Australia: Superannuation & Funds Management - What's News - 16 April 2013

Last Updated: 20 April 2013
Most Read Contributor in Australia, September 2016

In the media

Super funds investing in Australia's future economic prosperity – ASFA – 12 April 2013 - The ASFA notes the announcement of the NSW Ports Consortium's winning bid for the long-term lease of Port Botany and Port Kembla. ASFA CEO Ms Pauline Vamos says that while superannuation funds are sometimes criticised for not investing enough in infrastructure, this is a good example of where they do. More...

ASIC delays start date for advisers exam – MEDIA – 11 April 2013 - ASIC has delayed the implementation of a national examination for financial advisers. ASIC said that the objective is to allow appropriate time for other reforms to be implemented in the financial advice sector, referring to the Future of Financial Advice (FoFA) package of reforms. More...

Australia's Super Funds: The Unrecognised Heroes – SUPERRATINGS – 10 April 2013 - As part of SuperRatings' Annual Fund Sustainability Review, Australia's superannuation funds are examined for their attitudes towards sustainability and their actions, if any, to adopt more sustainable practices, both in their own operations and in the companies they invest in on behalf of their members. This year, the review covered approximately $410 million in fund net assets. More...

Call for Treasury to release super modelling - THE AUSTRALIA INSTITUTE – 10 April 2013 - The Australia Institute today called for the release of Treasury modelling on the relative cost of the age pension and tax concessions for superannuation over the coming decade. Tax concessions for superannuation are the new black hole for the federal budget according to Dr Denniss. More...

Government's approval of the FEX financial market and the LCH clearing and settlement arrangement - TREASURY – 10 April 2013 - The Minister for Financial Services and Superannuation has announced that he has granted the Financial and Energy Exchange Global Pty Ltd (FEX) an Australian Market Licence allowing it to operate a new derivatives market in Australia. More...

ASIC releases policy on cooperation and third enforcement report - ASIC – 09 April 2013 - ASIC today released its approach on dealing with people who cooperate with its investigations which is part of ASIC's commitment to improving transparency, according to ASIC Deputy Chairman Belinda Gibson. ASIC releases policy on cooperation and third enforcement report

Superannuation reforms will affect few: ASFA - MEDIA – 09 April 2013 - The Association of Superannuation Funds of Australia (ASFA) said the government reforms on superannuation announced last week will affect few individuals with less than $2 million in super. The organisation said that, for assets purchased before April 5, 20103, the change will apply to capital gains that accrue after July 1, 2024 (09 April 2013). More...

The proposed tax on earnings above $100k pa for retirees - sorting fact from fiction – ASFA – 08 April 2013 - According to ASFA CEO Pauline Vamos, "fund members should not confuse the amount of their investment earnings that are credited to their superannuation account, with the amount of investment earnings that would be reported to the Australian Taxation Office (ATO) if the proposed measure is legislated". More...

Govt sets $100,000 a year super threshold
The Federal Government has based its superannuation policy changes on a tax-free limit of $100,000 a year indexed to the Consumer Price Index and has also created a Council of Superannuation Guardians to depoliticise superannuation and to guide superannuation policy and ensure sustainability and adequacy (05 April 2013). More...

Government announces key super reforms – MEDIA – 05 April 2013 - Treasury estimates that only 0.4% of the projected 4.1 million retirees in 2014 -about 16,000 people- will be affected by the measure as only contributors with about $2 million in superannuation will lose tax concessions. More...

Council of Superannuation Custodians - Charter of Superannuation Adequacy and Sustainability
– TREASURY- 05 April 2013 - The Gillard Government will establish a Council of Superannuation Custodians to ensure that any future changes are consistent with an agreed Charter of Superannuation Adequacy and Sustainability. The Charter will clearly outline the core objects, values and principles of the Australian superannuation system. More...

Minister releases draft IMR legislation for consultation - TREASURY – 04 April 2013 - The Minister for Financial Services and Superannuation Bill Shorten has today released an exposure draft of legislation to implement the third and final element of the Investment Manager Regime (IMR). More...

Sustainable vision for super required- ASFA – 03 April 2013 - The Association of Superannuation Funds of Australia (ASFA) CEO Pauline Vamos says to return confidence to the system, policy makers need to ensure decisions are made using a long-term approach outling ASFA'S Key principles and facts underpinning sustainable super. More...

Super debate causes fear but does nothing to assist women - SPEAKER IN PRECIS – 03 April 2013 - Cate Wood, Chair and National Spokesperson of Women in Super, said the debate about changes to the superannuation system in the upcoming federal budget has caused great concern for many women regarding the security of their superannuation savings and offered no prospect of helping them overcome the retirement savings gap. More...

New APRA standards just part of the picture - MEDIA – 02 April 2013 - APRA late last week released final reporting requirements for superannuation entities, with significant changes from the original draft based on industry feedback. However, Australian Institute of Superannuation Trustees (AIST) project director says it is important to look at the overall Stronger Super package to get an idea of the full impact (02 April 2013). More...

ASIC chair appointed to IOSCO – MEIA – 02 April 2013 - Greg Medcraft, the chair of the ASIC, was appointed chair of the global peak body that represents 32 securities regulatory authorities. Medcraft took over as chair of the International Organization of Securities Commissions (IOSCO) during a board meeting last week. More...

Excess contributions tax statistical report
Author: Australian Tax Office
The ATO publish excess contributions tax (ECT) statistical information for key players in the superannuation environment, such as professional bodies, super funds and their members. Superannuation contributions are subject to annual caps (limits). Individuals must pay additional tax on contributions that exceed one or both caps. The ECT tables are current at 1 January 2013. They are updated twice a year (10 April 2013). More...

ASIC enforcement outcomes: July to December 2012
Author: ASIC Enforcement Report No 336
The report summarises ASIC's actions against a range of gatekeepers in the Australian financial system, such as financial advisers, auditors and directors. During the period, 44 of the 88 enforcement outcomes achieved in the market integrity, corporate governance and financial services areas involved cooperation between the person concerned and ASIC (09 April 2013). More...

ASIC Information sheet: cooperation with investigations
Information Sheet 172 Cooperating with ASIC INFO 172 explains the benefits of cooperating with investigations, and the factors that ASIC takes into account when assessing cooperation. This release is part of our ASIC's commitment to improving transparency' (10 April 2013).

ASFA: Super changes explained
The Association of Superannuation Funds of Australia (ASFA) has released a table which summarises the changes to superannuation announced by Treasurer Wayne Swan and Minister for Superannuation Bill Shorten. To download the table, click here (05 April 2013).

ASIC: information sheets on Stronger Super provisions
These information sheets will help trustees understand their obligations as they outline ASIC's expectations in relation to key aspects of the reforms
Information Sheet 168 Giving and collectively charging for intra-fund advice ( INFO 168)
Information Sheet 167 Disclosure requirements for superannuation trustee: s29QC ( INFO 167)
Information Sheet 169 Notifying members about superannuation transfers: Accrued default amounts (MySuper transition) ( INFO 169)
Information Sheet 90 Notifying members about superannuation transfers without consent ( INFO 90), (05 April 2013) ASIC releases information sheets on Stronger Super provisions

Tax Treatment of Earnings on Superannuation Assets Supporting Income Streams
From 1 July 2014, future earnings (such as dividends and interest) on assets supporting income streams will be tax free up to $100,000 a year. Earnings above $100,000 will be taxed at the same concessional rate of 15 per cent that applies to earnings in the accumulation phase. Special arrangements will apply for capital gains on assets purchased before 1 July 2014:

For assets that were purchased before 5 April 2013, the reform will only apply to capital gains that accrue after 1 July 2024; For assets that are purchased from 1 July 2014, the reform will apply to the entire capital gain. Tax Treatment of Earnings on Superannuation Assets Supporting Income Streams

Draft IMR legislation for consultation
The Minister for Financial Services and Superannuation Bill Shorten has today released an exposure draft of legislation to implement the third and final element of the Investment Manager Regime (IMR). The exposure draft legislation also seeks to address a number of issues raised by industry in relation to the operation of the first two elements of the regime. The exposure draft legislation and explanatory materials can be found on the Treasury website. Consultation closes on Friday 26 April. (04 April 2013)


Locker v SAS Trustee Corporation [2013] NSWIRComm 23
APPEAL - SUPERANNUATION - decision of SAS Trustee Corporation - appellant resigned from NSW Police Force in 1998 - application for medical discharge benefit made in 2010 - what version of s 10B(2) of the Police Regulation Superannuation Act 1906 (NSW) is applicable - whether operation of 2007 amendment retrospective - whether appellant incapable from infirmity of body or mind of discharging the duties of a police prosecutor - held - appellant capable of discharging the duties of a police prosecutor at the time of his resignation - appeal dismissed - costs reserved - Police Regulation ( Superannuation ) Act 1906, s 10B(2). More...

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