Australia: Superannuation & Funds Management - What's News in Superannuation and Funds Management - 13 June 2012

Last Updated: 16 June 2012
Most Read Contributor in Australia, September 2016

In the media

Infrastructure projects lure super funds
08 June 2012 - A panel of experts, including Minister for Superannuation Bill Shorten and ex-Victorian premier Steve Bracks, has warned super funds are forced to invest in short-term assets because there are not enough large-scale projects. More...

AIST requests Treasury levy briefing
07 June 2012 - The Australian Institute of Superannuation Trustees (AIST) has asked Treasury to explain how it estimated the $467.1 million in implementation costs for SuperStream. AIST members were surprised by the high level of the proposed levies and the lack of detailed information about the expenditure being funded by the levy. More...

Transparency needed on SuperStream costs
04 June 2012 - Superannuation industry associations have criticised Treasury for a lack of detail on costing the implementation of the federal government's SuperStream. Treasury released its consultation paper yesterday outlining financial industry levies, including SuperStream, and opened the legislation for consultation. More...

Super funds consider reverse mortgage products
05 June 2012 - Financial advisers and aged-care providers are joining the parties interested in reverse mortgages. The survey, commissioned by the Senior Australians Equity Release Association (SEQUAL), showed 10 per cent growth on the previous survey, with more than 42,000 RMs having total outstanding funding of $3.3 billion. More...

Universities' funding hole for super liabilities – NSW
NSW Audit Office - 30 May 2012 - There is a critical need for NSW universities to negotiate funding arrangements for superannuation liabilities with the Australian Government as universities face increasing employee retirements, according to NSW Auditor-General, Mr Peter Achterstraat, following the release of his financial audit report to Parliament. In just one year, superannuation liabilities for universities have increased from $3 billion in 2010 to $4.3 billion in 2011. More...

First State Super Trustee Corporation: Own Motion Investigation Report
Author: Timothy Pilgrim, Privacy Commissioner- June 2012 The Privacy Commissioner Timothy Pilgrim found the superannuation firm to be in violation of the National Privacy Principals contained within the Privacy Act, because it failed to place sufficient security measures to protect customer information. More...

APRA superannuation statistics for March 2012
Author: APRA – 07 June 2012
Quarterly Superannuation Performance publication- The combined rate of return for the March quarter was 5.4 per cent. The rate of return for corporate funds was 5.5 per cent, industry funds 5.4 per cent, retail funds 5.3 per cent and public sector funds 5.3 per cent. More...

Reminder: Superstream Advisory Council - Call for Nominees
The Government is calling for nominations from individuals interested in being appointed to the SuperStream Advisory Council. SuperStream is a package of reforms that will improve the operation of the superannuation system, making it easier for members to keep track of and consolidate their superannuation accounts and making the system more efficient by streamlining the operational processes for funds and employers Nominations close on Friday 22 June. See the Fact Sheet for additional background on SuperStream (June 2012)

[Draft] Superannuation Industry (Supervision) Amendment Regulation 2012
Commencement: This regulation commences on the day after it is registered.
These will amend the Superannuation Industry (Supervision) Regulations 1994. The Minister for Financial Services and Superannuation has agreed for the Treasury to release for public consultation an exposure draft for the refund of excess concessional contributions regulations and the accompanying explanatory materials, are now open for consultation from 31 May 2012

[Draft] Retirement Savings Accounts Amendment Regulation 2012
Commencement: This regulation commences on the day after it is registered.
The Minister for Financial Services and Superannuation has agreed for the Treasury to release for public consultation an exposure draft for the refund of excess concessional contributions regulations and the accompanying explanatory materials. These regulations will amend the Superannuation Industry (Supervision) Regulations 1994 and the Retirement Savings Accounts Regulations 1997. Submissions close on 29 June 2012

Treasury - Exposure drafts of FOFA grandfathering and other regulations released
Treasury has released exposure drafts of the FOFA Regulations on Grandfathering and the first package of amendments in the Corporations Amendment Regulation 2012 (No.) containing provisions relating to charging ongoing fees to clients and conflicted remuneration. Section 1528 of the Corporations Act will grandfather benefits based on investments in financial products acquired before the application day. The intention of the grandfathering arrangements is to preserve any existing contractual rights to receive ongoing product commissions (28 May 2012)

First Package of FOFA Regulations
Treasury has released the draft Corporations Amendment Regulation 2012 (the draft Regulation) and the associated explanatory statement (both undated) for public comment. The draft Regulation proposes amendments to the Corporations Regulations 2001 No. 193 (Cth) and will build on changes already introduced by previous Future of Financial Advice (FOFA) legislative packages (30 May 2012)


Rawson and Commissioner of Taxation [2012] AATA 322
Superannuation - concessional contribution - excess contributions tax – Commissioner's discretion to make a determination to disregard concessional contribution or to allocate concessional contribution to another financial year - timing of contributions – consideration of when a concessional contribution is "made" - contribution by applicant's employer by BPay - meaning of "special circumstances" – "object" of Division 292 - whether contribution made would more appropriately be allocated towards another financial year - whether it was reasonably foreseeable, when the contribution was made, that the taxpayer would have excess contributions - terms of any agreement or arrangement between taxpayer and payer as to the amount and timing of the contribution - extent to which taxpayer had control over the making of the contribution – Commissioner's objection decision affirmed. More...

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