Australia: Superannuation & Funds Management - What's News - 30 October 2013

Last Updated: 3 November 2013
Most Read Contributor in Australia, September 2016

In the media

Statement from Industry Super Australia – repeal of the low income earners tax concession and the delay in Super Guarantee – ISA – 25 October 2013 - Industry Super Australia (ISA) today expressed concern regarding the linking of the repeal of the Low Income Earners Tax Concession (LISC), and the delay in increasing the Super Guarantee to 12%, as part of the Government's repeal of the Mineral Resources Rent Tax. More...

Govt confirms SG delay, kills LICS – MEDIA – 25 October 2013 - The Government has confirmed it will delay the increase in the compulsory superannuation contributions to 12% and that it will abolish the Lower Income Contribution Scheme. Details of the government's plan to stall the lift in the superannuation guarantee (SG) were contained in draft legislation to repeal the Minerals Resource Rent Tax (MRRT). More...

Coalition commits to SG increase – MEDIA – 24 October 2013 - Federal Treasurer Joe Hockey has announced the Government will release draft legislation for the repeal of the Minerals Resource Rent Tax (MRRT), confirming the Coalition will not rescind the increase in compulsory superannuation from 9 to 12 per cent. More...

Problem is weak credit law, not us: ASIC – MEDIA – 25 October 2013 - ASIC claimed that it had limited jurisdiction over the credit industry in its final submission to the Senate inquiry. In its final submission, ASIC focused on the reforms to the credit industry and 'low doc' loans and it said that its role was limited. More...

AMP issues earnings warning – MEDIA – 25 October 2013 - Superannuation and insurance firm AMP expects earnings to take a hit of up to $65 million in the final quarter of 2013 due to the poor performance of its wealth protection business. More...

Class action firms 'need regulation' – MEDIA – 25 October 2013 - A Legal reform conference in the US has been told that Australia's hands-off approach to the litigation funding industry has triggered an influx of unregulated financiers who are investing in class actions and taking up to 50 per cent of settlements. More...

Watchdog asleep on Australia's sub-prime scandal – MEDIA – 24 October 2013 - A leading consumer activist claims the corporate regulator has not only failed to investigate hundreds of cases of loan fraud put before it but, as a consequence, has covered up a systemic banking failure. More...

Federal Government releases laws to repeal mining tax – MEDIA – 24 October 2013 - Draft laws to abolish the Minerals Resource Rent Tax (MRRT) have been released ahead of their expected introduction to parliament next month. More...

AFSA notice - AFSA's Bankruptcy Act prosecutions from 2008-09 to 2012-13 – ASFA – 24 October 2013 - In 2012-13, AFSA secured many significant Bankruptcy Act offence prosecutions in the public interest. In total for that year, 148 people were convicted or found guilty involving 209 Bankruptcy Act offences. More...

ASIC lodges second submission to Senate Inquiry – ASIC – 24 October 2013 - ASIC have lodged a second submission to the Senate Economics References Committee inquiry that sets out our role and performance in regulating consumer credit. ASIC will lodge a final submission next week that addresses the inquiry's broader terms of reference. ASIC lodges second submission to Senate Inquiry

We're watching you, APRA warns trustees – MEDIA – 24 October 2013 - The Australian Prudential Regulation Authority (APRA) has warned superannuation fund trustees it will not tolerate inertia or complacency, in a clamp down that is sparking fears that the role of trustee is becoming a full-time job. APRA will be raising the bar, warning trustees that APRA will expect all members of fund boards to play an active role in decision making. More...

Advice main concern in FOS investment disputes – MEDIA – 23 October 2013 - Financial advice keeps being the main concern for consumers who lodge investment-related claims to the Financial Ombudsman Service (FOS). The FOS 2012-13 annual review found an 11% reduction of all disputes. In total, the FOS received 32,307 disputes and accepted 24,100, about 5% less than the previous year. Financial advice was the main issue in 51% of the managed investment disputes. More...

FOS to focus on timeliness as disputes fall – MEDIA – 23 October 2013 - The Financial Ombudsman Service (FOS) has released wide-ranging stakeholder feedback that highlights a timeliness concern with dispute handling, at the same time as reporting a significant drop in disputes received. More...

SMSF spruikers targeting government offer - – MEDIA – 23 October 2013 - The Australian Securities and Investments Commission (ASIC) has sounded a warning about people promoting self-managed super funds (SMSFs) encouraging consumers to invest in residential property via the government's National Rental Affordability Scheme (NRAS). More...

AIST slams independent director quota – MEDIA – 22 October 2013 - Tom Garcia, chief executive of the Australian Institute of Superannuation Trustees (AIST), has hit out at the Government's plan to set a quota of independent members on industry super fund boards, calling it a 'number one issue' for AIST. More...

Strengthening the Reserve Bank of Australia – TREASURY – 23 October 2013 - The Coalition Government will make a one-off $8.8 billion grant to strengthen the financial position of the Reserve Bank of Australia. This grant will enhance the Bank's capacity to conduct its monetary policy and foreign exchange operations. More...

Government to increase the debt limit – TREASURY – 22 October 2013 - The Australian Office of Financial Management has also previously advised that it is prudent to maintain a buffer of $40 to $60 billion of headroom above the peak debt projected in any year to allow for unanticipated events with a fiscal impact. As a result, the Coalition will legislate to increase the Commonwealth Government debt limit to $500 billion. More...

UBS Securities Australia Ltd pays $50,000 infringement notice penalty - ASIC – 22 October 2013 - UBS Securities Australia Ltd ('UBS') has paid a penalty of $50,000 to comply with an infringement notice given to it by the Markets Disciplinary Panel ('MDP'). The penalty was for conduct which resulted in a market for a put option not being both fair and orderly. UBS Securities Australia Ltd pays $50,000 infringement notice penalty

ASIC warns consumers about ads recommending SMSFs purchase properties through government scheme – ASIC – 22 October 2013 - ASIC is today warning consumers about advertising that promotes the use of self-managed superannuation funds (SMSFs) to invest in residential properties through the National Rental Affordability Scheme (NRAS). ASIC is aware that a number of SMSF promoters include misleading statements in their ads about the grants that may be available under NRAS (22 October 2013). More...

Best Australian Super Funds announced – ASIC – 18 October 2013 - After analysing more than 300 superannuation products and over 150 pension products, Australia?s leading independent super research firm, SuperRatings, has announced the top Australian funds for both people trying to accumulate their super and for those already in retirement. Best Australian Super Funds announced

Chargebacks Follow-up Inquiry – CCMC – 18 October 2013 - The CCMC is pleased to release its report of its follow up inquiry into banks compliance with their obligations in relation to Chargebacks under the 2004 Code of Banking Practice and the information they provide to consumers about their right to request a chargeback. More...

APRA accepts enforceable undertaking from former Trio director - APRA – 17 October 2013 APRA today announced it has accepted an enforceable undertaking from former Trio Capital Limited director Kurt Groeneveld. Trio was formerly the licensed trustee of registered superannuation entities and the responsible entity of various managed investment schemes. More...

New comparison of super fund sectors over last decade shows Industry SuperFund members well ahead - ISA – 17 October 2013 - New modelling commissioned by Industry Super Australia finds that a person who joined the average Industry SuperFund 10 years ago could have been nearly $20,000 better off with a balance today of $156,022, compared to a balance of $138,456 if the same person had joined the average retail fund. More...

ASIC bans businessman 'Aussie Rob' - ASIC – 17 October 2013 - ASIC have banned Robert Lloyd Wilson from providing financial services and is warning the public not to deal with the failed businessman. ASIC bans businessman 'Aussie Rob'

ASIC takes civil action against GE Money - ASIC – 17 October 2013 - ASIC have started legal action against consumer credit provider GE Money, seeking financial penalties against the company for making false or misleading representations. ASIC takes civil action against GE Money

Financial system review to focus on deregulation - MEDIA – 17 October 2013 - Joe Hockey says an upcoming Financial System Inquiry will have a deregulation agenda, with the government having already identified more than 1,000 pieces of regulation that are "ready for abolition". More...

CEOs less liable in Qld after legislation - MEDIA – 17 October 2013 - The Queensland government has significantly reduced the number of company offences corporate directors can be charged with. Legislation passed in state parliament on Wednesday night reduced the number of offences company directors are automatically liable for from 3800 to about 260. More...

FPA rejects ASIC's RG 146 approach - MEDIA – 17 October 2013 - The Financial Planning Association (FPA) says it doesn't support the approach to financial planner training outlined in recent Australian Securities and Investments Commission (ASIC) consultation papers and has called for the establishment of a working group to develop a concrete future framework. More...

Finance broker gets 6 month ban - MEDIA – 16 October 2013 - ASIC has banned finance broker Alexander Dryden of West Croydon, South Australia, from engaging in credit activities and suspended his Australian credit license for six months. ASIC surveillance found Mr Dryden, who had been trading as 'Gryphon Financial' had contravened the National Consumer Credit Protection Act 2009 (Cth) (National Credit Act). More...

AAAFI failure justifies risk review - MEDIA – 15 October 2013 - ASIC has pointed to the failings of collapsed licensee AAA Financial Intelligence (AAAFI) to explain why it is undertaking a surveillance of the risk advice sector, which was first announced in August and is already underway. More...

ASIC has risk advice in its sights - MEDIA – 15 October 2013 - ASIC deputy chairman Peter Kell has the retail insurance sectors in his sights, announcing that the regulator will conduct major surveillance of the sector. In February ASIC cancelled the license of AAA Financial Intelligence after finding what Kell described as "an appalling record in relation to the sale of risk products. More...

ASIC accepts enforceable undertaking from Wangarrata auditor - ASIC – 16 October 2013 -

ASIC have accepted an enforceable undertaking from Wangarrata-based auditor, Mr Anthony Hyndman, which permanently prevents him from practising as an auditor. ASIC accepts enforceable undertaking from Wangarrata auditor Published – articles, papers, reports

Repeal of the carbon tax: exposure draft legislation and consultation paper
Department of the Environment: 23 October 2013

The Australian Government will introduce the carbon tax repeal legislation as its first item of business for the new Parliament. The Government invites submissions on the exposure drafts of the carbon tax repeal bills. The Government encourages submissions by 29 October 2013.

Repeal of the carbon tax: exposure draft legislation and consultation paper

2012-2013 Annual Review
Author: Financial Ombudsman Service

As many as 62% of managed investment disputes involved a financial planner and 27% involved a fund manager. A total of 39% of the disputes were about retail funds and 38% were about self-managed super funds (SMSF) and 38% of those lodging disputes about SMSFs are complaining about appropriate advice ( released 23 October 2013). More...

2012-2013 Comparative Tables
Author: Financial Ombudsman Service

These tables present dispute statistics about financial services providers (FSPs) that are members of FOS. The tables are produced annually as part of ASIC Regulatory Guide 139 (released 23 October 2013). More...

Superannuation funds, September Quarter 2013
Author: Superratings

The September quarter has been a strong one for superannuation funds, with the median return for the first three months of the 2013/14 Financial Year sitting at 4.8%, and the return over the past twelve months at 15.7%. Following on from a mixed August, growth assets delivered strong performance in September (21 October 2013). More...

Reporting Framework for Superannuation Frequently Asked Questions
Wednesday, 16 October 2013

APRA has updated its FAQs about the reporting framework for superannuation... More...

Transcript of speech, Centre for the Study of Capital Market Dysfunctionality Author: Luci Ellis, Head of Financial Stability Department of the Reserve Bank of Australia, discusses Stability, Efficiency, Diversity: Implications for the Financial Sector and Policy (18 October 2013). More...

Lending Finance, Australia, August 2013
Author: Australian Bureau of Statistics: 15 October 2013

The seasonally adjusted series for the value of total personal finance commitments fell 2.6%. Revolving credit commitments fell 3.7% and fixed lending commitments fell 1.9%. The seasonally adjusted series for the value of total commercial finance commitments rose 7.0%. More...

Westpac Melbourne Institute Leading Index, October 2013
The annualised growth rate of the Westpac Melbourne Institute Leading Index, which indicates the likely pace of economic activity three to nine months into the future, was 3.2% in August, marginally above its long term trend of 2.9%. The annualised growth rate of the Coincident Index, which gives a pulse of current activity, was 2.4%, below its long term trend of 2.9%.'. More...

Selected personal insolvency statistics for 2012–13
Author: ASFA: October 2013

This includes: General personal insolvency activity, including a breakdown of bankruptcies by debtors petitions and sequestration orders, Rates of return to creditors, Lifecycle of debt agreements, and

Monies administered under Parts IV and XI of the Bankruptcy Act 1966. Selected personal insolvency statistics for 2012–13

In practice and courts

ASFA Submissions

25 October – Submission to Senate Economics References Committee: Inquiry into the performance of ASIC (22 Oct)

24 October – Submission to AUSTRAC: Draft amendments to Chapter 1 of the AML/CTF Rules

21 October – Submission to Office of the Information Commissioner: Draft Australian Privacy Principles (APP) Guidelines – second tranche

18 October – Submission to APRA: Consultation on draft SPG 310 Audit and Related Matters

Carbon tax repeal legislation consultation

The Government has prepared a consultation paper, which explains how it will repeal the carbon tax, including a detailed explanation of the repeal bills. Interested parties are invited to provide submissions. Public consultation will be invited until 4 November 2013 (15 October 2013)

The draft legislation is available here.

MRRT and related measures Repeal

On 24 October 2013, the Government released an exposure draft of the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 and explanatory memorandum for public consideration. Interested parties are invited to comment on the draft amendments to the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013. Closing date for submissions: Thursday, 31 October 2013


Modern Awards Review 2012 - Road Transport (Long Distance Operations) Award 2010 [2013] FWC 7976 (15 October 2013) [2013] FWC 7976

  1. I issued a statement and directions with respect to applications to vary the Road Transport (Long Distance Operations) Award 2010 as part of the two year review on 20 May 2013 []. The matters were listed before me for hearing on 9 - 10 October 2013.
  2. A further hearing has been listed for 12 November 2013 to deal with the following: A. Ordinary hours, ordinary time earnings and superannuation
  3. Ordinary hours, ordinary time earnings and superannuation

  1. The Transport Workers' Union of Australia has provided a list of clauses with respect to ordinary hours, ordinary time earnings and superannuation can be found at paragraph 4(c) of exhibit TWU3, tendered on 10 October 2013. More...

Gazette - Superannuation Industry (Supervision) Act 1993

Notice of Disqualification 23 October 2013

Ms Lorrae Nancy Collins (Gazette - C2013G01569); Mr Glenn Edward Scholes (Gazette - C2013G01568; Ms Kym Kennedy (Gazette - C2013G01579); Mr Peter Pribetic (Gazette - C2013G01572); Mr Matthew Hopkinson (Gazette - C2013G01583); Mr Gregory Kennedy (Gazette - C2013G01578); Mr Gregory James Daniel (Gazette - C2013G01574

Notice of Disqualification 21 October 2013

Notice of disqualification - Ms Lorrae Nancy Collins; Mr Glenn Edward Scholes

Notice of Disqualification 18 October 2013

Mr John Shelton (Gazette - C2013G01546); Mr Pulega Saua (Gazette - C2013G01556); Mr Ise Stowers (Gazette - C2013G01555

Notice of Disqualification 17 October 2013

Notice of Disqualification - Mr John Shelton National Daily Headlines – 18 October 2013 ?

Notice of Disqualification 16 October 2013

Notices of disqualification: Thinh Tri Ngo (Gazette - C2013G01529); Mrs Dalal El Maarbani (Gazette - C2013G01536); Dean McNamara (Gazette - C2013G01535); Ms Maha Yaghi (Gazette - C2013G01538); Mr Peter Graham Smith (Gazette - C2013G01537)

Notice of Disqualification 15 October 2013

Notice of Disqualification - Thinh Tri Ngo

Notice of Disqualification 14 October 2013

Notices of Disqualification - Mr Darren Oliver; Thi My Ngoc Tran; Michael Konsky

ASIC Class Order [CO 13/1275] – 15 October 2013

This class order amends the ASIC Class Order [CO 13/830] to exempt RSE licensees from disclosure obligations in section 29QB of the Superannuation Industry (Supervision) Act 1993 until 1 July 2014.

The Class Order and Explanatory Statement can be viewed here.

ASIC reports on corporate insolvencies 2012–2013

ASIC have published an annual overview of corporate insolvencies based on statutory reports lodged by external administrators for the 2012–13 financial year. (17 October 2013). ASIC reports on corporate insolvencies 2012–2013

ASIC grants relief for periodic statements for quoted and listed managed funds and to facilitate quotation of ETFs on the AQUA market

ASIC have released a report finalising our approach to relief for periodic statements and facilitating quotation of exchange traded funds on the AQUA market (17 October 2013)

ASIC grants relief for periodic statements for quoted and listed managed funds and to facilitate quotation of ETFs on the AQUA market

AASB Occasional Paper advocates substantial change of thinking on liabilities

The Australian Accounting Standards Board (AASB) has published the first of its Research Centre Occasional Papers. AASB Occasional Paper No. 1 Liabilities – the neglected element: a conceptual analysis of the financial reporting of liabilities has been authored by Warren McGregor

(14 October 2013). More...

The AASB approved Australian Accounting Standard AASB 2013-7

The AASB approved Australian Accounting Standard AASB 2013-7 Amendments to AASB 1038 arising from AASB 10 in relation to consolidation and interests of policyholders on 14 October 2013.. AASB 2013-7 applies to annual reporting periods beginning on or after 1 January 2014 (15 October 2013). More...

Forthcoming Events

Superannuation Insurance Symposium 2013

AIST's Super Insurance Symposium (SIS) will cover the important issues in relevant to group insurance, case law, insurance design and regulator updates to provide superannuation personnel the most current information and case studies to improve their internal insurance practices. Date: 23 October 2013. More...

ASFA 2013 Conference

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


Cirillo and Registrar of Personal Property Securities [2013] AATA 733

CORPORATIONS - Securities - Personal Property Securities Act 2009 - Amendment demand given seeking removal of registration from Personal Property Securities Register - Registrar refused to register a financing change statement amending registration - Whether reasonable grounds to suspect amendment sought not authorised - Collateral continues to secure debt owed by the applicant - Amendment sought not authorised - Decision under review affirmed.

Personal Property Securities Act 2009 (Cth), ss 178, 180, 181 and 191. More...

Construction, Forestry, Mining and Energy (New South Wales Branch) v Port Kembla Coal Terminal Ltd [2013] NSWIRComm 92

INDUSTRIAL RELATIONS ACT - s 106 - alleged unfair contract arising from new superannuation arrangements - privatisation of coal terminal - former employees obtain employment with new terminal operator - employees no longer eligible to subscribe to public sector superannuation scheme - whether new coal terminal operator held out to employees that their superannuation arrangements would be equivalent to public sector superannuation and that they would be no worse off in relation to superannuation benefits - expert actuarial evidence for both parties - significant division of expert opinion - whether proceedings should be determined on actuarial evidence alone - Court not constrained to principles applicable to assessment of common law damages - compensation approach appropriate in exercising broad discretion to make a money order just in the circumstances of the case - laches - cross-claim - jurisdictional limit considered - contracts varied - interest payable. More...

Ambrose v Commissioner of Police [2013] NSWDC 190

Police Superannuation and Pensions - retirement on account of incapacity - claim for additional entitlement - whether hurt on duty. More...

Perrin v SAS Trustee Corporation [2013] NSWDC 191

Police Superannuation and Pensions - retirement on account of incapacity - claim for additional entitlement - incapacity for work outside the police force. More...

Green v State Super SAS Trustee Corporation [2013] NSWDC 200

Set aside the decision of the defendant made on 25 October 2012 and I determine that the plaintiff's pension be increased to 92.5%

POLICE - Member of NSW Mounted Police Section (the Mounties) injured when she fell from horse during training - PSAC certified disabled member incapable of performing duties of office on account of two specified infirmities - Infirmities caused by being HOD - Disabled member resigned from police force - Disabled member totally incapacitated for work outside police force - Special risk benefit

Police Regulation (Superannuation) Act 1906; Workers Compensation Act 1987. More...

Sedman & Associates Pty Ltd v Morgan Stanley Wealth Management Australia Pty Ltd [2013] VSC 549

JURISDICTION OF COURTS (CROSS-VESTING) ACT (VIC) 1987 — Application for transfer to another State Supreme Court —Whether an exclusive jurisdiction clause was incorporated into the agreement between the parties — A question does arise as to whether the exclusive jurisdiction clause was "so exceptional, unusual and unexpected" that it would only be incorporated into the agreement if Morgan Stanley took reasonably sufficient steps to draw it to the attention of Ms Sedman and Ms Middleton. However, there was no evidence regarding the prevalence of such clauses in contracts for the provision of financial services in the broader financial services industry and the plaintiffs did not make submissions or otherwise rely upon such a proposition. More...

Groves v Groves & Ors [2013] QSC 277

CONTRACTS – GENERAL CONTRACTUAL PRINCIPLES – CONSTRUCTION AND INTERPRETATION OF CONTRACTS – INTERPRETATION OF MISCELLANEOUS CONTRACTS AND OTHER MATTERS – where a deed is entered into between the plaintiff, second and fourth defendant – where the deed was signed by a solicitor on behalf of the plaintiff – where the solicitor gave oral evidence of authority to sign – where the deed contained a clause which effected the plaintiff's right to challenge the relevant guarantee – where there was a handwritten addition to a separate clause – where the plaintiff alleges that the handwritten addition overcame the restrictions on her right to challenge the guarantee – whether the plaintiff is restricted from challenging the guarantee which the deed refers to

CONTRACTS – GENERAL CONTRACTUAL PRINCIPLES – DISCHARGE, BREACH AND DEFENCES TO ACTION FOR BREACH – HARSH AND UNCONSCIONABLE CONTRACTS AND STATUTORY REMEDIES – where the plaintiff seeks compensation under the unconscionability provisions of the ASIC Act and the TPA – where some of those provisions have an exclusionary cap on the value of the financial services supplied or acquired of $3 million – where the defendants contend that the price for obtaining a guarantee of a loan must include the capital value of the loan – whether the plaintiff is entitled to compensation pursuant to the ASIC Act or the TPA. More...

Fowler Superannuation Nominees Pty Ltd v Stellas & Anor [2013] VCC 1341

Practice and procedure – Application for summary judgment by plaintiff - Plaintiff suing upon a debt purported assigned to it – Assignment not in writing – Whether equitable assignment considered and whether debt should be recoverable – Proposed defences not "fanciful". More...

Australasian Annuities Pty Ltd (in liq) v Rowley Super Fund Pty Ltd [2013] VSC 543

EQUITY – Fiduciaries – Director of family trust company arranged for the company to borrow money to make superannuation contributions to himself and family – Whether director breached fiduciary duties – Whether shareholders prospectively assented to transactions – Whether shareholders ratified transactions – Interests of beneficiaries of trust – Liability for knowing receipt – Whether sufficient knowledge – Liability for receipt of trust property as volunteer – Meaning of 'volunteer' – Whether superannuation fund provides valuable consideration in exchange for member or employer contributions – Cook v Benson [2003] HCA 36; (2003) 214 CLR 370 applied – Whether plaintiff has unclean hands – Director breached fiduciary duty but no liability since recipient company had insufficient knowledge and was not a volunteer. More...


Superannuation - Application by executors of deceased member of Self Managed Superannuation Fund (SMSF) to be appointed a trustee of the fund - Whether surviving member obliged to appoint executor as trustee - Whether trustee entitled to distribute deceased member's interest in the fund contrary to direction in deceased's will. More...



[Draft] Minerals Resource Rent Tax Repeal and Other Measures Bill 2013

Amends acts including: Superannuation (Government Co-contribution for Low Income Earners) Act 2003; Superannuation Guarantee (Administration) Act 1992 and the Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013

The Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 removes the Minerals Resource Rent Tax with effect from 1 July 2014. The Bill also discontinues or re-phases the measures that were intended to be funded by the MRRT. The Bill includes the: re-phasing of the change in rate of the superannuation guarantee charge percentage; repeal of the low income superannuation contribution (24 October 2013). More...

Australian Prudential Regulation Authority (confidentiality) determination No. 20 of 2013

This instrument determines information provided by locally-incorporated banks and foreign ADIs under Reporting Standard ARS 320.0.Administered by: Treasury – Registered 24 Oct 2013. More...

ASIC Class Order [CO 13/1275]

This class order amends the ASIC Class Order [CO 13/830] to exempt RSE licensees from disclosure obligations in section 29QB of the Superannuation Industry (Supervision) Act 1993 until 1 July 2014.

Registered 15 Oct 2013 Date of Ceasing 16 Oct 2013. More...

ASIC Class Order [CO 13/721]

This class order provides for relief from equal treatment of members, relevant interest and substantial holdings provisions in the Act to facilitate quotation of exchange traded funds on the AQUA Market. Registered 15 Oct 2013. More...

ASIC Class Order [CO 13/1200]

This class order provides temporary relief to AQUA quoted and Listed managed investment scheme issuers from the obligation under s1017D to give periodic statements to members of the schemes. After the temporary exemption period expires, the instrument modifies the obligation under s1017D for these issuers to overcome the practical difficulties in complying with the obligation in its non-modified form. Registered 15 Oct 2013. More...


Directors' Liability Reform Amendment Bill 2012

A Bill for An Act to amend particular Acts for matters relating to the liability of executive officers of corporationsIntroduced by: J P Bleijie MP on 28/11/2012 Stage reached: Passed with amendment on 16/10/2013 Bill and Exp Note

Subordinate Legislation as made

No 206 Treasury and Trade Legislation Amendment and Repeal Regulation (No. 1) 2013 – 25-10-2013

Queensland Competition Authority Act 1997; Queensland Treasury Corporation Act 1988; Statistical Returns Act 1896; Statutory Instruments Act 1992


Superannuation Legislation Amendment Bill 2013

Passed 19/9/13 Assent date22/10/13 see act 61/13

Victorian Proclamations of Commencement

Superannuation Legislation Amendment Act 2013 (Act 61/2013)

Assent 22/10/2013 Commencement 1/07/2014 Subject to subsection (2), this Act comes into operation on a day or days to be proclaimed. (2) If a provision of this Act does not come into operation before 1 July 2014, it comes into operation on that day.

The purpose of this is to— (a) make miscellaneous amendments to specified Superannuation Acts to improve the operation of those Acts; and (b) repeal The Constitution Act Amendment Act 1958 and the Parliamentary Contributory Superannuation Act 1962 which are spent Acts

Consumer Affairs Legislation Amendment Act (No. 57/ 2013)

Assent 22/10/2013 Commencement: Ss. 1 and 2: 22/10/2013: s. 2(1); S. 3: Deemed 26/11/2012: s. 2(2); Ss. 4 to 18: 23/10/2013: s. 2(3) Commencement 23/10/2013 Remainder

The Victorian Commencement Book is available on the Office of the Chief Parliamentary Counsel website.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at and we will use commercially reasonable efforts to determine and correct the problem promptly.