Australia: Superannuation and Funds Management - What's News - 12 November 2012

Last Updated: 18 November 2012
Article by Jenny Willcocks

Most Read Contributor in Australia, September 2016

In the media

Real estate yields on super funds' radar
MEDIA – 08 November 2012 -Sovereign and superannuation funds' direct investment in property is expected to increase in the coming year as managers seek higher-yielding returns. While some individual pension funds might have real estate allocations as high as 15 to 20 per cent, in most countries it remains below 10 per cent on average (08 November 2012). More...

Super's growth a challenge for ASIC
MEDIA – 07 November 2012 - Superannuation's growth over the next decade is one of the biggest challenges facing Australia's corporate regulator, according to ASIC chairman Greg Medcraft. As the size of the superannuation sector expands to $3 trillion over the next decade, the extra products, investors and funds will mean more risk to the financial system. More...

ASIC releases new financial requirements for responsible entities
ASIC - 07 November 2012 - Under new changes, which are the first significant changes in more than a decade to the rules covering financial requirements for MISs, REs must prepare 12-month cash-flow projections which must be approved at least quarterly by directors. More...

ASIC to seek penalties against operators of unregistered offshore managed investment funds
ASIC – 06 November 2012 - A date has been set down for next month to determine the penalty to be given to the unlicensed operators of more than a dozen offshore managed investment funds, which targeted Australian investors and self managed superannuation funds. More...

ASIC updates guidance on financial requirements for AFS licensees
ASIC – 01 November 2012 - ASIC have released guidance, clarifying the financial requirements with which Australian financial services licensees must comply as part of their licensee obligations. More...

Default fund legislation passes house
MEDIA – 01 November 2012 - The Federal Government's legislative changes (the Fair Work Act) to the selection of default funds under modern awards have passed the House of Representatives, despite industry and Coalition misgivings. More...

Industry funds snare retail member market share
SUPERREVIEW – 30 October 2012 - Members have been turning away from retail and corporate funds in favour of industry funds, a Deloitte report into Australian Prudential Regulation Authority (APRA) superannuation fund statistics claimed. More...

How can the superannuation sector invest in innovation / Gordon Noble, Director Advocacy and Policy Strategy, ASFA
Address to AusBiotech 2012 on 02 November 2012 More...

ASFA Submissions 2012
5 November 2012 - Submission to Australian Taxation Office - Superannuation data and payment standard and associated schedules.

Current Consultations
Reporting standards for superannuation – discussion paper
Submissions close 16 November 2012 Hosted by the Australian Prudential Regulation Authority
Reporting standards for superannuation - discussion paper


Sullivan and Commonwealth Superannuation Corporation [2012] AATA 774
DEFENCE FORCE RETIREMENT AND DEATH BENEFITS – applicant served with Australian peacekeeping force in the Sinai – discharged administratively – evidence that applicant suffered from post-traumatic stress disorder at time of discharge – whether applicant should be treated as if he was retired on ground of invalidity, or physical or mental incapacity to perform duties – decision under review affirmed. More...

Dickinson and Commissioner of Taxation [2012] AATA 762
SUPERANNUATION – Contributions – Excess contributions tax – Discretion to move excess contribution to another financial year – Discretion to be exercised only where there are special circumstances – Decision under review affirmed. More...

Australian Medical Services Pty Ltd and Commissioner of Taxation [2012] AATA 758
SUPERANNUATION - Nominal interest component of the superannuation guarantee contribution imposed under the Superannuation Guarantee (Administration) Act 1992 - whether nominal interest could be remitted – decision affirmed. More...

Sharp v Maritime Super Pty Ltd [2012] NSWSC 1350
DEEDS - question of construction of superannuation trust deed - consideration of principles applicable to contractual construction TRUSTS - duty of trustee to determine application by plaintiff - where trustee proceeded on basis of what has now been found to be an incorrect construction of the relevant Rule - whether matter should be remitted to trustee to make determination having regard to proper construction or whether Court should make a determination as to the entitlement claimed - where no evidence that trustee previously acted in bad faith - HELD - matter remitted to trustee for determination - Superannuation (Resolution of Complaints) Act 1993 (Cth); Superannuation Industry (Supervision) Act 1993 (Cth). 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.

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