Australia: Superannuation & Funds Management - What's News - 14 May 2013

Last Updated: 17 May 2013
Most Read Contributor in Australia, September 2016

In the media

AMP fuels further debate on superannuation
MEDIA – 09 May 2013 - Financial services giant AMP has reported a turnaround in first-quarter net cash flows, and said it was ''time to blow the whistle on further changes to superannuation'' after a bitter political row over the taxation of super. More...

APRA releases second set of draft prudential practice guides for superannuation
APRA - 09 May 2013 - APRA has released for consultation eight draft prudential practice guides (PPGs) for the superannuation industry and updates to two cross-industry PPGs These PPGs include practical guidance on matters that a registrable superannuation entity (RSE) licensee may consider to assist it in meeting the requirements in APRA's prudential standards. More...

Adviser survey finds concerning lack of FOFA preparation
MEDIA – 09 May 2013 - A Midwinter survey completed by 330 advisers has found a concerning lack of forward planning on key Future of Financial Advice (FOFA) issues such as opt-in and fee disclosure statements (FDSs). More...

Government brings forward super change legislation
MEDIA – 08 May 2013 - The government has released for consultation an exposure draft of its proposed changes to superannuation announced last month. The draft will bring forward the start date for a new higher concessional contributions cap of $35,000 for people aged 60 and over to 1 July 2013. More...

ASFA objects to SuperStream timeframe
MEDIA – 08 May 2013 - The Association of Superannuation Funds of Australia has objected to the short notice given to industry to respond to SuperStream changes, calling for an "urgent discussion" with industry to find a more appropriate timeframe. A submission to APRA outlined the industry body's concerns about APRA's proposed reporting form SRF 711.0: SuperStream Benchmarking Measures. More...

MySuper will pose 'considerable difficulty' on implementation
MEDIA – 08 May 2013 - The Association of Superannuation Funds of Australia (ASFA) has expressed concern over the difficulties super funds will face in implementing MySuper with respect to tax deductions for personal contributions, contribution splitting and CGT rollover relief. More...

Government moves to implement super reforms
MEDIA – 07 May 2013 - The Federal Government has confirmed it will introduce legislation to bring forward the start date of the new higher concessional contributions caps and allow individuals to withdraw excess concessional contributions. More...

Industry levies lack transparency
MEDIA – 07 May 2013 - The Association of Superannuation Funds of Australia (ASFA) has called for a thorough review of the supervisory levy determination process. More...

Risk metrics need longer-term focus
MEDIA- 07 May 2013 - The Actuaries Institute is pushing for a long-term risk metric to be included under MySuper product dashboard requirements). More...

Government to legislate important super adequacy measures
TREASURY – 07 May 2013 - Minister for Financial Services and Superannuation Bill Shorten confirms that the Gillard Government will introduce legislation to deliver two key measures which will help drive the adequacy of retirement savings in Australia. More...

Governments high income super legislation finally in draft
MEDIA – 02 May 2013 - The legislation to underpin the Government's removal of superannuation tax concessions to upper income earners (those earning over $300,000) which was a core part of last year's Budget has finally been released for public consultation. More...

Industry bodies welcome greater super transparency
MEDIA – 02 May 2013 - Superannuation regulatory bodies have welcomed the government's draft regulations covering the MySuper reforms for providing greater transparency. More...

Super Funds to disclose dollar value of fees
TREASURER – 01 May 2013 - MySuper product providers will be required to disclose investment risk, the dollar value of fees and their investment performance in an easy to read way, the Minister for Financial Services and Superannuation, Bill Shorten has revealed. More...

Draft MySuper Regulations released
TREASURY – 02 May 2013 -Treasury has released for comment draft Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 to implement the MySuper reforms. A key feature is a product dashboard which will provide a single page summary of key performance indicators for each MySuper product. More...

Superannuation concessional contributions caps: consultation
The Government has released for public consultation an exposure draft of the legislation to implement the higher concessional superannuation contributions cap for older individuals and the accompanying Explanatory Memorandum. Closing date for submissions: Monday, 13 May 2013 (06 May 2013) Superannuation concessional contributions caps

Gazette GN 17 - Superannuation Industry (Supervision) Act 1993
Notice of Disqualification - Bounsoudaly Simeuang; Daniel Hogben; Marian Nguyen; Narelle Burgess; Ngoc Phuoc Nguyen; Phort Ven; Pin Hui Sy; Ratha Yong; Sidney Alipate; Timote Latu; Truong Nhut Le; Van Tot Tran; Walter Blaikie

Gazette GN 18 - Superannuation Industry (Supervision) Act 1993
Notice of disqualifiction - Mr Benjamin Pettit; Michelle Pettit; Melissa Lovosevic; Deon Lovosevic; Tony Ashwin

ASFA Submissions

7 May – Submissions
To APRA: SRF 711 – SuperStream Data Collection
To Treasury: Income tax relief to facilitate MySuper
To ATO: TR93/17 – Income tax deductions available to super funds

1 May – Submissions
To Treasury re Financial Industry Supervisory Levy Methodology (30 April)

Public consultation: exposure draft for Tax Laws Amendment (Sustaining the Superannuation Contribution Concession) Bill 2013
The changes contained in the Bill will effectively ensure that very high income earners will receive a superannuation concession on their contributions more closely in line with the concession received by average income earners. Closing date for submissions is 08 May 2013 (01 May 2013). More...


Sharp v Maritime Super Pty Ltd [2013] NSWSC 389
EQUITY - claim for equitable compensation - whether breach of trust in failing properly to investigate claim for total and permanent disablement benefit - failure correctly to apply Rule in Trust Deed as to entitlement to benefit. COSTS - offer of compromise - whether judgment or order no less favourable to the plaintiff than the terms of the offer in circumstances where decision on principal judgment was to remit determination of plaintiff's entitlement to a benefit to the trustee.
Civil Procedure Act 2005 (NSW); Superannuation (Resolution of Complaints) Act 1993 (Cth); Superannuation Industry (Supervision) Act 1993 (Cth). More...

Australian Securities and Investments Commission v ActiveSuper Pty Ltd (No 5) [2013] FCA 369
Any delay resulting from the granting of a stay could be extensive. The consequences of that delay might not only undermine the ability of witnesses to recall accurately the events in dispute and, no less importantly, may impact on those said by ASIC to be affected by the allegations in these proceedings – the members of the public who have lost funds. More...

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