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...
Cases
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...
Legislation
Commonwealth
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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