Australia: Superannuation & Funds Management - What's News - 25 June 2013

Last Updated: 2 July 2013
Most Read Contributor in Australia, September 2016

In the media

Super increase goes ahead on 1 July: ATO
MEDIA – 21 June 2013 - THE Australian Taxation Office (ATO) is pushing on with plans to increase the compulsory superannuation guarantee to 9.25%. The super guarantee increase from its current rate of nine per cent starts on 1 July. More...

Coalition pledges support for Superannuation Laws Amendments Bill
MEDIA - 21 June 2013 - The Coalition has said it will support the federal government's Superannuation Laws Amendment Bill, granting tax relief to superannuation funds which do not acquire a MySuper licence. The proposed amendments to the Income Tax Assessment Act 1997 will allow such super funds to transfer losses and deferred tax liabilities for the assets transferred. More...

Australians have $18bn in 'lost' super
MEDIA - 21 June 2013 - Australians are missing out on more than $18 billion in "lost" superannuation sitting in unused accounts across the country, a Westpac survey says, with forty-seven per cent of Australians are likely to have superannuation sitting in old accounts. More...

Government agrees 12 month TASA exemption
MEDIA – 20 June 2013 -The government has agreed to extend the exemption for financial planners to become registered tax agents under the Tax Agent Services Act (TASA) bill. The current exemption will be extended to June 30, 2014 and there will be a three year transition period after that date. More...

New legislation to deliver additional protections for consumers
TREASURY – 20 June 2013 - Under amendments to the Tax Agent Services Act 2009 (TASA 2009), financial advisers who provide tailored tax advice will be overseen by the Tax Practitioners Board to make sure they meet the relevant education, experience and other requirements. More...

Fairer taxation of excess concessional contributions
TREASURY – 19 June 2013 - The Gillard Labor Government will introduce legislation which allows individuals to withdraw any excess concessional contributions made from 1 July 2013 from their superannuation fund without penalty. More...

Government legislates to fix excess contributions tax nightmare

MEDIA – 19 June 2013 - In a statement today, Mr Shorten said the changes would make superannuation taxation fairer for low- and middle-income earners who inadvertently breach the concessional contributions cap because they will be taxed at their marginal tax rate rather than the top marginal tax rate. More...

Premier eyes private sector to fast track road, school and health projects
MEDIA - 19 June 2013 - Under an "availability payment" PPP, the private sector borrows the money, delivers the project and then uses the regular government funding to pay back its borrowings from banks and superannuation funds. More...

Super industry standardises gateway processes
MEDIA – 17 June 2013 - The superannuation industry has moved closer to implementing standardised electronic communications across the sector with the development and adoption of a new set of standards for Gateway Interoperability. More...

Standard Risk Measure a significant development for the industry ASFA – 14 June 2013 - The Standard Risk Measure (SRM) has been a significant step forward for the industry enabling a standard calculation and presentation to be applied to investment risk in superannuation. The SRM aims to provide better protection for consumers by standardising the presentation of risk for all investment options within funds. More...

Government consults on unclaimed super strategy
MEDIA – 11 June 2013 - The government has released a discussion paper asking for feedback on its plans to raise the threshold at which inactive super accounts are sent to the Australian Taxation Office. The discussion paper, Lost and unclaimed superannuation money, outlined strategies already implemented, including the account consolidation strategy. More...

Address to FSC Parliamentary Function, Canberra
Minister for Financial Services and Superannuation Bill Shorten discusses superannuation (18 June 2013). More...

Prudential Standards for Superannuation Frequently Asked Questions
APRA has updated its FAQs regarding prudential standards for superannuation (20 June 2013). More...

Discussion Paper: Charter of Superannuation Adequacy and Sustainability and Council of Superannuation Custodians
In April 2013, the Minister for Superannuation and Financial Services, the Hon Bill Shorten MP, announced that a Council of Superannuation Custodians would be created to advise governments on changes to superannuation laws and rules. AIST is pleased to provide this submission on this discussion paper (21 June 2013). Read more

Joint submission to Senate Economics: MySuper CGT Relief Bill
This Bill amends the Income Tax Assessment Act 1997 to provide tax relief to funds where there is a mandatory transfer of default member balances to a MySuper product in another fund, as well as other measures. AIST has once again joined with ISN to provide a joint submission (20 June 2013). Read Submission

Fair Work Australia: Changes to superannuation
From 1 July 2013, the super guarantee is increasing to 9.25%. This will increase to 9.5% from 1 July 2014 and continue to rise each year until it reaches 12% from 1 July 2019. Superannuation is paid on top of the minimum entitlements in the award or agreement that applies (18 June 2013). More...

ASFA Submissions
20 June - Submission to Senate Economics Legislation Committee - Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Bill 2013 Full Submission
17 June - Submission to ASX - Modernising the timetable for rights issues: Draft ASX listing rules Full Submission
14 June - Submission to Treasury - Consultation on proposed financial industry levies for 2013-14 Full Submission
14 June - Proposed Sustaining the Superannuation Contribution Concession (Meaning of End Benefit) Instrument 2013 Summary




Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Bill 2013
Minister for Financial Services Bill Shorten second reading speech introducing the legislation on 19 June 2013 - legislation which allows individuals to withdraw any excess concessional contributions made from 1 July 2013 from their superannuation fund without penalty. More...

Superannuation (Excess Concessional Contributions Charge) Bill 2013
Minister for Financial Services Bill Shorten second reading speech introducing the legislation on 19 June 2013 - legislation which allows individuals to withdraw any excess concessional contributions made from 1 July 2013 from their superannuation fund without penalty. More...

Legislative Instruments

Treasury Legislation Amendment (Unclaimed Money and Other Measures) Regulation 2013 SLI 2013 No. 117
This regulation amends the Banking Regulations 1966, Corporations Regulations 2001, First Home Saver Accounts Regulations 2008, Life Insurance Regulations 1995 and Superannuation (Unclaimed Money and Lost Members) Regulations 1999 to specify how to work out the interest payable by the Commonwealth on unclaimed money. Registered 17 June 2013. More...

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