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
Author: AUSTRAC
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
Author: AUSTRAC
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...
Cases
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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