Australia: Superannuation & Funds Management - What's News - 4 September 2012

Last Updated: 9 September 2012
Most Read Contributor in Australia, September 2016

In the media

Public fund beats super returns - MEDIA – 01 September 2012 - The Future Fund outperformed the average Australian superannuation fund last financial year, thanks to a quarter of strong growth. However, the Future Fund is not directly comparable to super funds because it has the sole purpose of covering the government's pension liabilities for public servants and the Defence Force after 2020. More...

Adopt standard risk measure now - ASFA – 28 August 2012 – The Association has rebutted calls to halt the implementation of the Standard Risk Measure (SRM) and said it should be put in place before further changes to guidance are made. More...

Super risk alerts rapped - AFR – 27 August 2012 - Regulatory plans to introduce investment risk warnings on superannuation schemes have been panned by a coalition of industry groups, which fears it will spook investors into being too conservative. The proposed "standard risk measure", produced by the APRA and ASIC, is intended to boost transparency by disclosing the risk of negative returns over a 20-year period across investment options. More...

APRA releases quarterly superannuation statistics for June 2012 - APRA – 23 August 2012 - The Australian Prudential Regulation Authority has released its June 2012 Quarterly Superannuation Performance publication. Total estimated assets, which includes the assets of self-managed superannuation funds and the balance of life office statutory funds, rose by $49.6 billion (3.7 per cent) to $1.40 trillion over the 12 months to 30 June 2012, taking into account an increase of $3.8 billion (0.3 per cent) in total assets over the June quarter. More...

FSC governance policy imposes super board independence - MEDIA – 27 August 2012 - Super fund trustees with Financial Services Council (FSC) membership will need to have independent directors make up the bulk of the board under draft superannuation governance standards the industry body has released today. More...

FSC releases super governance policy - FSC – 27 August 2012 - The Financial Services Council has released a draft version of its superannuation governance policy designed to ensure best practice standards among fund trustees and improve operational transparency for fund members. Under the proposed policy, FSC members will have to comply with a series of specified criteria covering areas such as independence, conflicts of interest, and environmental, social and governance (ESG). More...

Lower house passes MySuper bill - MEDIA - 23 August 2012 - Legislation for the government's planned low-cost superannuation product, MySuper, has passed through the lower house following a number of amendments. Under the amendments, the government has deferred the date from which it will be mandatory for employers to make employee contributions to a fund offering a MySuper product by three months, from 1 October 2013 to 1 January 2014. More...

MySuper flipping ban passes lower house - MEDIA - 23 August 2012 - Tranche one of the Federal Government's MySuper legislation has passed through the House of Representatives, with some last-minute amendments. 'Flipping' is commonly used by bank-owned retail superannuation funds, which often transfer members into a new fund product with higher fees and inferior insurance. More...

Insurance standards to push costs - MEDIA - 23 August 2012 - Federal government attempts to improve the governance of insurance offered through superannuation funds are set to increase the costs to fund members. The draft IMF was published in April by APRA, and superannuation trustees must have their IMF in place by 1 July next year to comply with Prudential Standard SPS250 Insurance in Superannuation and section 52(7) of the Superannuation Industry (Supervision) Act 1993. More...

Government supports evidence based and expert led process for default funds
DEEWR – 23 August 2012 - The Gillard Government is proposing an evidence based and expert led process for selecting and assessing default superannuation funds in modern awards which will ultimately lead to more transparency and competition. More...

Industry superannuation funds outperformance a tribute to the representative trustee system - INDUSTRY SUPER NETWORK – 21 August 2012 - The superiority of the industry superannuation governance model has again been highlighted by the latest research out t from ratings agency Superratings, which shows that on the SR50 Balanced Index, industry superannuation funds outperforming retail funds over one, three, five, seven and ten years to 31 July 2012. More...

Penalties for Promoters of Illegal Early Release Schemes - DEPARTMENT OF THE TREASURY – 20 August 2012 - The Government has released for public consultation an exposure draft of legislation introducing penalties for promoters of illegal early release and the accompanying explanatory material. This measure will implement one of the Government's Stronger Super reforms and deter promoters of illegal early release schemes from undermining the Government's retirement policy and harming members in the process. More...

Roll-overs to SMSFs - DEPARTMENT OF THE TREASURY - 20 August 2012 - The Government has released for public consultation an exposure draft of legislation of legislation relating to roll-overs to self managed superannuation funds (SMSFs) and the accompanying explanatory material. This measure will implement one of the Government's Stronger Super reforms relating to the SMSF sector. More...

MySuper application process
Australian Prudential Regulation Authority (APRA)
APRA has released Ross Jones' speech to the Association of Superannuation Funds of Australia NSW Luncheon, Sydney, 20 August 2012. Download speech

Taxation Ruling TR 2010/1 - Addendum
Addendum - Taxation Ruling - Income tax: superannuation contributions.


Semperton & Semperton [2012] FamCAFC 132
FAMILY LAW – APPEAL – PROPERTY – DFRDB SUPERANNUATION – Where the central complaint in the appeal was the just and equitable effect of the orders, by reference to the Federal Magistrate's treatment of the husband's Defence Force Retirement and Death Benefits Scheme entitlement ("DFRDB") – Where the DFRDB entitlement is required to be valued in the proceedings in accordance with the Family Law (Superannuation) Regulations 2001 – Where the parties did not seek and in fact opposed a splitting order of the DFRDB entitlement – Where the Federal Magistrate included the DFRDB entitlement as property in the superannuation pool and gave consideration to the DFRDB entitlement again at the s 75(2) factors adjustment stage –Where in seeking to give effect to the parties' non- superannuation property entitlements, the Federal Magistrate had recourse to the superannuation property, including treating the DFRDB entitlement as having the full dollar value of its Regulations ascribed estimate– Where the nature of the DFRDB entitlement is a non-commutable income stream received as a fortnightly payment –Where the Federal Magistrate failed to have sufficient regard to the special nature of the DFRDB entitlement throughout the latter stages of the four stage process – Appealable error demonstrated – appeal allowed and applications remitted for rehearing. 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 payslip 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 payslips, 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.

29/08/2012 Submissions close (Superannuation Data and Payment Standards: Enabling Services)

16/08/2012 Submissions close (Intra fund consolidation of superannuation interests)

Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 3) SLI 203/2012
This regulation amends the Superannuation Industry (Supervision) Regulations 1994 to support the refund of superannuation excess concessional contributions measure recently made under the Tax and Superannuation Laws Amendment (2012 Measures No. 1) Act 2012. Commencement 21/08/2012 - Registered 20 August 2012. More...

Legislation Progress
The Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 has been passed by the House of Representatives. It establishes the core framework for MySuper products, which will replace existing default investment options in superannuation funds from 1 July 2013. The Government has deferred the date from which it will become mandatory for employers to make employee contributions to a fund offering a MySuper product, from 1 October 2013 to 1 January 2014.

[Draft] Tax Laws Amendment (2012 Measures No. 5) Bill 2012
The Minister for Financial Services and Superannuation has released for public consultation exposure draft materials to provide income tax relief for merging superannuation funds.
14/09/2012 Submissions close (Refunding Excess GST)
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)

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