Australia: What's News In Superannuation & Funds Management? - 13 November 2013

Last Updated: 20 November 2013
Article by Jenny Willcocks

In the media

More transparency and competition in default fund selection

ISA – 08 November 2013 – Industry Super Australia has welcomed the new process outlined by the Fair Work Commission for the selection of default superannuation funds in modern awards.  Consistent with the recommendations of the 2012 Productivity Commission review, awards will be varied to ensure that only MySuper accredited products are named.   More...

ISA proposes solution to ensure 3.6 million Australians keep super tax breaks

ISA – 07 November 2013 – Industry Super Australia has submitted a proposal to the Government that would enable it to retain the Low income-earners Super Contribution (LISC) rather than abolishing it outright along with the Minerals Resource Rent Tax.   More...

Hockey wins applause for move to hold fire on super tax plan 2013

SPAA – 07 November 2013 – The pensions industry yesterday welcomed the government's decision to scrap the planned tax on high super assets, agreeing with Joe Hockey that it was "undeliverable".  The treatment of capital gains would add further complexity, as well as one-off capital gains potentially resulting in a large tax liability for an individual in any one year.   More...

Sinodinos sets FOFA amendment timeline

MEDIA – 08 November 2013 – Assistant Treasurer Arthur Sinodinos has for the first time given indications of when – and how – the government will proceed with its pre-election FOFA repeal, announcing legislation drafted by early February, introduced to parliament in the autumn sittings and passed during the 2014 winter sittings.    More...

ASIC must target gatekeepers: FPA

MEDIA – 07 November 2013 – The Financial Planning Association (FPA) has called for changes to the law to increase ASIC's regulatory oversight of product providers and research houses.  In a submission to the Senate inquiry into the performance of the ASIC, the FPA said the corporate regulator must be legally obliged to take a larger role in the oversight of gatekeepers.   More...

Industry welcomes tax announcement

MEDIA – 07 November 2013 – The financial services industry has broadly welcomed the Government's move to abolish the proposed tax on superannuation earnings over $100,000.   More...

FPA canvasses co-regulatory model with ASIC

MEDIA – 07 November 2013 – The Financial Planning Association (FPA) has canvassed a closer two-way working relationship between professional bodies such as itself and the Australian Securities and Investments Commission (ASIC).  More...

Government scraps "complex, unworkable" super tax

MEDIA – 07 November 2013 – The financial services industry has welcomed the government's announcement that it will scrap the proposed 15 per cent tax on superannuation pension earnings over $100,000.  The treasurer also confirmed the new government will not be proceeding with Labor's plans to establish a council of superannuation guardians (the 'Super Council' and 'Super Charter').   More...

ASFA reshuffles board, appoints new chair

MEDIA – 07 November 2013 – The Association of Superannuation Funds of Australia (ASFA) has appointed a new chair and two new members have joined its board of directors.   More...

Tax settings on super must be fair and sustainable

ISA – 06 November 2013 – Industry Super Australia believes that the taxation settings for superannuation must be sustainable and equitable, have bi-partisan support and take a long-term approach.    More...

Business confidence will improve – Government to clear legislative backlog

FINANCIAL SERVICES COUNCIL – 06 November 2013 – According to the FSC, clearing the backlog of unresolved tax and superannuation changes is a critical move that will help the financial services industry shift its focus from regulation to innovation.   More...

Restoring integrity in the Australian tax system

TREASURY – 06 November 2013 – The Government is determined to resolve all policies relating to these matters by 1 December 2013 for inclusion in the Mid-Year Economic and Fiscal Outlook (MYEFO).  Of the 92 unlegislated and unresolved tax and superannuation changes, the Government will proceed with 18 initiatives.    More...

Ethics no longer an optional extra

ICAA – 04 November 2013 – Business ethics needs to be promoted as part of the culture of an organisation, rather than through employee training programs, according to a new paper released today by the Institute of Chartered Accountants Australia.   More...

ASIC wants national exam for advisers

MEDIA – 04 November 2013 – ASIC has called for a national exam to improve the training and competence of financial advisers.  ASIC concedes a national exam will require amendments to the Corporations Act section on financial services licensees' obligations.    More...

ASIC calls for stronger enforcement powers

MEDIA – 01 November 2013 – The corporate regulator has called for greater search warrant powers under the Commonwealth Crimes Act 1914 and the Australian Securities and Investments Commission Act and a wider range of penalties including civil penalty amounts in the Corporations Act in its major submission to the Senate inquiry into the ASIC's performance (01 November 2013).   More...

ASIC asks for public adviser register to track "bad apples"

MEDIA – 01 November 2013 – ASIC has asked for a public register of financial advisers detailing licensee records so the regulator and investors can easily identify "bad apples" in a submission to the Senate inquiry about the regulator's performance.    More...

Court dismisses case against Trio director after APRA EU

MEDIA – 30 October 2013 – The Federal Court has ordered legal proceedings against former trio director David Millhouse to be dismissed after APRA accepted a voluntary enforceable undertaking from him.  The regulator has banned him from acting as a trustee or as a responsible officer, investment manager or custodian of an APRA-regulated superannuation entity for a period of ten years.    More...

Annual report shows financial intelligence is crucial to combating contemporary criminal threats

AUSTRAC – 29 October 2013 – The annual report of Australia's anti-money laundering and counter-terrorism financing (AML/CTF) agency shows a significant increase in international funds transfers during 2012–13.    More...

ASIC in 2014: Areas of focus and expected changes to the regulatory landscape

Author: speech by Greg Medcraft, Chairman, Australian Securities and Investments Commission, to the Governance, Risk and Compliance (GRC) conference, 31 October 2013.   More...

Major Submission to Senate Inquiry 2013

Author: Australian securities & Investments Commission (ASIC)

These policy suggestions cover: raising financial adviser competence through a national exam; helping remove bad apple advisors and managers from the industry; enhancing whistleblower protections; strengthening ASIC's licensing powers; streamlining search warrant powers and  reviewing the level, consistency and availability of penalties (31 October 2013).   More...

Address to the Association of Independently Owned Financial Professionals (AIOFP) National Conference, Hobart, November 2013

FOFA, opt-in regulation, fee disclosure, vertically integrated firms, grandfathering, financial systems inquiry, Mysuper, deregulation (07 November 2013).  More...

APRA releases second set of final Prudential Practice Guides (PPGs) for superannuation

APRA has today released eight final prudential practice guides (PPGs) for the superannuation industry together with a response paper, Second set of prudential practice guides for superannuation

(07 November 2013).   More...

AFSA Notice – AFSA releases annual report

The report covers the 2012-13 period, prior to our new name change, our former name (Insolvency & Trustee Service Australia) is used throughout the report, except where contact details are provided(04 November 2013).   More...


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

INDUSTRIAL RELATIONS ACT – s106 – 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...

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...

Wooster v Morris [2013] VSC 594

COSTS – TRUSTS – SUPERANNUATION – Whether death benefit nomination binding – Whether decision of Special Referee on payment of interest binding on Court – Whether Trustee entitled to indemnity.    More...



[Draft] Minerals Resource Rent Tax Repeal and Other Measures Bill 2013– 24 October 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 and discontinues or re-phases the measures that were intended to be funded by the MRRT.   More...

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