Australia: Superannuation & Funds Management - What's News - 20 February 2013

Last Updated: 23 February 2013
Most Read Contributor in Australia, September 2016

In the media

First MySuper delivers lower fees for Members
TREASURY – 14 February 2013 - The Minister for Financial Services and Superannuation has welcomed the first MySuper application being authorised by APRA. From 1 January 2014, only those products that meet the MySuper standards will be able to accept contributions for employees who have not chosen their superannuation fund (14 February 2013). More...

Ensuring foreign pension funds can access the managed investment trust withholding tax regimes
TREASURY – 13 February 2013 - Assistant Treasurer announces the Government will amend the income tax law to ensure foreign pension funds can access the Managed Investment Trust (MIT) withholding tax regime. This amendment will apply from the start of the withholding tax regime, 1 July 2008, to provide certainty for industry and investors. More...

ACSA takes aim at ASIC paper 197
ASCA – 13 February 2013 - Increasing the disclosure requirements on super funds to include precise itemised content would increase costs for members, according to the Australian Custodial Services Association (ACSA). More...

Stronger Super implementation
ASIC - 14 February 2013 - With key parts of Stronger Super now law, ASIC have published information for industry to help them understand the reforms (14 February 2013). More...

Treasury opens consultation on creating a regulatory framework for tax advice (financial product) services
ASIC - 12 February 2013 - Interested parties are invited to comment on the Government's draft legislation for a new regulatory framework for financial advisers who provide tax advice within the context of providing financial advice. More...

FPA campaign to help with compliance and regulation
MEDIA – 11 February 2013 - The FPA has announced a campaign aimed at helping its members through upcoming regulatory and compliance changes. The association pointed to the recent Investment Trends FPA Professional Dividend Report in which planners cited Future of Financial Advice (FOFA) changes as the main challenge they are currently facing. More...

Mum and dad investors ousted as institutions consolidate grip on companies
MEDIA – 11 February 2013 - Retail shareholders entered the share market rally with their lowest holdings in more than a decade as institutional shareholders consolidated their hold over the largest public companies. The increasing concentration of shares in institutional hands has coincided with the growth in superannuation, but also with consolidation of industries. More...

Institutions tighten grip on share ownership, study shows
AIRA – 10 February 2013 - Large institutions including local superannuation funds and sizeable offshore investors have strengthened their hold on Australian listed entities at the same time that small shareholders have dramatically slashed their portfolios, a study released today has found. More...

ASFA announces policy restructure
ASFA – 08 February 2013 - To achieve the most effective outcomes during this complex time of increased policy issues and information coordination, ASFA has restructured its policy work and accountabilities into three areas. More...

ASFA comment on speculated changes to super
ASFA – 07 February 2013 - Amid the current speculation around changes the Government may make to superannuation taxation concessions in the upcoming Federal Budget, the Association of Superannuation Funds of Australia (ASFA) believes it is important to note the following key points outlined here. More...

Retirement costs continue slow climb
ASFA – 05 February 2013 - Australian retirees will need to spend slightly more than this time last year to fund a 'comfortable' and 'modest' standard of living, according to the ASFA Retirement Standard for the December 2012 quarter, released today. More...

ASFA Retirement Standard December 2012
ASFA – These figures are up by 2.0 per cent and 2.8 per cent respectively on the December quarter 2011 figures of $55,249 and $31,675 a year. In comparison, the increase in the All Groups Consumer Price Index (CPI) was 2.2 per cent over the year (05 February 2013). More...

Submission: Repealing Member Protection Standards
The Association of Superannuation Funds of Australia (ASFA) is supportive of the proposal to repeal the member protection standard but seeks clarification on the applicability of the Corporations Act's significant event notification requirements to this change and the potential need for ASIC relief (13 February 2013). More...

Current Consultations 2013
13 February 2013 was the closing date for comments to the Treasury on Exposure Draft: Superannuation Industry (Supervision) Amendment Regulation 2012.

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