In the media
Households in financial stress risk losing super
MEDIA -19 August 2012 - Desperate property owners on the brink of losing their homes are raiding their superannuation in record numbers, accessing more than $100 million in emergency funds in the past 12 months to keep the banks at bay. The claims for 2011-12 totalled $99.38 million, a 25% increase on the previous year and well above the value of payments made in the aftermath of the global financial crisis. More...
Directors liable for super picks
THE AUSTRALIAN - 16 August 2012 - Super fund directors can be held personally responsible for making bad investments after sweeping federal government changes. Rolled out as part of the commitment to improving the governance of Australia's $1.3 trillion superannuation industry, the measures have gone too far, legal experts say, and opened up directors to a new level of liability (16 August 2012). More...
Super governance Bill passes
FIN STANDARD – 16 August 2012 - The Federal opposition argues that a scale test on superannuation fund trustees inappropriately favours industry super funds. This comes on the back of legislation passing through Parliament, which gives the Australian Prudential Regulation Authority (APRA) the same powers over superannuation funds that it has over banks and insurance companies (16 August 2012). More...
Coalition say no to tougher super
TREASURY – 15 August 2012 – The Minister for Financial Services and Superannuation has welcomed the passage of legislation through the Parliament that raises the standard for those managing Australians' superannuation savings, as well as closing a regulatory gap by giving APRA the same powers over superannuation funds that it has over banks and insurance companies. More...
CSSA calls on Treasury for MySuper
FIN STANDARD – 14 August 2012 - The Corporate Super Specialists Alliance calls on Treasury to provide greater clarity and details on grandfathering provisions that will apply to the MySuper legislation, or move the implementation date to 2014. To date, Treasury has not released any details relating to platform superannuation and investments. More...
Watchdog probes Tatts super scheme
SMH – 13 August 2012 - Two directors and a senior executive from one of the country's oldest clubs have made millions from a superannuation fund they were holding in trust for members. A bookmakers co-operative is seeking legal advice and complaints have been lodged with the corporate watchdog, ASIC, over the scheme, which delivered more than $5 million to four of its trustees over a six-year period. More...
MySuper Bill could expose individual trustees to legal
FIN STANDARD – 13 August 2012 - Superannuation reforms could leave individual trustees open to litigation, causing a group of representative bodies to write to the Federal Government to voice their concerns. In a joint submission, the Australian Institute of Superannuation Trustees (AIST), the Financial Services Council (FSC), The Association of Superannuation Funds of Australia (ASFA) and ISN have flagged issues in the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012. More...
ASIC reviews asset consultants
ASIC – 09 August 2012 - As part of our focus on gatekeepers to the financial services industry, ASIC have conducted a review to consider the role of asset consultants in the superannuation and managed investments sectors. ASIC reviews asset consultants
Super to eclipse banks as primary lender:
FIN STANDARD – 09 August 2012 - Superannuation funds may have more money to lend than banks in under a decade, and could play a larger role in corporate lending than the corporate bond market, said Jeremy Cooper, architect of the government's Cooper Review. More...
Legal challenges face default super
FIN STANDARD – 08 August 2012 - The changing role of Government in recommending default super funds in modern awards could lead to worker legal action against the Commonwealth. The Law Council of Australia issued the warning at public hearings held by the Productivity Commission (PC) last week. Even if legislation was passed to protect either FWA or the expert panel and give them immunity from suit, Girgis said a moral hazard for the Government would still exist. More...
Pensions ruling opens Pandora's box for some super
SPAA – 08 August 2012 - The State Technical Days held by the SPAA has highlighted that the draft pensions ruling released by the Australian Tax Office (ATO) still leaves open a Pandora's Box on when a pension stops and starts. SPAA Director - Education and Professional Standards, said that the publication of the final ruling was eagerly awaited due to the significant impact it may have on funds that 'are not doing the right thing in the eyes of the Tax Commissioner'. More...
CAMAC has published its report Managed Investment
CAMAC – 07 August 2012 - The report is in response to a request from the Government for advice on various matters concerning the regulation of managed investment schemes (schemes) under Chapter 5C of the Corporations Act, following the failure in recent years of a number of high profile schemes, particularly in the agribusiness sector. More...
Speech to 2012 Citi Pension Executive
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% to 12%; MySuper; SuperStream; Superannuation Roundtable (11 July 2012). More...
Managed Investment Schemes Report
Author: Corporations and Markets Advisory Committee
It includes proposals for reform under the current legal framework as well as setting out an alternative legal framework for the regulation of schemes, described as the Separate Legal Entity (July 2012) Proposal. Click here to download the Report
Tax relief for merging superannuation funds - public consultation
Submissions close 24 August 2012 Hosted by the Treasury
Prudential Standards for superannuation frequently asked
APRA has published 12 new FAQs regarding the prudential standards for superannuation (15 August 2012) More...
MySuper frequently asked questions
APRA has published four new FAQs regarding MySuper (15 August 2012) More...
ASIC consults on FOFA reforms
ASIC have released consultation papers containing proposed guidance for two aspects of the Future of Financial Advice (FOFA) reforms – scaled advice and the best interests duty.
ASIC seeking feedback on proposals for:
Scaling advice while complying with best interests obligations: RG 200 to be replaced
Complying with best interests duty: RG 175 to be updated by end 2012
Consultation Paper 182 Future of financial advice: Best interests duty and related obligations – Update to RG 175 ( CP 182)
Consultation Paper 183 Giving information, general advice and scaled advice ( CP 183)).
The best interests duty obligations commence on 1 July 2013. Submissions to CP 182 and CP 183 close on 20 September 2012 (09 August 2012) ASIC consults on FOFA reforms
The Trustee for MH Ghali Superannuation Fund and
Commission of Taxation  AATA 527
TAXATION – Superannuation Fund – Unit Trust – fixed entitlement to the income of the Unit Trust – meaning of the expression fixed entitlement – fixed entitlement under an arrangement – the expression arm's length – special income – Capital Gains Tax – disposal of an asset – change of ownership – shortfall penalty – remission of penalty – adjustments to the Unit Trust register – value of the units – distributions of income – units held by the Superannuation Fund – distribution entitlements of the superannuation fund – the relationship of the Unit Trust and the Superannuation Fund. More...
Griffiths v The Trustees of the Parliamentary
Contributory Superannuation Fund  NSWCA 231
Appeal dismissed - STATUTORY INTERPRETATION - appellant and former member of Legislative Assembly married for duration of parliamentary service, divorced and remarried just prior to former member's death - whether appellant entitled to pension pursuant to s 23(1) of the Parliamentary Contributory
Superannuation Act 1971 - extrinsic materials not able to be relied upon to displace clear words of statute - Legislative Assembly Members Superannuation Act 1946. More...
Edington v Board of Trustees of the State Public Sector
Superannuation Scheme  QSC 211
EQUITY – TRUSTS AND TRUSTEES – PROCEEDINGS BETWEEN TRUSTEES AND BENEFICIARIES OR THIRD PARTIES – where the applicant was injured whilst working and received income protection payments – where the applicant applied for a total and permanent disablement benefit under the insurance administered with the work superannuation scheme – where the application was denied by the Board of trustees administering the scheme on the basis the disablement related to an undeclared pre-existing medical condition – where the Board's decision was reviewed by the Superannuation Complaints Tribunal – where the applicant applies under s 8 Trusts Act 1973 (Qld) for review of the Board's decision for alleged breach of duty as trustees– whether the review of the Board's decision by the Tribunal precludes this application in relation to the Board's process of decision making
PROCEDURE – JUDGMENTS AND ORDERS – IN GENERAL – CLASSIFICATION – FINAL AND INTERLOCUTORY – where the respondent applies under r 16 of the Uniform Civil Procedure Rules 1999 (Qld) for orders either striking out, setting aside or permanently staying the proceeding – whether the applicant has no real prospect of succeeding on any of the allegations – whether there should be a final hearing of the application. More...
[Draft] Superannuation Legislation Amendment (Stronger
Super and Other Measures Bill) (No. 2) Bill 2012
The Government has released for public consultation an exposure draft for the pay slip reporting of superannuation contributions measure and the accompanying explanatory materials. This measure will amend the Superannuation Industry (Supervision) Act 1993 (the SIS Act) to require employers to report, on pay slips, any information prescribed in the regulations about superannuation contributions. The regulations will in turn require employers to report the amount of superannuation contributions, as well as the date on which the employer expects to pay them.
20/02/2012 Submissions close 14/02/2012 Open for Consultation and Comments
[Draft] Tax Laws Amendment (2012 Measures No. 5) Bill
The Minister for Financial Services and Superannuation has released for public consultation exposure draft materials to provide income tax relief for merging superannuation funds. This measure provides temporary taxation relief in the form of loss relief and capital gains tax and revenue asset roll-over for merging superannuation funds. This exposure draft includes the changes announced by the Minister for Financial Services and Superannuation in his press release of 3 August 2012.
12/09/2012 Submissions close (GST Margin Scheme and Subdivided Land)
12/09/2012 Submissions close (Miscellaneous amendments to the taxation laws, including minor amendments to the Minerals Resource Rent Tax and Petroleum Resource Rent Tax legislation)
24/08/2012 Submissions close (Tax relief for merging superannuation funds)
Superannuation Legislation Amendments (Trustee
Obligations and Prudential Standards) Bill 2012
This Bill is the second tranche of legislation implementing the Government's MySuper and governance reforms as part of Stronger Super. The first tranche of legislation was introduced to the Parliament on 3 November 2011 as the Superannuation Legislation Amendment.
Senate 14/8/2012 Read a third time, passed all stages and awaiting assent
Superannuation Industry (Supervision) Amendment
Regulation 2012 (No. 2) SLI 2012 No. 183
This regulation amends the Superannuation Industry (Supervision) Regulations 1994 to require trustees of self managed superannuation funds (SMSFs) to consider insurance for members as part of the fund's investment strategy, keep money and other assets of an SMSF separate from those held by a trustee personally and by a standard employer-sponsor or an associate of a standard employer-sponsor and require SMSF assets to be valued at market value for reporting purposes.
Registered 06 August 2012 Commencement 07 August 2012. More...
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