Australia: Superannuation & Funds Management - What's News - 11 December 2012

Last Updated: 15 December 2012
Most Read Contributor in Australia, September 2016

In the media

Super fund returns dip back below double digits
MEDIA – 05 December 2012 - Super fund 12 month rolling returns have dipped back below double digits, but at 8.3% (31 October) are still twice the term deposit benchmark. Results of Rainmaker's just released SelectingSuper workplace default option index confirm the recovery in fund returns since June when returns averaged only 0.5% (05 December 2012). More...

MySuper Tranche 3 clears House of Representatives
MEDIA – 30 November 2012 - Tranche 3 of the Government's MySuper legislation has passed through the House of Representatives. The Bill contains one of the key components of the Gillard Government's superannuation reform, rules that set out the transition from existing super products to the new framework. The transition to MySuper occurs on 1 July 2017. More...

Unclaimed money and lost super now properly protected
TREASURER – 29 November 2012 - Australians who have lost track of superannuation or old bank accounts will now have their money returned faster and interest paid to preserve its real value under reforms passed by the Parliament. More...

Government increases penalties for illegal early superannuation release
MEDIA – 30 November 2012 - The Federal Government has moved to significantly lift the penalties which can be imposed for those found guilty of involvement in illegal early release superannuation schemes, which will see the promoters of such schemes facing both civil and criminal penalties including a fine of up to $340,000 and the possibility of imprisonment for up to five years. More...

Final Tranche of MySuper legislation introduced
TREASURER – 29 November 2012 - The Minister for Financial Services and Superannuation introduces into Parliament the fourth and final Tranche of legislation implementing the MySuper and governance elements of the Government's Stronger Super reforms. The legislation will ensure a trustee is obliged to enter into arrangements which are in the best interests of members (29 November 2012). More...

In-house investment management risky
MEDIA – 30 November 2012 - When you bring investments in-house you turn manager 'agency risk' into a HR (human resource) risk, and internal managers are harder to terminate says associate professor at the UNSW Australian School of Business at the ASFA annual conference. More...

ASFA Board changes
MEDIA – 29 November 2012 - At the Association of Superannuation Funds of Australia (ASFA) annual general meeting (AGM), David Elia, Chief Executive Officer of HOSTPLUS Superannuation Fund, was welcomed as a new board member, representing industry funds. The new ASFA Board outlines the industry leaders here. More...

Investment disputes approaching pre-GFC levels: FOS
MEDIA – 26 November 2012 - Investment disputes put forward to the Financial Ombudsman Service (FOS) achieved a 14 per cent decrease in the 2011-2012 financial year, according to the FOS annual review (26 November 2012). More...

Consumers and 18,000 Financial Planners and Advisers benefit from Government reforms
TREASURER – 28 November 2012 - Minister for Financial Services and Superannuation releases draft legislation which will increase protections for Australian consumers by preventing anyone who is not a qualified financial planner or financial adviser from telling consumers that they are. More,,,

Enshrinement of "financial planner" to provide greater consumer protection
FPA – 28 November 2012 - The FPA welcomes the government's release of the draft legislation for enshrining the term financial planner/adviser in Australia. Currently, under the Corporations Act 2001, there is no constraint on individuals calling themselves financial planners irrespective of their training, competence, and even licensing (28 November 2012). More...

A good step forward for professional accountants moving into the AFSL regime
CPA – 28 November 2012 - The release by the federal government of draft regulations to establish a conditional Australian Financial Services Licence for professional accountants is an important step towards transitioning professional accountants into the new regime, say CPA Australia and the Institute of Chartered Accountants Australia (28 November 2012). More..

Trustee obligations: How to tell the new story to members
A speech by ASIC Commissioner, Greg Tanzer delivered at the Association of Superannuation Funds of Australia (ASFA) Annual Conference 2012, 28 November 2012. More...

ASFA Submissions current at December 2012
Senate Committee Inquiry into the TLA (Unclaimed Money and Other Measures) Bill 2012
Senate Committee Inquiry into the Fair Work Amendment Bill 2012
Stronger Super Regulations – Insurance and MySuper

ASIC shorter PDS regime relief extension
Class Order [ CO 12/1592] extends the relief in Class Order [ CO 12/749] Relief from the Shorter PDS regime for a further 12 months, to 22 June 2014. The relief was due to expire on 22 June 2013. ASIC has extended the relief pending a future Government decision on the application of the shorter PDS regime to superannuation platforms, multi-funds and hedge funds (06 December 2012) ASIC extends shorter PDS regime relief

Unclaimed Moneys Legislation reform
ADIs, FHSAs providers, life insurers and superannuation funds will now have until 31 May 2013 to report on and transfer lost accounts and other lost moneys to Australian Securities and Investments Commission or the ATO as appropriate (28 November 2012). More...

FOFA reform – discussion paper on financial planners
This measure empowers consumers of finance services to be able to identify genuine providers of financial product advice. The Government will introduce legislation into parliament before 1 July 2013 to enshrine the terms 'financial planner' and 'financial adviser' in law. Copy of the exposure draft of the legislation and draft explanatory memorandum can be found on the Future of Financial Advice website. Submissions on the draft regulations close on 21 December 2012 (28 November 2012)

Forthcoming Conferences for 2013
Conference of Major Superannuation Funds (CMSF) Brisbane 20 - 22 March
Marketing Symposium Sydney 18 June
Client Services Symposium Sydney 19 June More...


D12-13\035 [2012] SCTA 89
The decisions under review are the decisions of the Trustee and the Insurer to refuse to pay the Complainant an additional 2 units of Total and Permanent Disablement ('TPD') benefit. In accordance with the requirements of sections 37(3), (4) and (5) of the Complaints Act, it therefore affirms the decisions of the Trustee and the Insurer. More...

D12-13\037 [2012] SCTA 90
That of the Insurer to reject the Complainant's claim for a Total and Permanent Disablement ('TPD') benefit. More...

D12-13\036 [2012] SCTA 91
That of the Insurer to reject the Complainant's claim for an Income Protection ('IP') benefit;

In accordance with the requirements of sections 37(3), (4) and (5) of the Complaints Act, it therefore affirms the decisions of the Trustee and the Insurer. More...

D12-13\038 [2012] SCTA 92
The alleged failure of the Former Trustee to provide adequate information as to the merger of the Former Fund and the Fund by successor fund transfer - In accordance with the requirements of sections 37(3), (4) and (5) of the Complaints Act, it therefore affirms the decisions of the Former Trustee and the Trustee. More...




Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act No. 171 of 2012
An Act to amend the law in relation to superannuation and for related purposes.
This defines those member balances that trustees must move to the new simple and low cost MySuper product by 1 July 2017.
Originating Bill: Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 - Date of Assent 03 December 2012 More...

Treasury Legislation Amendment (Unclaimed Money and Other Measures) Act No. 176 of 2012
For the first time, interest will be paid on unclaimed moneys held by ASIC and the ATO (at the rate of CPI inflation).
Originating Bill: Treasury Legislation Amendment (Unclaimed Money and Other Measures) Bill 2012 - Registered 05 December 2012 - Date of Assent 04 December 2012. More...

Superannuation Auditor Registration Imposition Act No. 161 of 2012
An Act to impose fees on certain matters relating to auditors of self managed superannuation funds, and for related purposes.
Originating Bill: Superannuation Auditor Registration Imposition Bill 2012 - Registered 03 December 2012 - Date of Assent 28 November 2012. More...

Legislative Instruments

Tax Laws Amendment (2012 Measures No. 6) Bill 2012
A Bill for an Act to amend the law relating to taxation and superannuation, and for related purposes. Includes changes to Tax treatment of native title benefits and extension of interim streaming provisions for managed investment trusts.
Registered 30 November 2012 - Introduced HR 29 November 2012. More...

Original Superannuation Bills includes:
Income Tax Rates Amendment (Unlawful Payments from Regulated Superannuation Funds) Bill 2012 – 03 December 2012
Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012 30 November 2012 (4th Tranche of Stronger Super reforms)
Superannuation Legislation Amendment (Reducing Illegal Early Release and Other Measures) Bill 2012 30 November 2012

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