Australia: Superannuation & Funds Management - What's News - 3 June 2014

Last Updated: 5 June 2014
Most Read Contributor in Australia, September 2016

In the media

Funds not transparent enough on sustainability
MEDIA – 29 May 2014 – Most super funds are still not making public their sustainability policies in their investment portfolios and internal operations the 2014 SuperRatings' Annual Fund Sustainability Review found. More...

Don't leave SuperStream to the last minute
ASFA – 29 May 2014 – The Association of Superannuation Funds of Australia (ASFA) has urged super funds not to delay on SuperStream reforms despite the Federal Minister for Finance and acting Assistant Treasurer announcing the deadline extension for super funds to implement elements of the SuperStream regime to 1 July 2015 this week. More...

FOS case questions determinations process
MEDIA – 29 May 2014 – Questions have been raised regarding determinations made by the Financial Ombudsman Service (FOS) after a recent court case argued it should not be able to make decisions 'which no reasonable tribunal could properly come to on the evidence'. More...

FOS to deliver on first stage of resolution changes
MEDIA – 27 May 2014 – The Financial Ombudsman Service (FOS) has claimed it would deliver on the first stage of changes to streamline and accelerate its dispute resolution process by June of this year with rolling improvements to be implemented until July 2015. More...

Common sense changes recognise the challenges of Super Stream implementation
ASFA – 27 May 2014 – The Association of Superannuation Funds of Australia (ASFA) welcomes the announcement of an extended timetable for the implementation of the SuperStream contribution standards. By permitting funds to nominate the date they will be data-standards compliant, super funds will avoid the need to implement costly temporary arrangements, a cost that would have been met by fund members. More...

ASIC encourages platforms to review compliance with class orders
ASIC – 27 May 2014 – ASIC are encouraging platforms to review ongoing compliance with ASIC class orders and to ensure they are ready for the changes under new class orders coming into full effect for established operators on 1 July 2014. More...

More flexibility for Superannuation Funds in receiving contributions
TREASURY – 26 May 2014 – The Minister for Finance said the Government is announcing increased flexibility for the superannuation industry as it continues to make the necessary changes to implement the SuperStream contributions data standards. Superannuation funds will have up to 1 July 2015 to meet the new standards. More...

Early access arrangements for superannuation essential for those who need it
FINSIA – 25 May 2014 – Financial Service Council said that an early access regime for super will be needed if the preservation age is to be lifted. This recognises that some Australians will be unable to work beyond 60 years. More...

FOFA wind back to cost consumers $7.5 billion over next 14 years
ISA – 22 May 2014 – A new report by Rice Warner reveals the direct costs from the proposed amendments to the Future of Financial Advice (FOFA) laws could cost consumers more than $530 million a year in increased fees and charges from the reintroduction of commissions and other conflicted payments. More...

FPA and AFA unite: stop commissions on general advice
MEDIA – 22 May 2014 – The two advice bodies have asked for a complete removal of commissions on general advice during their appearance at the Senate hearing about the Future of Financial Advice (FOFA). The proposed amendments that the Senate committee is debating limit the circumstances in which commissions in general advice can be received. More...

Raising the preservation age is essential for adequate retirement savings
FSC – 21 May 2014 – The FSC said that the preservation age for accessing superannuation must be increased to at least 65 years if Australians are to have a comfortable retirement. The average superannuation fund balance at retirement is currently $75,457. More...

Quarterly superannuation statistics March 2014
APRA – 22 May 2014 – Total estimated assets, which include the assets of self-managed superannuation funds and the balance of life office statutory funds, rose to $1.84 trillion at 31 March 2014. Contributions to funds with at least $50 million in assets over the March 2014 quarter were $22.7 billion, up 9.1% from the March 2013 quarter ($20.8 billion). Total contributions for the year ending March 2014 were $93.5 billion. More...

APRA: RSE Licensees: Consequential changes to reporting forms
APRA – 30 May 2014 – The Australian Prudential Regulation Authority (APRA) has revised five of its superannuation reporting standards, – SRS 001.0, SRS 330.1, SRS 330.2, SRS 800.0 and SRS 801.0. More...

ASIC Class Order [CO 14/425] – Long-term performance reporting
COMLAW – 26 May 2014 – This class order amends the ASIC Class Order [CO 10/630] to extend the maximum period of operation for a further 24 months, to allow additional time for the proposed amending regulations to be made. Regulation 7.9.20AA of the Corporations Regulations 2001 (the Regulations) require regulated superannuation funds (other than self-managed superannuation funds) to disclose long term performance returns to assist members to understand the long term performance of their superannuation. These are referred to in this Explanatory Statement as the long term performance reporting regime. More...

Superannuation Data and Payments Standards (Contribution Transitional Arrangements) Amendment 2014
COMLAW – 27 May 2014 – This standard amends the Superannuation Data and Payment Standards 2012 by extending the existing contribution transition-in period by 12 months to 30 June 2017, and by providing additional transition-in arrangements that can be used during that period. More...

APRA: Letter to RSE Licensees: trustee responsibilities arising from SuperStream related measures
APRA – 28 May 2014 – Joint ATO and APRA letter to RSE Licensees: Trustee responsibilities arising from certain SuperStream related measures was released on 28 May 2014. More...

APRA: Letter to RSE licensees: SRS 711.0 SuperStream Benchmarking Measures
APRA – 27 May 2014 – APRA letter to RSE licensees – Deferral of Superannuation Reporting Standard SRS 711.0 SuperStream Benchmarking Measures until 1 July 2015. More...

FOS: Faster dispute handling process for select disputes
FOS – 28 May 2014 – From 2 June 2014 we are piloting a faster dispute handling process for some single issue credit listing disputes and simple low-value banking and finance disputes (that have a claim amount of less than $10,000 and that meet a set of selection criteria). More...

Reminder: Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2014 (No 3)
COMLAW – 30 May 2014 – The instrument was registered on 19 May 2014, amending the AML/CTF Rules to create new CDD requirements. The amendments will require from 1 June 2014: collation and verification of information about the settlor of any trust that is a customer; identification of the beneficial owner of a customer; and additional CDD obligations regarding any politically exposed persons (PEPs). More...

ASIC: Review of MySuper product dashboards
ASIC – 22 May 2014 – Trustees are reminded that it is an offence for a trustee to fail to publish a product dashboard at all, or to publish a product dashboard that is out of date, omits required information or otherwise is misleading or deceptive. Consistent with ASIC's facilitative compliance approach for super reforms until 1 July 2014, ASIC is adopting a measured approach where inadvertent breaches arise. More...


Kristoffersen v Superannuation Complaints Tribunal [2014] FCAFC 63
SUPERANNUATION – appellant became member of superannuation fund – decisions of trustees of superannuation fund and insurer refusing claim for benefits – Superannuation Complaints Tribunal affirmed decisions of trustee and insurer – appeal against decision of the Tribunal dismissed by primary judge – appellant's grounds of appeal against primary judge's decision raise questions of fact, points which were not argued below, and do not otherwise demonstrate appealable error – appeal dismissed – Superannuation (Resolution of Complaints) Act 1993 (Cth) ss 14, 14(2), 16, 25, 25(1), 36, 37, 37(3), 46(1). More...

Birdsall v Motor Trades Association of Australia Superannuation Fund Pty Ltd [2014] NSWSC 632
Superannuation – Insurance – Claim for benefits – Superannuation trustee holding insurance policy covering total and permanent disablement of scheme members including Plaintiff – Whether Plaintiff totally and permanently disabled within the meaning of the relevant superannuation trust deed and insurance policy – Duty on an insurer in determining a claim for a benefit – Duty on a trustee of a superannuation fund in determining a claim for a benefit – Whether Plaintiff unlikely ever to engage in or work for reward in any occupation or work which he is reasonably capable of performing by reason of education, training or experience – Review of decision made by each of Trustee and Insurer necessary – Same decision reached. More...

McIntosh v McIntosh [2014] QSC 99
SUCCESSION – PERSONAL REPRESENTATIVES – RIGHTS, POWERS AND DUTIES – GETTING IN AND REALISING THE ESTATE – where the son of the applicant and respondent died intestate – where the applicant was appointed as administrator of the estate – where the applicant sought the payment of superannuation death benefits to herself personally – whether the applicant was in breach of her duty under s 52 of the Succession Act 1981 (Qld) to get in the assets of the estate

EQUITY – GENERAL PRINCIPLES – FIDUCIARY OBLIGATIONS – FIDUCIARY DUTY – ACCOUNT FOR BENEFITS GAINED – where the applicant administrator sought the payment of superannuation death benefits to herself personally – whether the applicant breached her fiduciary duty not to allow a conflict of personal interest and duty to occur – whether the applicant should be brought to account for the superannuation benefits – Superannuation Industry (Supervision) Act 1993 (Cth), s 10, s 10A – Superannuation Industry (Supervision) Regulations 1994. More...



Superannuation Data and Payment Standards (Contribution Transitional Arrangements) Amendment 2014
This standard amends the Superannuation Data and Payment Standards 2012 by extending the existing contribution transition-in period by 12 months to 30 June 2017, and by providing additional transition-in arrangements that can be used during that period (27 May 2014). More...

Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2014 (No. 3)
19/05/2014 Registered and Commencement 1/06/2014 Schedule 2 20/05/2014 Schedule 1

This instrument amends the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) in relation to Chapters 1, 4, 5, 8, 9, 15 and 30, and to update privacy notices. More...

Bills – 29 May 2014

Tax Laws Amendment (Implementation of the FATCA Agreement) Bill 2014
This Bill amends Schedule 1 to the Taxation Administration Act 1953 and the Income Tax Assessment Act 1997 to give effect to Australia's obligations under the treaty-status Agreement between the Government of Australia and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA (the FATCA Agreement), which was signed on 28 April 2014. More...

Tax and Superannuation Laws Amendment (2014 Measures No. 3) Bill 2014
This Schedule amends the Income Tax Assessment Act 1997 to limit the immediate deductibility of expenditure on mining rights and mining information first used in exploration. The limitation better targets the immediate deduction to genuine exploration activities. More...

Tax and Superannuation Laws Amendment (2014 Measures No. 2) Bill 2014
This Bill amends the Medicare Levy Act 1986 to increase the Medicare levy low-income threshold for families and the dependent child-student component of the threshold in line with movements in the CPI. More...

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