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 www.superannuation.asn.au/vision-for-super.
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
Cases
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...
Legislation
Commonwealth
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
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...
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