Australia: Superannuation & Funds Management - What's News - 5 February 2013

Last Updated: 9 February 2013
Article by Jenny Willcocks

Most Read Contributor in Australia, September 2016

In the media

ASIC reveals attitude on PI
ASIC – 01 February 2013 – Amid concerns expressed by some advisers that the lack of insurers in the Professional Indemnity market is actually influencing asset allocations, the Australian Securities and Investments Commission (ASIC) has indicated its reluctance to easily grant relief in the area (01 February 2013). More...

$2.2 million owed for Trio compensation levy
MEDIA – 30 January 2013 – Treasury is yet to recoup $2.2 million from the levy it imposed on the superannuation industry in 2011 to compensate victims of the Trio Capital collapse. More...

Government gives tax certainty for deceased estates
MEDIA – 30 January 2013 – The Minister for Financial Services and Superannuation, Bill Shorten, today released a draft regulation of Government measures to provide tax certainty to the beneficiaries of deceased estates. Investment earnings derived by superannuation funds from assets supporting pensions are exempt from tax. More...

Industry welcomes ASIC's approach to fee disclosure
MEDIA – 29 January 2013 – The financial planning industry has welcomed the new regulatory guidance on fee disclosure, though some argue it should have applied only to new clients. More...

2013 Pre-budget submission to the Treasurer
AIST – 25 January 2013 – AIST's recommendations include providing all workers with the ability to salary sacrifice, extending the SG to self-employed Australians, adding super to parental leave or baby bonus payments, a one-off super payment to older workers seeking to return to work after family breaks and removing restrictions on the co-contribution. More..

FPA grief over new fee rules
MEDIA – 25 January 2013 – The Financial Planning Association has said it is "concerned" with a part of the ASIC final guidance on fee disclosure. Today the corporate watchdog handed down guidelines that tell Australian financial services licensees how to follow new fee disclosure rules that are part of the Future of Financial Advice (FOFA) reforms. More...

ASIC questions defined benefit disclosure
ASIC – 22 January 2013 – Proposals to publish the financial positions of defined benefit funds on the Australian Prudential Regulation Authority's (APRA's) website may affect trustees' disclosure to members, says the Australian Securities and Investments Commission (ASIC). More...

New AUSTRAC policy released
This guidance is to assist the AUSTRAC Chief Executive Officer) in considering requests for the disclosure of bulk AUSTRAC information from: the Commissioner of Taxation or any taxation officer (ATO official); or an appropriately authorised official of a designated agency. This guidance has been developed with regard to the provisions of the: Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act); Financial Transaction Reports Act 1988 (FTR Act); Privacy Act 1988 (Privacy Act) (31 January 2013). More...

ASIC guidance on FOFA fee disclosure statements
Regulatory Guide 245 Fee disclosure statements ( RG 245) outlines the requirements that will apply to AFS licensees and their representatives who receive ongoing fees from retail clients they have given personal advice to. The regulatory guide also sets out three limited no-action positions ASIC is taking to assist industry make a smooth transition to meeting the FDS obligations within the FOFA regime (25 January 2013). More...

Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012 (Tranche 4)
Transcript of Parliamentary Joint Committee on Corporations and Financial Services hearing into the Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012 was released on Tuesday, 22 January 2013. More...


Dowling and Commissioner of Taxation [2013] AATA 49
TAXATION – Superannuation – Excess Non-Concessional Contributions Tax – Special circumstances – Discretion under Div 292 – Decision set aside. More...

Health and Commonwealth Superannuation Corporation [2013] AATA 43
PRACTICE AND PROCEDURE – jurisdiction – defence force retirement benefits – applicant resigned from Australian Army – applicant requested assessment by Chief of Army that applicant could have been retired on grounds of invalidity or of physical or mental incapacity to perform his duties – Chief of Army delegate failed to inform respondent whether such grounds existed – no reviewable decision made by respondent –no jurisdiction. More...

De Smeth v NSW Fire Brigades Superannuation Pty Ltd [2013] NSWSC 19
Interest to run from reasonable time after notification that injuries had stabilised. INSURANCE – Accident and Sickness Insurance – claims ultimately accepted and paid – interest – Insurance Contracts Act 1984 (Cth), s 57 – injuries did not stabilise for over 2 years from accident – trustee of superannuation fund overruled early recommendation of insurer that plaintiff totally and permanently incapacitated. More...

Chun v Comcare [2013] FCA 11
ADMINISTRATIVE LAW – appeal from Administrative Appeals Tribunal – workers compensation – calculation of incapacity payments – normal weekly earnings – whether employer superannuation contributions form part of the calculation of normal weekly earnings – whether increases for continuing employees under industrial agreement form part of the calculation of normal weekly earnings.
Superannuation Act 2005 (Cth) ss 4, 10 and 17
Superannuation Guarantee (Administration) Act 1992 (Cth)
Superannuation Industry (Supervision) Regulations 1994 (Cth) reg 6.01(2) More...

Salton v Commonwealth Superannuation Corporation [2013] FCA 12
ADMINISTRATIVE LAW – appeal from Administrative Appeals Tribunal – spouse pension under Defence Force Retirement and Death Benefits Act 1973 (Cth) – applicant and deceased married but not living together – whether marital relationship at time of death – whether applicant was taken to be living with the deceased – whether absence because of special circumstances – deceased's persecutory delusions and alcoholism. More...

Penrowse Pty Ltd and Commissioner of Taxation [2013] AATA 10
TAXATION – Objection decision – Superannuation Guarantee Charge – Claim that part of employee payment was an allowance or reimbursement for expenses – Part of ordinary wages or income – Underpayment of superannuation contribution – Nominal interest component – Administrative component – Whether excessive – Decision under review set aside and remitted for re-assessment.
Superannuation Guarantee (Administration) Act 1992 (Cth) ss 11, 12, 17, 19, 32, 36
Superannuation Guarantee (Administration) Regulations (Cth) reg 7A
Superannuation Guarantee Charge Act 1992 (Cth) ss 5, 6 More...



Legislation Submissions

[Draft] Superannuation (Financial Assistance Funding) Levy and Collection Amendment Regulation 2013 (No. )
Early last year a grant of around $55 million was provided under Part 23 of the Superannuation Industry (Supervision) Act 1993 (SIS Act) to compensate victims of fraud in the APRA-regulated superannuation industry resulting from the collapse of Trio Capital Limited (Trio).
Treasury released the exposure draft regulations and explanatory material for the levy to recoup the total amount of financial assistance granted under Part 23 of the SIS Act in the 2012-13 financial year ($16.7 million) and to collect the balance that remains to be recouped by the Commonwealth for the 2011 grant ($2.2 million). Submissions closing date is 8/02/2013.

Commencement dates

Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012 (Act 158/2012)
Commencement 31/01/2013 Schedule 4, Part 1, Division 2 – Immediately after the commencement of the provision(s) covered by table item 5 and 31/01/2013 Schedule 2.

Superannuation Auditor Registration Imposition Act 2012 (Act 161/2012)
Commencement 31/01/2013, this Act commences on 31 January 2013.

Superannuation Auditor Registration Imposition Regulation 2012 (SLI 329/2012)
Commencement 31/01/2013, this regulation commences on 31 January 2013.

Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 6) SLI 330/2012)
Commencement 31/01/2013, this regulation commences on 31 January 2013.

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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