Australia: Superannuation & Funds Management - What's News - 23 July 2012

Last Updated: 29 July 2012
Most Read Contributor in Australia, September 2016

In the media

First State Super excludes tobacco
HERALD SUN - 19 July 2012 – Superannuation fund First State Super has wiped from its investment portfolios all companies involved in the manufacture of tobacco products, in a move welcomed by cancer specialists.

SuperStream build needs limiting
INVESTOR DAILY – 19 July 2012 - The superannuation industry needs to limit the number of organisations that will build the technological infrastructure for SuperStream, according to IQ Business Group. The data standard will apply to both contributions and rollovers, and this means the technological infrastructure needs to be implemented by both senders and receivers – a Danger of multiple standards (19 July 2012). More...

Treasury heavy handed on portfolio disclosure
ASFA – 19 July 2012 - Despite industry plans to self regulate the full disclosure of a fund's investment holdings; Treasury has taken a "heavy handed" approach in its tranche three submission to the StrongerSuper legislation, said Margaret Stewart, general manager policy and industry practice, the Association of Superannuation Funds of Australia (ASFA). More...

AFA formalises code of conduct
AFA – 19 July 2012 - The Association of Financial Advisers (AFA) has formalised its practices and standards in the areas of education, professionalism and discipline with the delivery of a code of conduct to members. Under the AFA's code of professionalism, ethics and conduct, members will be tasked with abiding by 10 principles. More...

Government targets early release schemes; defers SMSF transfer ban
Promoters of illegal early release superannuation schemes will face tough penalties as part of the Government's Stronger Super reforms (16 July 2012). More...

My Adviser launches specialist authority
MYADVISER – 16 July 2012 - On the back of changes announced as part of the Future of Financial Advice (FOFA) guidelines, My Adviser has announced the launch of a specialist authority to enable accountants to continue to recommend and provide advice on self-managed super funds (SMSFs). More...

Super funds warn of infrastructure financing risk
AUST – 16 July 2012 – Australia's superannuation funds, worth $1.3 trillion, have warned that proposals for the states to embark on a privatisation spree could be undermined by sovereign risk concerns. Association of Superannuation Funds of Australia chief executive Pauline Vamos said that while existing assets would likely prove attractive, concerns about sudden shifts in government policy or the establishment of rival projects would be a concern. More...

Liquidation queries spike as directors test waters in not paying superannuation and taxes
New laws making company directors liable for unpaid superannuation and staff taxes have triggered a surge in liquidation inquiries. Insolvency experts say the landscape has "changed overnight" and that they have been inundated with queries from companies considering liquidation because directors fear their new liabilities (11 July 2012). More...

Published – articles, papers, reports

Speech to 2012 Citi Pension Executive Summit
Author: David Bushby, Assistant Treasurer David Bradbury
Discusses Strength of the Australian economy; Engagement with Asia; Foreign investment; Superannuation reforms; Increase in the SG rate from 9 per cent to 12 per cent; MySuper; SuperStream; Superannuation Roundtable (11 July 2012). More...

Typologies and case studies report 2012

AUSTRAC's 2012 typologies report is the sixth in an annual series of reports produced by the agency. The 2012 report includes 21 real-life case studies illustrating how legitimate services offered by Australian businesses have been exploited for criminal purposes (July 2012). More...

Serious and Organised Investment Fraud in Australia

A new and sophisticated type of organised investment fraud is actively targeting the savings of Australians. This report provides an insight into Serious and Organised Investment Fraud currently affecting Australia (12 July 2012). More...


Parliamentary Trustee of the Parliamentary Contributory Superannuation Fund v Commissioner of Taxation [2012] FCA 740
CONSTITUTIONAL LAW – Commonwealth legislation requiring superannuation funds to pay surcharge referable to notional contributions made for the benefit of high income earners – One such fund was that which related to members of Victorian Parliament – Victorian legislation established debt accounts for fund members, required members to pay out debit balances on retirement and provided option of commutation – Whether Commonwealth legislation interfered with ability of Victorian government to provide for remuneration of members of Parliament. More...

Colless and Commissioner of Taxation [2012] AATA 441
SUPERANNUATION – excess concessional contributions – clearing account provided by superannuation fund – PDS said funds held in clearing account not to be counted as a contribution to the superannuation account – contribution properly allocated to the 2007-2008 financial year – Tribunal does not have jurisdiction to consider allocating contributions to an earlier financial year – decision affirmed. More...

NGS Super Pty Ltd re Aged Care Award 2010 [2012] FWA 5836
Banking finance and insurance industry - Application to vary a modern award to update name of organisation - change of default superannuation fund - variation approved. More...

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