Australia: Superannuation & Funds Management - What's News - 23 July 2013

Last Updated: 27 July 2013
Most Read Contributor in Australia, September 2016

In the media

Super tribunal reduces dispute backlog - MEDIA – 17 July 2013 - The Superannuation Complaints Tribunal (SCT) has begun work to clear a backlog of as many as 550 dispute files, after government funding kicked in on 1 July. The 2013/14 federal budget allocated $2.6 million over four years to the SCT to finance a project to clear the build-up of super member complaints. More...

Industry receives six-month FATCA reprieve – MEDIA – 16 July 2013 - The Australian financial services industry will have a further six months to comply with what it calls the "onerous procedures" contained within the US Foreign Account Tax Compliance Act (FATCA). FSC chief executive said the delay would give the industry some "breathing space" while Australian firms implemented the FoFA and Stronger Super reforms. More...

ASIC's powers heightened under FoFA – MEDIA – 17 July 2013 - ASIC will act more strongly on cases of misconduct in the wake of Future of Financial Advice (FoFA) the regulator said. The new FoFA regulation has allowed ASIC to take civil penalty actions, whereas until now the regulator could only undertake actions to ban financial services workers or cancel their businesses' licences. More...

ASIC releases new information sheets on dispute resolution and misconduct - ASIC – 18 July 2013 - ASIC have released further information about its approach to commonly reported matters. ASIC releases new information sheets on dispute resolution and misconduct

ASIC takes CBA and HSBC to task - ASIC – 16 July 2013 - Following concerns raised in May, the regulator has forced the Commonwealth Bank (CBA) and HSBC to change the way certain retail structured products are advertised. A review of 'capital protected' and 'capital guaranteed' retail structured products by ASIC found the labelling of some products is "confusing or potentially misleading". ASIC concerns see CBA and HSBC change advertising

Bigger role ahead for super funds – MEDIA – 10 July 2013 - A major study by the Australian­ ­Centre for Financial Studies, launched on Wednesday, argues that banks will lose importance as financial intermediaries because they are unlikely to succeed in replacing falling retail deposits with deposits from other sources, such as super schemes. More...

APRA standards renew offshoring concerns – MEDIA – 09 July 2013 - The Australian Prudential Regulation Authority (APRA) this week released its latest set of prudential practice guides, which have drawn concern from industry that offshoring issues have not been resolved. ASFA asked for greater clarity around what a licensee would need to provide and the consultation process. More...

Super milestone for small business owners – MINISTER FOR INNOVATION – 10 July 2013 - The Federal Government's Small Business Superannuation Clearing House has now distributed more than $1 billion in superannuation payments on behalf of small business owners across the country. More...

How do you want your retirement to look? ASFA survey
The ASFA new online survey will help gather views from the broader community on how the super system should be evolved to accommodate for the demographic changes Australia's population will experience over the coming decades. The survey closes on 17 August 2013 and is available at here. For further information visit (18 July 2013)

APRA-regulated superannuation funds - final PPGs
APRA has released eight final prudential practice guides (PPGs) for APRA-regulated superannuation funds, accompanied by a response paper, Prudential guidance for superannuation. The PPGs support the implementation of prudential standards for superannuation and commence the consolidation of existing superannuation guidance materia.
The PPGs: here. The response paper: here.

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) – Conference Overview
The ASI Conference is scheduled for 4 6 September 2013 on the Gold Coast.
This year ASI will focus on global perspectives starting with the opening plenary showcasing some of the financial industry's heavy hitters. More...


Ludowyk v Superannuation Complaints Tribunal [2013] FCA 692
ADMINISTRATIVE LAW – whether the Superannuation Complaints Tribunal (the Tribunal) committed errors of law when it decided to treat the subject matter of a second complaint as having been adequately dealt with by its determination of an earlier complaint and thus decided to treat the second complaint as withdrawn pursuant to s 22(3)(d) of the Superannuation (Resolution of Complaints) Act 1993 (Cth) (the Complaints Act) – whether, in arriving at its decision to treat the second complaint as withdrawn, the Tribunal applied the wrong test for determining both complaints – whether, having regard to the true interpretation of s 14(2) and s 37(3), (4), (5) and (6) of the Complaints Act, the Tribunal is to conduct its review as if it were tantamount to a hearing de novo or whether it is required first of all to evaluate the decision under complaint in order to ascertain whether or not it was unfair, unreasonable or both before deciding whether it is obliged to affirm the decision under complaint or whether it should set aside, vary or remit that decision. More...

Guy v Commonwealth of Australia [2013] ACTSC 128
DAMAGES – damages for negligent misstatement – where the negligent misstatement lead the plaintiff to not join a public sector superannuation fund when eligible – where subsequent competing superannuation scenarios arose as a consequence – use of competing actuarial reports in the assessment of damages in these circumstances – turns on its own facts
SUPERANNUATION – Public service funds – availability of public service superannuation funds to 'temporary' Commonwealth employees under the Superannuation Act 1976 (Cth)
TAXES AND DUTIES – tax on a judgment sum – whether tax liability will be assessed on a judgment sum – leave granted to apply for award of additional damages if liability assessed. More...

Garreffa v Super SA Board [2013] SADC 93
Appellant applied for additional insurance cover with her superannuation policy - application was approved by SuperSA - total and permanent disablement claim lodged by appellant - claim denied on the grounds that the appellant withheld information when applying for additional insurance cover - appeal lodged - appeal dismissed.
Southern State Superannuation Act 2009 (SA); Southern State Superannuation Regulations 2009 (SA); District Court Act 1991 (SA), referred to. More...



Superannuation (Excess Concessional Contributions Charge) Act No 116 of 2013
An Act to impose a charge on excess concessional contributions, and for related purposes
Registered 10 July 2013 Date of Assent 29 Jun 2013. More...

Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Act No 61 of 2013
An Act to amend the law in relation to superannuation, corporations and first home saver accounts
Registered 09 July 2013 Date of Assent 26 June 2013. More...

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