Australia: Superannuation & Funds Management - What's News - 27 May 2013

Last Updated: 4 June 2013
Article by Jenny Willcocks

Most Read Contributor in Australia, September 2016

In the media

APRA defers some SuperStream data collection
MEDIA – 24 May 2013 - The Australian Prudential Regulation Authority has deferred the collection of data relating to rollovers and contributions after three peak industry bodies lodged submissions regarding the proposed implementation time. More...

ASIC appeals decision in Macquarie Bank class action settlement
ASIC – 24 May 2013 - ASIC has appealed the recent decision of the Federal Court of Australia to approve the settlement between former Storm Financial clients and Macquarie Bank Limited. More...

New figures show Australians voting with their feet for industry super funds
MEDIA – 23 May 2013 - New quarterly data released today from industry regulator APRA shows the enduring success of the all profits to members industry superannuation model, with the growth in assets of industry funds out performing the rest of the industry by 1.4 per cent for the March quarter. More...

APRA releases quarterly superannuation statistics for March 2013
APRA – 23 May 2013 - Over the 12 months to 31 March 2013, total estimated superannuation assets, rose by $187.8 billion (13.5 per cent) to $1.58 trillion. Industry funds received 33.1 per cent ($6.9 billion) of total contributions, public sector funds 32.7 per cent ($6.8 billion), retail funds 30.4 per cent ($6.3 billion) and corporate funds 3.8 per cent ($0.8 billion). More...

APRA rams up data integrity oversight
MEDIA – 23 May 2013 -The Australian Prudential Regulation Authority is looking to ramp up its work on improving data integrity in the superannuation industry this year. More...

ASIC to accept submissions for 'hedge fund' definition

MEDIA – 23 May 2013 - ASIC will consider submissions from the industry in order to refine the definition of 'hedge fund'. The announcement follows concerns over the current definition of 'hedge fund' and affects a number of funds that do not exhibit the same risks to investors as 'true' hedge funds. More...

ASFA concerned over trans-Tasman super complexity
MEDIA – 23 May 2013 - Two representative superannuation bodies have raised a number of concerns with the government's proposal to allow Australians and New Zealanders to transfer their retirement savings when they move between the two countries. The Association of Superannuation Funds of Australia (ASFA) made 13 recommendations in a response to Treasury, and outlined several key concerns. More...

Accounting standard change to alter NSW Budget presentation
ICAA – 22 May 2013 - Earnings on the superannuation assets of NSW are to be calculated using an amended accounting standard, resulting in an increase of more than $1 billion in interest shown in the state's operating statement (22 May 2013). More...

ASFA unhappy with AUSTRAC funding scheme
MEDIA – 22 May 2013 - Superannuation funds and other players within the financial services industry should not have to pay for the regulatory activities of the Australian Transaction Reports and Analysis Centre (AUSTRAC), according to the Association of Superannuation Funds of Australia (ASFA). More...

Regulatory concerns over PI insurance
MEDIA – 21 May 2013 - With a wave of regulation about to hit the financial services industry, there are some concerns from financial planners and industry associations about what the impact of reforms such as the Tax Agent Services Act (TASA) and the Future of Financial Advice (FOFA) will have on professional indemnity (PI) insurance for planners. More...

ASIC drops charges against Westpoint directors
MEDIA – 16 May 2013 - Proceedings against former Westpoint directors Norman Carey and Graeme Rundle have collapsed after the regulator discovered a surprise document, two weeks into the trial. ASIC said it had disclosed the document as soon as it emerged it in accordance with its "procedural fairness obligations". More...

Enshrinement of "financial planner" closer to becoming law
MEDIA – 16 May 2013 - The terms "financial planner" and "financial adviser" took a step closer to being enshrined in law after a Parliamentary Joint Committee (PJC) was asked to provide a report on the issue. Under the Corporations Act 2001, there are no rules against people calling themselves "financial planners" irrespective of their training, competence, or licensing. More...

ASFA calls on community for consensus on super retirement
MEDIA – 16 May 2013 - The Association of Superannuation Funds of Australia (ASFA) is calling on the public to participate in a conversation on the future of the nation's superannuation system in order to reach a consensus on retirement incomes policy. More...

Slim pickings for regulators in Budget
MEDIA – 15 May 2013 - ASIC will receive $1.4 million over four years to provide an online registration for financial planners, who will be required to become registered tax agents from 30 June 2013. The cost of the registration service will be offset by fees charged by the Australian Taxation Office (ATO). More...

APRA Insight – Issue 1, 2013
Author: Australian Prudential regulation Authority
Insight provides information on APRA's main policy initiatives and on key developments in the financial industries that APRA supervises. In this issue: Superannuation industry overview, Data integrity in superannuation (22 May 2013). APRAInsight Issue 1 2013 - PDF

Community consensus on super: ASFA
The Paper outlines a proposal for a sustainable super system which delivers enough income for all Australians to live a comfortable retirement. Further information regarding the consultation process is available at Submissions close 14 August 2013. The outcomes of the consultation process will be launched at the ASFA Conference in November 2013 (15 May 2013) More...

ASFA Submissions
21 May – Submission to Treasury: Portability of superannuation between Australia and New Zealand


Kronen v Commissioner of Taxation [2013] FCA 416
SUPERANNUATION – employee claims employer failed to make proper superannuation guarantee payments – discussion of means by which employee may establish that claim – whether employee may require Commissioner to take steps to establish employee's claim – where Commissioner does not agree with employee's claim – Commissioner not obliged to take steps to establish employee's claim in circumstances.

PRACTICE AND PROCEDURE – application for leave to appeal from orders of Federal Court judge to Full Court – whether primary judgment attended by sufficient doubt to warrant it being reconsidered by Full Court – where applicant sought prerogative writs or declaratory relief to require respondent to take steps to recover alleged superannuation contribution shortfalls payable by applicant's former employer to applicant's superannuation fund – where applicant argues that respondent has an obligation to take such steps on proper construction of Superannuation Guarantee (Administration) Act 1992 (Cth) – the applicant has no prospect of success on appeal – application refused. More...

McLennan and Commissioner of Taxation [2013] AATA 311
TAXATION – Superannuation – Objection decision – Superannuation contributions – Superannuation payment re-deposited – Excessive contributions – Non-concessional contribution tax – Discretion to disregard or allocate excess to another financial year – No special circumstances – Decision under review affirmed. More...



Legislative Instruments

Superannuation Industry (Supervision) Amendment Regulation 2013 (No. 2) SLI 2013 No. 86
This regulation amends the Superannuation Industry (Supervision) Regulations 1994 to implement a recommendation of the Super System Review to repeal the member protection standards.

Registered 16 May 2013 Date of Ceasing to be ceased 02 Jul 2013. Repealed under Division 1 of Part 5A of the Legislative Instruments Act 2003. More...

Bill Progress

Bills registered 21 May 2013
Superannuation (Excess Concessional Contributions Tax) Amendment (DisabilityCare Australia) Bill 2013

Bills registered 16 May 2013
Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013
Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Bill 2013
Superannuation (Excess Untaxed-Roll over Amounts Tax) Amendment (DisabilityCare Australia) Bill 2013
Superannuation (Excess Non-concessional Contributions Tax) Amendment (DisabilityCare Australia) Bill 2013

Tax and Super Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013
Financial Services Minister Bill Shorten second reading speech introducing the legislation 15 May 2013. More...

Superannuation (Sustaining the Contribution Concession) Imposition Bill 2013
Minister Financial Services Bill Shorten second reading speech introducing the legislation 15 May 2013. More...

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.