Australia: Superannuation & Funds Management - 6 March 2012

Last Updated: 12 March 2012

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...

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