Australia: Superannuation & Funds Management - What's News - 11 June 2013

Last Updated: 16 June 2013
Most Read Contributor in Australia, September 2016

In the media

APRA finalises Stronger Super reporting standards – MEDIA – 07 June 2013 - APRA has updated its Stronger Super data requirements from funds following reaction from trustees, and has written to funds explaining the adjustments. The outcome is funds will have to follow 32 reporting standards, down from the initial proposals that were for 35. More...

Accountants' licence phase is 'generous' – MEDIA – 07 June 2013 - Accountants wishing to advise on self-managed super funds (SMSFs) after the removal of the accountants' exemption have been granted a generous transition period (until 1 July 2016), according to the FPA, which has also questioned the decision to restrict that licence to members of the joint accounting bodies. More...

Government extends TASA exemption – MEDIA – 06 June 2013 - The federal government's Assistant Treasurer has extended the exemption for financial advisers of the Tax Agent Services Act (TASA) bill and has referred the bill to the Parliamentary Joint Committee for an inquiry. After pressure from industry bodies, July 1, 2013 has been removed as the date when the exemption for financial advisers to become registered tax agents was due to come to an end. More...

ASIC updates MIS guidance – MEDIA – 06 June 2013 - ASIC has revised its guidance for operators of registered managed investment schemes (MIS). MIS industry has until October 1, 2013 to comply with the new requirements. The updated policy guidance provides clarity to operators of schemes and their advisers. More...

ASFA addresses superannuation longevity risk – MEDIA – 05 June 2013 - The superannuation system will need to develop new longevity risk products to deal with the increasing number of baby boomer retirees, according to a new report produced for the Association of Superannuation Funds of Australia (ASFA). More...

High-speed trading swindling value investors – MEDIA – 05 June 2013 - According to new research by the Industry Super Network (ISN), value investors are being hurt by the increasing use of high-frequency trading in the Australian capital markets. The ISN commissioned a study on this form of trading and believes it is costing long-term investors, including super funds and individual investors, more than $1.5 billion per year. More...

TASA necessary for customer protection: accountants – MEDIA – 05 June 2013 - The Institute of Public Accountants (IPA) is supporting the Tax Agent Services Act (TASA) scheduled to be voted on in the House of Representatives. The IPA said that the measure will give Australians the necessary consumer protection when it comes to tax advice. More...

Finance industry levy drops despite increased ASIC costs – MEDIA – 04 June 2013 - Treasury has proposed to levy the finance industry $259 million in 2013/2014 to fund the relevant regulators and government departments – a $7.4 million (2.8 per cent) decrease on the 2012/2013 levy requirement. APRA requires $115.6 million through industry levies in 2013/2014 – up 2.4 per cent from 2012/2013. More...

Super is working but needs to evolve: ASFA – MEDIA – 04 June 2013 - The superannuation system is working but is transitioning, according to a report by Deloitte Access Economics that was commissioned by ASFA. The report, released at the ASFA Investment Interchange seminar, found that the mushrooming superannuation sector will continue to act as a ballast to the economy while meeting the quality-of-life expectations of retirees. More...

Super system will deliver but needs future-proofing – MEDIA – 04 June 2013 - The Australian superannuation system is robust enough to provide stability for retirees but needs to adapt to the shift in retirees drawing down on the pool of assets already accumulated, according to a report commissioned by ASFA. More...

Industry urged to consult on Super Charter – MEDIA – 03 June 2013 - The Minister for Superannuation Bill Shorten has opened up consultation on the Charter of Superannuation Adequacy and Sustainability, including the Council of Super Custodians this week. More...

ASIC releases updated guidance for auditors reporting of contraventions - ASIC – 30 May 2013 -The updated RG 34 continues to provide guidance on the legislative obligations of auditors of companies and registered schemes to report suspected contraventions of the Corporations Act 2001 to ASIC, and similar obligations under other legislation. More...

ASIC seeks comments on approach to auditor resignation, removal and replacement
ASIC have released a consultation paper announcing a review into our approach to the resignation, removal and replacement of auditors (30 May 2013). More...

Wellington Capital distribution to unit holders found to be invalid - ASIC – 30 May 2013 - ASIC have been successful in its appeal to the Full Court of the Federal Court to overturn an earlier Federal Court decision to dismiss an application by ASIC in relation to Wellington Capital Limited. The Unit Holders subscribed for units in a pooled investments fund managed by the Responsibility Entity. More...

Data integrity still a challenge for super funds - MEDIA – 30 May 2013 - Super funds have a "good way to go" before they can be considered to be handling the area of data integrity well. That's the summation of a new report by APRA, which emphasised the importance of data integrity in the lead-up to the 1 July start of Stronger Super. More...

Increased super caps measure passes lower house - MEDIA – 29 May 2013 - A move to increase the concessional contributions caps from $25,000 to $35,000 for those aged 60 and over has passed through the House of Representatives. The increased caps apply from July 1 this year. More...

SCT finds more trustee decisions being affirmed - MEDIA – 28 May 2013 - The number of trustee decisions affirmed by the Superannuation Complaints Tribunal (SCT) rose to 89 per cent in the March 2013 quarter – up from 76 per cent in the previous quarter. According to SCT chair Jocelyn Furlan, in the long term the Tribunal tends to find in favour of trustees two thirds of the time. More...

SMSF establishment rates drop - MEDIA – 28 May 2013 - Establishments of self-managed super funds (SMSFs) have decreased significantly, according to the Australian Taxation Office's (ATO) Self-Managed Super Fund Statistical Report for March 2013. More...

Treasurer and Minister for Financial Services release updated calculator - MINISTER – 29 May 2013 - The Deputy Prime Minister and Treasurer, Wayne Swan, and the Minister for Employment, Workplace Relations and Financial Services and Superannuation, Bill Shorten, have released the updated MoreSuper calculator on 29 May 2013. More...

More super for more Australians - MINISTER – 29 May 2013 - Treasurer Wayne Swan said Australians will be able to see for themselves how they will benefit from the Gillard Government's superannuation reforms through updates to the More Super website. With only a month until the first increase to the Super Guarantee (SG) commences, updates to the calculator will ensure Australians can accurately assess how much better off they will be under the changes (29 May 2013). More...

Gillard Government to improve tax transparency – TREASURER – 29 May 2013 - The landmark changes, contained in Tax Laws Amendment (2013 Measures no. 2) Bill 2013, will overcome the privacy provisions that have so far prevented the publication of the tax liabilities of large corporate entities, including multinational corporations. More...

Reforms to simple corporate bonds market and financial advice industry – MINISTER – 29 May 2013 - The Government has welcomed the passage of the Corporations Amendment (Simple Corporate Bonds and Other Measures) Bill 2013 through the House of Representatives. The Bill implements reforms that promote a deep and liquid corporate bond market and enshrine the terms 'financial adviser' and 'financial planner' in Corporations Law. More...

ASIC: updated guidance on constitutions of registered managed investment schemes
The revised guidance is contained in an updated version of Regulatory Guide 134 Managed investments: Constitutions ( RG 134), and the relief is contained in ASIC Class Order [ CO 13/655] ASIC Class Order [ CO 13/656] and ASIC Class Order [ CO 13/657] (05 June 2013). More...

Forward Work Program - Consultation on Tax (Including Superannuation) Measures - May 2013
The Government's forward work program sets out the timetable for current and proposed consultation on tax and superannuation measures. The next edition of the Forward Work Program - Consultation on Tax Measures will be available in June 2013 (05 June 2013). More...

Superannuation advice licensing of accountants
The Corporations Amendment Regulation 2013 (No. 3) was registered on 4 June 2013.
The Regulations provide transitional financial services licensing arrangements for superannuation advice by recognised accountants from 1 July 2013. The exemptions cease on 1 July 2016.

Reminder: Charter of Superannuation Adequacy and Sustainability: submissions
Shorten advised that the discussion paper 'Charter of Superannuation Adequacy and Sustainability and Council of Superannuation Custodians' would act as the framework for consultation, which closes 21 June. More...

Mandatory data breach notification provisions introduced
The Privacy Amendment (Privacy Alerts) Bill 2013 will introduce mandatory data breach notification provisions for agencies and organisations that are regulated by the Privacy Act. There are specific provisions relating to serious data breaches by credit providers and credit reporting bodies of credit eligibility information and credit reporting information. There is also a requirement relating to tax file number information (29 May 2013)

ASFA Submissions

4 June – Submission to Treasury: Superannuation Legislation Amendment (MySuper Measures) Regulation 2013

7 June – Submission to Treasury: Regulations to support Sustaining the Superannuation Contribution Concession

Forthcoming Events

ASFA 2013 Conference
The ASFA 2013 National Confernece and Super EXPO will be held 13-15 November at the Perth Convention and Exhibition Centre. More...

Australian Superannuation Investment Conference (ASI)
The ASI Conference is scheduled for 4 6 September 2013 on the Gold Coast. More...


Bilaczenko v Financial Ombudsman Service Ltd [2013] FCCA 420
ADMINISTRATIVE LAW – Judicial review – whether decisions of Financial Ombudsman Service Ltd are amenable to judicial review – applicability of the Datafin principle in Australia – whether decisions final and not subject to judicial review - application to strike out applications pursuant to FCC Rule 13.10 and FCCA Act s.17A(2) – applications dismissed - no reasonable prospect of applicant successfully prosecuting. More...

Australian Securities and Investments Commission v Wellington Capital Limited [2013] FCAFC 52
CORPORATIONS – managed investment scheme – role of responsible entity under Ch 5C Corporations Act 2001 (Cth) – whether in specie distribution by responsible entity was beyond power under scheme constitution – where constitution did not contain express power to make distributions in specie – where responsible entity was granted all powers "legally possible" for a person or corporation to have – whether power of company to distribute property to members under s 124 Corporations Act 2001 (Cth) extends to responsible entity- Section 601FA provides that the responsible entity of a registered scheme must be a public company that holds an Australian financial services licence authorising it to operate a managed investment scheme. PRACTICE AND PROCEDURE – relief – where appellant sought only declaratory relief – public utility of declaration disapproving of contravening conduct. More...



Superannuation (Excess Untaxed Roll-over Amounts Tax) Amendment (DisabilityCare Australia) Act No 45 of 2013
Assent 28/05/2013 Commencement 28/05/2013 Schedule 1 - At the same time as Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013 commences. (Commencement proposed as per bill, final confirmation awaited). More...

Superannuation (Excess Non-concessional Contributions Tax) Amendment (DisabilityCare Australia) Act No 46 of 2013
Assent 28/05/2013 Commencement 28/05/2013 Schedule 1 - At the same time as Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013 commences. (Commencement proposed as per bill, final confirmation awaited). More...

Superannuation (Excess Concessional Contributions Tax) Amendment (DisabilityCare Australia) Act No 47 of 2013
Assent 28/05/2013 Commencement 28/05/2013 Schedule 1 - At the same time as Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013 commences. (Commencement proposed as per bill, final confirmation awaited). More...

Legislative Instruments

Superannuation (prudential standard) determination No. 1 of 2013 - Prudential Standard SPS 450 - Eligible Rollover Fund (ERF) Transition SPS 450 Determinations
This instrument determines Prudential Standard SPS 450 Eligible Rollover Fund (ERF) Transition (04 June 2013). More...

Corporations Amendment (Intra-fund Advice Fees) Regulation 2013 SLI 2013 No. 102
This regulation amends the Corporations Regulations 2001 to implement regulations relating to the treatment of intra-fund advice fees under the Future of Financial Advice reforms (04 June 2013). More...

Corporations Amendment Regulation 2013 (No. 3) SLI 2013 No. 101
This regulation amends the Corporations Regulations 2001 to create a new limited licensing regime from 1 July 2013 which allows accountants (and others) to provide a broader range of financial product advice than currently allowed for under the existing accountants' exemption (04 June 2013). More...


Privacy Amendment (Privacy Alerts) Bill 2013
This Bill amends the Privacy Act 1988 to introduce mandatory data breach notification provisions for agencies and organisations that are regulated by the Privacy Act (entities). The Bill will commence immediately after the amendments to the Privacy Act contained in the Privacy Amendment (Enhancing Privacy Protection) Act 2012 commence on 12 March 2014 (04 June 2013). More...

Corporations and Financial Sector Legislation Amendment Bill 2013
Introduce a range of miscellaneous measures related to the regulation of over-the-counter derivatives (OTC derivatives) and other financial products.28/05/2013 Passed Reps. More...

Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Bill 2013
Schedule1 to this Bill amends the Income Tax Assessment Act 1997 to facilitate the Government's MySuper reforms by providing income tax relief to superannuation funds where there is a mandatory transfer of default members' account balances to a MySuper product in another superannuation fund. 29/05/2013 Intro Reps and First Reading. More...

Tax And Superannuation Laws (Increased Concessional Contributions Cap And Other Measures) Bill
Bills Debated 29 May 2013 Passed House of Representatives. More...

Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Bill 2013
Bills Debated 29 May 2013 Passed House of Representatives. More...

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