


New super bill enters parliament

The Gillard Government has introduced the Tax and Superannuation Laws Amendment bill into parliament, which it said would create more flexibility and support for super contributions. The bill (2012 Measures No.1) details a number of proposed changes, including a suggested halt in the rise of indexation of the super concessional contributions cap for one year (02 March 2012) More...

CBA banks on its top-rating super fund

A Superannuation scheme for workers at the Commonwealth Bank tops the table of Australia's best major super funds over the past eight years. The Australian Prudential Regulation Authority report shows the major industry super funds returned on average 6.8 per cent a year over the past eight years, compared with 4.6 per cent for retail funds (01 March 2012) More...

Super outcome for super funds

Up to 6.9 million inactive superannuation accounts are likely to be reunited with their owners under new reforms announced by the Minister for Financial Services and Superannuation. The figure emerged from a research project undertaken by the Financial Services Council (FSC) which evaluated plans to automatically roll over inactive super accounts with less than $1,000 in them into their owners' active accounts (28 February 2012) More..

Half of super funds have no reserves: APRA

Only 47 per cent of superannuation funds regulated by the Australian Prudential Regulation Authority (APRA) held formal reserves, with the remaining 53 per cent having no unallocated benefits to cope with unexpected costs (01 February 2012) More...

FOFA provisions will go ahead: PJC

The date is set for FOFA to start on July 1 this year with the Parliamentary Joint Committee releasing its report, complete with 15 new reco, but it recommended an independent review of the implementation process (01 February 2012) More...

ASIC calls for better executive remuneration disclosure

ASIC has called on companies to improve the disclosure of their remuneration arrangements for directors and executives On 21 February 2012 the Parliamentary Secretary to the Treasurer, announced law reform proposals (opens new window) to provide more disclosure of remuneration arrangements in annual reports. These, if implemented, will supplement the current provisions which were the subject of ASIC's review (29 February 2012) More...

Productivity Commission questions default superannuation fund arrangements

The Productivity Commission (PC) has made clear that it will be delving deeply into the competition and transparency issues surrounding the selection of default superannuation funds under modern awards (01 March 2012) More...

Shorten considers FOFA extension

The Federal Government is considering postponing the commencement date of the FOFA reforms. There now may be transitional arrangements from 1 July 2012 to allow industry sufficient time to implement the reforms (such as allowing industry time to make IT changes) (28 February 2012) More...

PJC will not rewrite MySuper: Ripoll

Parliamentary Joint Committee chair Bernie Ripoll says the committee may use evidence presented at a hearing to make recommendations, however, the Parliamentary Joint Committee (PJC) on Corporations and Financial Services has no intention of rewriting MySuper ( 29 February 2012) More...

New ECC rules to extend beyond super

The ATO may have the ability to address taxation matters beyond superannuation under proposed legislative amendments. The new rules contained in the exposure draft dealing with the reimbursement of super fund excess concessional contributions are set to influence taxation matters beyond superannuation if left in their current form (27 February 2012) More...

Superannuation Roundtable Meets For the First Time

The Gillard Government's plans for smarter, simpler, fairer superannuation took another step forward with the inaugural meeting of the Superannuation Roundtable in Sydney. Participants agreed it would further discuss ways to provide a better deal for women in regards to superannuation and discussions about the administration of concessional caps for over 50s (25 February 2012) More...

$150m at stake in reform delay

Financial advisers could pocket an extra $150 million in commissions if the government agrees to industry demands to delay its overhaul of financial advice. Financial Services Minister Bill Shorten is expected to reveal soon whether he will grant the industry a one-year delay to the Future of Financial Advice reforms, which include a ban on advisers receiving commissions (27 February 2012) More...

Phase-in FOFA and boost self-funding: FPA

The FPA has called on the government to allow one-year transition to the FOFA reforms and remove the SG from contribution caps (24 February 2012) More...

ASIC wants MIS underlying portfolio disclosure

ASIC will push for underlying portfolio disclosure of managed investment schemes (MIS). Chair Greg Medcraft said custodians needed to conduct higher levels of due diligence on their clients and custodians, themselves, needed to be subject to greater regulatory scrutiny (23 February 2012) More...

Levels of advice need clear definitions

The FPA's professionalism chief has told ASIC that different types of advice need to be clearly defined to facilitate scaled advice (22 February 2012) More...

ASIC puts MDA brokers on notice

The corporate regulator has warned brokers of managed discretionary accounts (MDA) they are in its sights as part of a proactive strategy to deter crime and protect investors. Hedge funds, private equity targets also warned (21 February 2012) More...

Annual superannuation figures to 30 June 2011

Australian Prudential Regulation Authority Annual Superannuation Bulletin for the financial year to 30 June 2011 (29 February 2012) More...

Superannuation fund-level performance data

Australian Prudential Regulation Authority APRA performance data for individual superannuation funds, covering the eight-year period from 2004 to 2011 (29 February 2012) More...

Default superannuation funds in modern awards - issues paper

Australian Productivity Commission Compulsory superannuation is a core element of Australia's retirement income system (29 February 2012) More...

New Practice Note - Federal Court of Australia

The Federal Court of Australia (FCoA) has released Practice Note CM 21 This Practice Note clarifies the appropriate title of proceedings against the Commonwealth Tribunals including the SCT (17 February 2012 )

ASIC releases draft disclosure guidance for hedge funds

ASIC released for consultation draft regulatory guidance with new disclosure benchmarks and principles for hedge funds to improve investor awareness of the risks associated with these products ( CP 174) sets out the specific features and risks of hedge funds that should be addressed in a Product Disclosure Statement (PDS) for these products. Comments on the consultation paper are due by 19 April 2012 (23 February 2012) More...

ASIC releases policy on enforcement and investigations

ASIC has released policy documents discussing how they undertake investigations and enforcement activity. The policy documents are: Information Sheet 151: ASIC's approach to enforcement ( INFO 151); Information Sheet 152: Public comment ( INFO 152) is about when ASIC may comment publicly on investigations and enforcement actions, and Regulatory Guide 100 Enforceable undertakings ( RG 100) (20 February 2012) More...



Tax and Superannuation Laws Amendment (2012 Measures No. 1) Bill 2012

A Bill for an Act to amend the law relating to taxation and superannuation, and for related purposes (02 March 2012) 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”

Mondaq Advice Centre (MACs)
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.