In the media
Misguided tax law puts directors under risk over unpaid super entitlements OPINION John Colvin - The Australian – 06 July 2012 - While COAG works to remedy the economic problems caused by ill-advised legislation, the federal government adds to the director liability burden. The Tax Laws Amendment (2012 Measures No 2) Bill 2012, passed through Parliament, means all of Australia's 2.2 million directors are at risk of being personally liable for a company's unpaid employee superannuation guarantee entitlements. More...
Employers caution against super shake-up
SMH – 05 July 2012 - Employers have cautioned against a
radical shake-up of the $7 billion-a-year market for managing the
retirement savings of many of the nation's lowest paid workers.
The Productivity Commission last week criticised the superannuation
arrangements for the 1.5 million workers covered by industrial
awards, a market dominated by union-linked industry super funds.
More...
New research links past super fund performance with
future performance
INDUSTRY SUPER NETWORK – 05 July 2012 - New research
undertaken by Deloitte Access Economics (DAE) has revealed that the
track record of super funds in delivering returns to members is a
valuable measure of how they will perform in the future (compared
to other funds). The research undertook detailed analysis of
official APRA fund level data over eight financial years (2004 to
2011) to determine if the relative performance of superannuation
funds in the first four-year period was replicated in the second.
More...
Hard-working Australians missing $17.4 billion in lost
superannuation
DAILY TETEGRAPH – 04 July 2012- Hard-working Australians
are missing $17.4 billion in lost superannuation - more than the
Big Four banks' half-yearly profits combined. New figures show
the average value in 3.6 million lost or forgotten super accounts
has reached $4800.
More...
Found: $2.8 Billion In Lost Super
BILL SHORTEN - 04 July 0212 - More Australians are being reunited
with their superannuation with the total amount of lost super now
$17.4 billion, a 14 per cent fall from the previously reported
total of $20.2 billion. Minister for Financial Services and
Superannuation, Bill Shorten said the lost super figures released
today were a step in the right direction and demonstrated that the
Government's initiatives to reform the super system were making
an impact. "The number of lost member accounts fell from 5
million to 3.6 million - a reduction of 28 per cent," Mr
Shorten said.
More...
Super funds in $4 billion merger
ABC – 03 July 2012 - Two superannuation funds have
merged to form a $4 billion fund with 160,000 members.
StatewideSuper and Local Super operate in South Australia and the
Northern Territory. A name for the merged fund is yet to be
finalised.
More...
ASFA welcomes merger of StatewideSuper and Local
Super
ASFA – 03 July 2012 - The Association of Superannuation
Funds of Australia welcomes the completion of the merger of
StatewideSuper and Local Super, creating a $4 billion,
160,000-member superannuation fund that will be the leading
industry fund based in South Australia and the Northern Territory.
More...
Large funds to contribute more to levy
INVESTOR DAILY – 03 July 2012 - Treasury has increased
the maximum rate that large superannuation funds will have to
contribute to the supervisory levy for 2012/13, which in part will
pay for the implementation of SuperStream. The Australian Institute
for Superannuation Trustees (AIST) said the revision of the maximum
amount provided a better balance between the contribution of
smaller and larger super funds. More...
Superannuation Boost for 3.6 Million
Australians
BILL SHORTEN 01 July 2012 - The Government will make the
superannuation system fairer by ensuring that low income
individuals earning up to $37,000 a year effectively pay no tax on
their superannuation contributions, FROM 01 July 2012. The measure,
known as the Low Income Superannuation Contribution, is funded by
the Minerals Resource Rent Tax.
More...
Default selection process must protect
members
AIST – 29 June 2012 - The Australian Institute of
Superannuation Trustees has welcomes the release of the draft
report from the Productivity Commission into default superannuation
arrangements as a starting point for further discussions on the
selection of default super funds in Industrial Awards. These
included appropriate return and risk profiles for employees,
insurance needs and issues around members being switched to more
expensive funds upon exiting employment.
More...
Report urges transparency on super
options
PC – 29 June 2012 - The Productivity Commission is
calling for more transparency and competition in the selection of
default superannuation funds. In a draft report, the commission has
urged the Federal Government to give workers more options for their
default fund.
More...
Carbon tax marks biggest overhaul since the
GST
SMH – 23 June 2012 - Households and businesses face the
biggest tax shake-up in more than a decade in just over a week, as
the carbon price and major changes to tax rates and family payments
take effect. Tax increases on superannuation will target higher
income earners, while people earning less than $37,000 will
effectively pay no tax on compulsory super contributions.
More...
ASIC updates policy on administrative action against
financial services providers
ASIC - 28 June 2012 - ASIC have released a revised version of
Regulatory Guide 98 to assist participants in the financial
services industry understand when and how we may take
administrative action such as a banning action.
More...
Report 291 Custodial and Depository services in
Australia (REP 291)- July 2012
Author: Australian securities and Investments Commission
Foreshadows ASIC's intention to consult with industry about
updating its regulatory guidance for the holding of scheme
property. In addition, ASIC are proposing changes to the financial
resource requirements of custodians, and to require responsible
entities and other financial product issuers to provide clearer
disclosure about the role of custodians in retail marketing
material, including product disclosure statements (PDS).
More...
Persistence in Superannuation Fund Returns –
June 2012
Author: Deloitte Access Economics; Industry Super Network (ISN)
commissioned. The report indirectly supports findings of Rainmaker
research conducted several years ago that found persistency in
market rankings of default options in workplace super funds. This
latest research report analysed raw returns in two three year
periods, the first between 2004 and 2007 and the second between
2008 and 2011.
Report
Custodians face greater ASIC scrutiny
Author: Bela Moore; SuperReview 05 July 2012
The ASIC 'good practice' recommendations for custodians
and responsible entities released today address ASIC's concerns
regarding the safety of investment assets that custodians hold,
their duty of care, and whether custodians have internal controls
ensuring the safety of assets held for others - particularly in
light of recent collapses in the financial services industry.
More...
Super funds hiding behind the rules: Superannuation
Complaints Tribunal
Author: Benjamin Levy; SuperReview 05 July 2012
The chairperson of the Superannuation Complaints Tribunal, Jocelyn
Furlan, has strongly criticised super funds for trying to use
superannuation rules as a fig leaf when dealing with member
complaints, in an address to the Australian Institute of
Superannuation Trustees client services symposium in Melbourne.
More...
SuperSeeker online
Recent enhancements to the online tool
SuperSeeker make it much easier for people to keep track of
their super. By logging into a secure system people can see details
of their active accounts, as well as any lost super and super that
the Australian Taxation Office holds on their behalf.
Consultation for Default Superannuation Funds: Draft
Report
This draft report was released on 29 June 2012 to assist
participants in preparing a submission to the public inquiry into
Default Superannuation Funds in Modern Awards. The public are
invited to examine this draft and provide written comment. The
deadline for all written responses is Friday 3 August 2012. More...
ASFA 2012 – Sydney, 28-30 November
2012
The opening speaker at this year's Conference will be former
prime minister Paul Keating; a key figure in the history of
superannuation in Australia. It's a fitting start to ASFA 2012
which celebrates 20 years of SG and 50 years of ASFA. Register
now
ASFA: MySuper authorisation and Transition to MySuper
Standard SPS 410
ASFA would like to make a more general comment about the
timeframes of the Authorisation process and compliance with the
Standard 4 July – Submission
ASFA: Refund of excess concessional contributions
regulations
Rules for pensions and annuities in Subdivision 1A.1 of the SIS
Regulations. The concern is that a member may have converted their
accumulation benefit into an income stream prior to receiving an
offer from the Commissioner of Taxation. To address this, ASFA
requests that consideration be given to amending SIS Regulations: 4
July – Submission
Consultation - APRA releases proposed eligible rollover
fund authorisation requirements
The Australian Prudential Regulation Authority (APRA) released for
consultation a discussion paper on proposed arrangements for the
authorisation of eligible rollover funds (ERF). Accompanying the
discussion paper is a draft authorisation application form together
with instructions (28 June 2012). More...
ASIC - policy on administrative action against financial
services providers
The revised policy reflects amendments to ASIC's
administrative powers under the Corporations Act (the Act),
introduced as part of the Future of Financial Advice (FOFA) reforms
which are due to commence on 1 July 2012. Other revisions ensure
consistency between RG 98 and Information Sheet 151 ASIC's
approach to enforcement (
INFO 151), which sets out how ASIC exercises its enforcement
powers (28 June 2012).
More...
ASIC - information sheet for licensing of financial
services in emissions units
ASIC's Information Sheet 156 Applying for a licence for
emmissions units (
INFO 156) coincides with the end of a two-month registration
period (1 May – 30 June 2012) that temporarily authorised
registrants to provide certain financial services regarding
emissions units prior to holding an AFS licence for those
activities. From 1 July, individual or entity that provides
financial services in those units will require an AFS licence
unless an exemption applies (27 June 2012).
More...
Legislation
Commonwealth
Acts
Superannuation Supervisory Levy Imposition Amendment Act
No 92 of 2012
An Act to amend the Superannuation Supervisory Levy Imposition Act
1998, and for related purposes
Administered by: Treasury Originating Bill: Superannuation
Supervisory Levy Imposition Amendment Bill 2012- Registered 05 July
2012. More...
Superannuation Legislation Amendment (Stronger Super)
Act No 91 of 2012
An Act to amend the law relating to superannuation, and for other
purposes
Administered by: Treasury; Originating Bill: Superannuation
Legislation Amendment (Stronger Super) Bill 2012 - Registered 05
July 2012. More...
Tax and Superannuation Laws Amendment (2012 Measures No.
1) Act No 75 of 2012
An Act to amend the law relating to taxation and superannuation,
and for related purposes
Administered by: Treasury; Originating Bill: Tax and
Superannuation Laws Amendment (2012 Measures No. 1) Bill 2012 -
Registered 03 July 2012. More...
Corporations Amendment (Further Future of Financial
Advice Measures) Act No 68 of 2011
An Act to amend the law in relation to financial products, and for
related purposes
Administered by: Treasury Originating Bill: Corporations Amendment
(Further Future of Financial Advice Measures) Bill 2011 Registered
02 July 2012 - Date of Assent 27 June 2012. More...
Corporations Amendment (Future of Financial Advice) Act
No 67 of 2012
An Act to amend the law in relation to financial advice, and for
related purposes
Administered by: Treasury Originating Bill: Corporations Amendment
(Future of Financial Advice) Bill 2011 Registered 02 July 2012 -
Date of Assent 27 June 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.