Australia: Superannuation & Funds Management - What's News? - 17 April 2012

Last Updated: 21 April 2012
Most Read Contributor in Australia, September 2016


ATO grabs 'lost' superannuation
New legislation relating to unclaimed super has seen the ATO collect more than $730 million in lost superannuation. According to research house SuperRatings, the amount held by the ATO doubled last financial year. A report released by the group says the new rules are having a significant impact on so-called "eligible rollover funds" (13 April 2012)

Financial advisers guilty of 'gaming' default superannuation fund system
Some financial advisers have been as guilty as trade unions in seeking to "unfairly game" the system around default superannuation funds under modern awards, according to the Financial Services Council (FSC) (11 April 2012) More...

Failed airline operator Air Australia on the spot over superannuation entitlements
A former airline boss had not paid staff superannuation entitlements for more than four months when Air Australia collapsed, yet it seems unlikely he will be criminally charged (13 April 2012) More...

FOFA benefits will outweigh burdens: Ripoll
Parliamentary Secretary to the Treasurer has outlined seven key benefits the Future of Financial Advice (FOFA) reforms would afford the industry as part of his address to the IPA. Ripoll listed more engagement with clients; a more competitive advice market; greater availability of advice; reduction in product fees; and removal of non-complying advisers from the industry as among the key benefits (13 April 2012) More...

A financial future to safeguard everyone
Despite the huge pressure exerted by financial planning and investment industry groups the FOFA reforms as they were first announced will remain intact with few changes (12 April 2012) More...

ACC: SMSFs hit by investment fraud
More than 50 Australian self-managed superannuation funds (SMSF) are among the victims of organised investment fraud against 2600 Australian investors, with total investor losses around $113 million, the chief of the Australian Crime Commission (ACC) has said (11 April 2012) More...

AIST and FSC Clash on Default Superannuation Selection Process
Industry bodies the Australian Institute of Superannuation Trustees (AIST) and the Financial Services Council (FSC) strongly disagree with each other over how default superannuation funds should be selected and monitored as part of awards, or industrial wage agreements, but agree that current processes are not sufficiently transparent (11 April 2012) More...

Member interests and employer choice paramount
The Australian Institute of Superannuation Trustees (AIST) and the Financial Services Council (FSC) have both supplied submissions to the current enquiry of the selection and ongoing assessment of default superannuation funds by Minister for Superannuation, Bill Shorten (10 April 2012) More...

AIST: Performance the key to default superannuation funds
Solid performance should be at the core of the selection of default superannuation funds under modern awards, according to the Australian Institute of Superannuation Trustees (AIST). The AIST submission also urges the continued participation of the industrial judiciary in the form of Fair Work Australia (10 April 2012) More...

Laws stifle employers choice of super funds
A new survey shows that employers face higher business costs as their choice of superannuation funds is stifled. The Financial Services Council commissioned the survey as part of a submission to the Productivity Commission (09 April 2012) More...

FOFA may further delay standard
The Accounting Professional & Ethical Standards Board will revisit its draft standard next month on accountants who give financial advice (05 April 2012) More...

SPAA warns of 'perfect storm' of contributions cap breaches SPAA has warned the jump in ECT breaches may only get worse when the concessional contribution cap for those aged 50 and over, with a superannuation balance over $500,000, is halved again from 1 July (05 April 2012) More...

Excess contributions tax statistical report 2012
Author: Australian Tax Office
Excess contributions tax (ECT) statistical information for key players in the superannuation environment, such as professional bodies, super funds and their members, current report show showing that ECT breaches had tripled in one year (30 March 2012) More...

APRA - new superannuation prudential practice guides
APRA has released a response letter and two prudential practice guides for superannuation trustees in the areas of contribution and benefit accrual standards, and payment standards.
The two prudential practice guides are:
SPG 270 – Contribution and benefit accrual standards for regulated superannuation funds;
SPG 280 – Payment standards for regulated superannuation funds and approved deposit funds.
(04 April 2012) More...

ASIC - FOFA Implementation
As the key regulator for the Future of Financial Advice reforms, ASIC has announced how it will manage implementation. ASIC will take a facilitative compliance approach for FOFA for the first 12 months: provided industry participants are making reasonable efforts to comply with the FOFA reforms, ASIC will adopt a measured approach where inadvertent breaches result from a misunderstanding of requirements or systems issues. All AFS licence holders must comply with the FOFA reforms from 1 July 2013. Therefore, ASIC will take a facilitative approach to compliance until 1 July 2014 (03 April 2012)

AUSTRAC - Draft AML/CTF Rules relased
Draft amendment to Chapter 2 relating to designated business groups (3 April 2012)
Draft amendment to Chapter 57 relating to applications for registration (3 April 2012) More...

APRA - Updated Superannuation Audit Form APRA has updated the Approved Form of Audit Report (undated) for auditors of registrable superannuation entities. The revised report form incorporates additional guidance and an updated lodgement process to APRA. More...



Superannuation Guarantee (Administration) Amendment Act of 2012 (No 22) An Act to improve superannuation coverage for employees and change the way of working out employers' individual superannuation guarantee shortfalls, and for related purposes
Originating Bill: Superannuation Guarantee (Administration) Amendment Bill 2011 (02 April 2012) More...

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