In the media
APRA defers some SuperStream data
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
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
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
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
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
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
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
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...
21 May – Submission to Treasury: Portability of superannuation between Australia and New Zealand
Kronen v Commissioner of Taxation  FCA
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  AATA
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...
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...
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...
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