Australia: Superannuation & Funds Management - What's News - 3 April 2013

Last Updated: 6 April 2013
Most Read Contributor in Australia, September 2016

In the media

MDA guidance review will bring coherence and consistency – MEDIA – 28 March 2013 - Advisers and fund managers welcome the Australian Securities and Investments Commission (ASIC) review of Managed Discretionary Accounts (MDA) guidance as it will bring coherence and consistency to an under-regulated sector. More...

APRA to require funds to lodge 35 data forms – MEDIA – 28 March 2013 - From 1 July this year, Registrable Superannuation Entities (RSEs) will have to submit up to 35 regular data forms, more than double the number they submit today. The changes are part of the prudential regulator APRA's new StrongerSuper data requirements for super funds. More...

ASIC consults on trade reporting obligations for OTC derivatives – ASIC – 28 March 2013 - ASIC are proposing draft rules addressing the mandatory trade reporting obligations for over-the-counter (OTC) derivatives such as interest rate swaps. More...

ASIC finalises regulatory framework for retail trading of Commonwealth Government Securities – ASIC – 27 March 2013 - ASIC have amended existing market integrity rules and related guidance to help with the introduction of retail trading of Commonwealth Government Securities depository interests on the Australian Securities Exchange (27 March 2013). ASIC finalises regulatory framework for retail trading of Commonwealth Government Securities

ASIC releases guidance for operating and financial reviews – ASIC - 27 March 2013 - ASIC have released a regulatory guide to improve disclosure in annual reports of listed entities. More...

Let's have a superannuation debate based on facts – ASFA – 27 March 2013 - The Association of Superannuation Funds of Australia (ASFA) has called on industry and policy makers to take a step back and consider the facts around the key issues currently being debated in the media regarding the future of Australia's superannuation system. More...

More Australians seeking financial advice – MEDIA – 26 March 2013 - New figures released by the Financial Planning Association (FPA) shows that the number of Australians seeking financial advice is significantly increasing. Over 26,000 Australians used the Find a Planner directory on the FPA website last month (February), a 76% increase to January this year and a 41% increase in comparison to February 2012. More...

FPA reiterates need for professional qualifications – MEDIA – 21 March 2013 - The Financial Planning Association (FPA) is reminding financial planners through a new marketing campaign that from 1 July 2013 it will be mandatory to hold an approved degree to become a member of the professional association. More...

Only 10 MySuper products so far authorised – MEDIA – 21 March 2013 - The 1 July launch date of MySuper is just three months away and only 10 MySuper products have so far been authorised. More...

Super funds must market better- MEDIA - 21 March 2013 - There is a need for super fund trustees to reinforce the long-term nature of superannuation as an investment, according to Australian Securities and Investments Commission commissioner, Greg Tanzer. More...

ASIC consults on risk management for responsible entities – ASIC – 21 March 2013 - ASIC have released a consultation paper and proposed regulatory guidance on risk management practices for responsible entities in the managed funds sector. More...

Despite improving returns, superannuation still a worry for many – AIST- 20 March 2013 - Nearly 60 per cent of Australians are worried that their super is risky and a similar number are not confident they will have enough super for retirement, according to a survey released by the Institute AIST. Two out of five respondents agreeing they felt super was too complex and didn't understand it. More...

Super Funds On Track For Best Returns Since 2007 - SUPERRATINGS – 20 March 2013 - Super Funds On Track For Best Returns Since 2007 February adds to gains as funds continue to hi t new highs February was another strong month for Australian superannuants, with the median balanced option recording a further 2.0% gain. More...

ASIC releases draft super benefits calculator guidelines – MEDIA – 20 March 2013 - ASIC has issued a discussion paper on its proposed policy for superannuation forecast calculators that clarifies assumption the regulator wants fund trustees to include. The paper also outlines what guarantees of protection they will grant if fund promoters follow the guidelines. More...

Retail Corporate Bonds Legislation – TREASURER – 20 March 2013 - The Deputy Prime Minister and Treasurer and Minister for Financial Services and Superannuation have introduced the Corporations Amendments (Simple Corporate Bonds and Other Measures) Bill will cut red tape for businesses issuing simple corporate bonds, making it easier to buy and sell these financial products (20 March 2013). More...

FPA launches mandatory degree requirement campaign - FPA – 20 March 2013 - The Financial Planning Association advertising campaign supports the announcement made by the FPA two years ago of an initiative to raise the standards of the financial planning profession. It also aligns with the Future of Financial Advice reforms being implemented by the government in July 1 2013. More...

Consultation on reforms to superannuation forecasts - ASIC - 20 March 2013 - ASIC has released a consultation paper proposing reforms to assist superannuation fund trustees in providing retirement estimates. Consultation Paper 203 proposes updates of our original guidance issued in December 2011 (refer: 11-282AD). ASIC Commissioner John Price said the consultation aims to broaden the ability of super funds to use retirement estimates if they wish. More...

Reduction in Unnecessary Superannuation Accounts Will Boost Retirement Savings - TREASURY - 20 March 2013 - The changes introduced into Parliament today, included in the Tax and Superannuation Laws Amendment (2013 Measures No. 2) Bill 2013, expand the duties of superannuation fund trustees to implement procedures to consolidate accounts where they hold multiple accounts for the same member and consolidation is in the member's best interest. More...

Government Enshrines Terms 'Financial Adviser' and 'Financial Planner'- TREASURY – 20 March 2013 - New legislation introduced into Parliament empowers Australian consumers to identify genuine providers of financial advice. The reforms will enhance protections for Australian consumers by prohibiting anyone who is not a licensed financial planner or financial adviser from telling consumers that they are. More...

Enshrinement of "Financial Planner", historic day for Australians – FPA – 20 March 2013 The Financial Planning Association has welcomed the government's tabling of legislation in Parliament that will enshrine the term "Financial Planner/ Adviser" into Australian law today in Australia. The FPA has long called for 'truth in labelling' for the protection of consumers. The tabling of the legislation from the government responds to those calls. More...

Equal representative trustee model super funds deliver higher average returns - INDUSTRY SUPER NETWORK – 20 March 2013 - Superannuation funds managed under the equal representative trustee system have once again outperformed (on average) the retail fund sector over the medium to long term. More...

ISN reiterates commitment to advocating for market equity and fairness - INDUSTRY SUPER NETWORK – 19 March 2013 - Industry Super Network has reiterated its commitment to advocating for reforms to equity market structure that will improve market integrity and fairness. The commitment comes in response to the ASIC report and consultation paper released regarding dark liquidity and high-frequency trading on Australia's financial markets. More....

Concerns raised about new rules for related party transactions – SPAA – 19 March 2-13 - The decision for the legislation to change the requirement from 'must not intentionally acquire an asset from a related party of the fund' to 'must not acquire an asset from a related party' could have serious consequences for SMSF trustees according to the SPAA. More...

RBA Financial Stability Review: March 2013
Reserve Bank of Australia
Includes: Overview, The Global Financial Environment, The Australian Financial System, Australian Bank Activity in Asia, Business and Household Balance Sheets, The Financial Condition of Companies Servicing the Mining, Developments in the Financial System Architecture (27 March 2013). More...

Financial Regulation: Australia in the Global Landscape
Speech by Glenn Stevens, Governor of the Reserve Bank of Australia, t to the Australian Securities and Investments Commission (ASIC) Annual Forum Sydney (26 March 2013). More...

Corporations And Financial Services Parliamentary Joint Committee Reports - Hansard
Corporations and Financial Services Parliamentary Joint Committee reports tabled on 20 March 2013 - Tax and Superannuation Laws Amendment (2013 Measures No. 1) Bill 2013 and Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013

ASFA Submissions to Government
Submission to Treasury: Refunding excess GST - 26 March 2013
Submission to APRA: Draft PPG 235 Managing Data Risk 28 March 2013

APRA: final reporting requirements for superannuation
APRA has released a response paper and a package of 35 final reporting standards, reporting forms and instructions for APRA-regulated superannuation funds. The requirements in 24 of the final reporting standards are effective from 1 July 2013, with the remaining 11effectuve from 1 July 2014 (28 March 2013). More...

ASIC Consultation Paper 205: Derivative transaction reporting
The proposals are the next step in Australia meeting its G20 commitments to OTC derivatives reform Consultation Paper 205 ( CP 205) proposes rules governing the reporting of OTC derivative transactions to derivative trade repositories. Submissions to CP 205 are due by 1 May 2013 (28 March 2013) ASIC consults on trade reporting obligations for OTC derivatives

ASIC Regulatory Guide 247: Effective disclosure in an operating and financial review
This guidance ( RG 247) will assist directors in providing an OFR that is tailored to the particular circumstances of each entity. Encouraging good, clear and insightful information furthers ASIC's aims of promoting confident and informed investors and financial consumers, as well as fair and efficient markets (27 March 2013) ASIC releases guidance for operating and financial reviews

ASIC Consultation Paper 204: Risk management systems for responsible entities
Consultation Paper 204 (CP 204) and the proposed guidance are based on many current practices of responsible entities is available for consultation. Submissions in response to CP 204 are due by 3 May 2013 ASIC's proposals also reflect international standards and developments in risk management (21 March 2013) ASIC consults on risk management for responsible entities


Trantino and Commissioner of Taxation [2013] AATA 178
TAXATION – Excess non-concessional contributions – multiple deductions from associated employers – whether employer contributions are to be aggregated when determining applicant's transitional non-concessional contributions cap - respondent referred to the Explanatory Memorandum to the Tax Laws Amendment (Simplify Superannuation ) Bill 2006, as it related to section 292-80 of the Transition Act, in support of its interpretation. More...

VN Railway Pty Ltd v Commissioner of Taxation [2013] FCA 265
TAXATION – appeal from Administrative Appeals Tribunal – proper construction of phrase "eligible employee" in s 82AAC of the Income Tax Assessment Act 1936 (Cth) – whether entitlement to deduction where superannuation contribution allegedly made in respect of an employee – whether book entries sufficient to show that contribution has in fact been made – whether open to Tribunal to determine intentional disregard for law where certain witness allegedly not cross-examined with respect to beliefs as to tax obligations – whether denial of procedural fairness – whether determination unreasonable. More...

'K' and Australian Securities and Investments Commission [2013] AICmr 22
As stated by ASIC, there is a statutory obligation for holders of Australian Financial Services Licences to hold professional indemnity insurance and for the details of that insurance to be provided to ASIC in accordance with statutory obligations under the Corporations Act 2001 (Cth). There is nothing confidential about this requirement. Court does not consider that release of these documents is contrary to the objects of the FOI Act. More...


Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012
Fourth Tranche of Stronger Super reforms second reading debate 21 March 2013. Awaiting resumption of Federal Parliament on 14 May 2013.

Tax and Superannuation Laws Amendment (2013 Measures No. 2) Bill 2013
Assistant Treasurer David Bradbury second reading speech introducing the legislation on 20 March 2013. The changes included require trustees to implement procedures to consolidate multiple accounts where it is in the member's best interest. More...

Corporations and Financial Sector Legislation Amendment Bill 2013
Parliamentary Secretary to the Treasurer Bernie Ripoll second reading speech introducing the legislation on 20 March 2013. More...

Corporations Amendment (Simple Corporate Bonds and Other Measures) Bill 2013
Minister for Financial Services and Superannuation second reading speech introducing the legislation on 20 March 2013. More...

Bills Introduced
26 March 2013
Corporations Amendment (Simple Corporate Bonds and Other Measures) Bill 2013
Corporations and Financial Sector Legislation Amendment Bill 2013
Tax and Superannuation Laws Amendment (2013 Measures No. 2) Bill 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.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Mondaq Advice Centre (MACs)
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.


Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.


Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at and we will use commercially reasonable efforts to determine and correct the problem promptly.