In the media
Treasury uncertain on default numbers
MEDIA – 12 June 2014 – The Federal Treasury has
admitted it does not know how many default superannuation funds
will ultimately be attached to industrial awards under the process
currently stalled in the Fair Work Commission.
More...
Government mulls next move in FWC saga
MEDIA – 11 June 2014 – A Federal Court decision over
the validity of the Fair Work Commission's (FWC) expert panel
was proof the default superannuation review process could not
continue without government intervention, according to the
Employment Minister.
More...
FWC halts default super review
MEDIA – 11 June 2014 – The Fair Work Commission (FWC)
has said it will halt its selection of MySuper funds as default
funds under modern awards, after the full Federal Court found the
expert panel was incorrectly constituted. The reconstitution of the
Expert Panel is now in the hands of the Employment Minister. More...
Remove superannuation from awards to fix Labor's
mess
AUSTRALIAN MINES AND METALS ASSOCIATION – 11 June 2014
– Australia's resource industry employer group AMMA is
calling for superannuation to be removed from industrial awards as
retail and industry superannuation funds continue to battle over
which should be the default for award-covered employees.
More...
FOS apologises to member as part of case
settlement
MEDIA – 10 June 2014 – The Financial Ombudsman Service
(FOS) has apologised to a member of the service as part of the
settlement of a case brought by FOS against the member.
More...
Federal Court declares Fair Work Commission Expert Panel
invalid
FSC – 06 June 2014 – The Full Federal Court upheld a
challenge by the Financial Services Council and determined that the
Fair Work Commission Expert Panel for the selection of MySuper
default funds in Modern Awards is invalid. The Federal Court
declared that the decision by the President of the FWC to appoint
himself to the Expert Panel is not valid; the Expert Panel is not
correctly constituted and lacked the number of superannuation
experts required by law.
More...
Bank owned super funds fail in Federal Court to remove
default fund quality filter
INDUSTRY SUPER AUSTRALIA – 06 June 2014 – Industry
Super Australia said The Financial Services Council (FSC)
representing bank owned superannuation funds have failed today to
remove the quality filter on default superannuation. The Federal
Court has found that the Fair Work Commission (FWC) process for
default fund selection – which ensures default funds are
chosen on merit – will stand.
More...
Penalties not harsh enough: ASIC
MEDIA – 04 June 2014 – Penalties for financial
planners who breach the law are not severe enough, the Australian
Securities and Investments Commission (ASIC) believes.
More...
Asset sales a good match for superannuation
funds
ASFA – 03 June 2014 – The Queensland Government's
proposal to offer the Gladstone and Townsville ports for lease,
along with the sale of other assets, will provide attractive
investments for superannuation funds, according to the Association
of Superannuation Funds of Australia (ASFA). More...
Baby Boomers super confidence threatened by constant
rule changes – new REST research shows
REST SUPERANNUATION – 02 June 2014 – Aussie Baby
Boomers are in danger of losing confidence in the stability of
Australia's superannuation system with nearly half (or 45%)
saying they are concerned by "the constant rule changes".
Another 14% say they do not understand the system and a further 9%
do not trust it.
More...
ASFA Submmissions
ASFA – 13 June 2014 – Submission
to The Treasury: Proposed financial industry levies for
2014-15
ISA: Inverted Bid Model
INDUSTRY SUPER AUSTRALIA – 6 June 2014 – Industry
Super Australia in conjunction with Complex Program Group, and IFM
Investors has developed a new procurement process to support
investment in Australian infrastructure by long-term equity
investors such as Australian superannuation funds. Download The
Inverted Bid Model report
here.
AIST submission: National Identity Proofing
Guidelines
AIST – 6 June 2014 – The guidelines are silent on the
role of TFNs as identifiers, as well as the role of the Australian
Taxation Office (ATO) in issuing TFNs. AIST recommends that the
role of this identifier be explicitly considered throughout the
proposed guide lines in this context.
More...
Lodgment of statements by superannuation providers in
relation to superannuation plans
COMLAW – 10 June 2014 – Lodgment of statements by
superannuation providers in relation to superannuation plans (other
than self managed superannuation funds) for each financial year
ended 30 June in accordance with the Taxation Administration Act
1953. This instrument describes the lodgment of Member
Contributions Statements. More...
Department of Finance: Changing the Schedule for
Increasing the Superannuation Guarantee – Regulation Impact
Statement
GOVERNMENT – 6 June 2014 – The OBPR has found Treasury
to be compliant with the RIS requirements. The RIS was assessed by
the OBPR as not consistent with best practice. In particular, the
RIS would have benefitted from a more balanced discussion of the
business certainty outcomes under the status quo.
More...
Cases
Bundaberg Sugar Superannuation Pty Ltd as trustee of the
Bundaberg Sugar Ltd Superannuation Plan [2014] QSC
118
Where the trustee of a superannuation fund plan applied for
directions as to the proper construction of the trust deed and
rules – where accumulation benefits are subject to adjustment
by reference to the "Net Earnings" or "Net Earning
Rate" of the plan – whether "Net Earnings" and
"Net Earning Rate" can be negative
Where an interest amount is to be added or deducted from the amounts payable under the trust deed and rules by reference to the "Net Earning Rate" of the plan – whether the interest rate may, on proper construction of the trust deed, be negative
Where accumulation benefit components of a benefit payable are subject to adjustment for the "Net Earnings" of the plan – whether "Net Earnings" include the unrealised gains or losses in value of the assets of the plan assets Trusts Act 1973 (Qld), s 96. More...
Legislation
Commonwealth
Family Law (Superannuation) (Interest Rate for
Adjustment Period) Determination 2014
This determination relates to the adjustment of superannuation
entitlements of separated and divorced spouses, and of separated de
facto couples (except in Western Australia). The entitlements are
provided under certain orders or agreements that split particular
kinds of future superannuation benefits made in property
settlements under the Family Law Act 1975. The determination
relates to orders or agreements that provide for a base amount
split of future superannuation benefits that are payable in respect
of a defined benefit superannuation interest or an interest in a
self-managed superannuation fund. (13 June 2014) More...
ASIC Class Order [CO 14/541]
This class order exempts RSE licensees from disclosure obligations
in section 29QC "Obligation to give consistent
information" of the Superannuation Industry (Supervision) Act
1993 until 1 July 2015. (13 June 2014) More...
Superannuation (Productivity Benefit) (Continuing
Contributions) Amendment Declaration 2014 (No. 1)
This instrument amends the Superannuation (Productivity Benefit)
(Continuing Contributions) Declaration 2013 to directly link
employer contributions in the Superannuation (Productivity Benefit)
Act 1988 to those set out in the Superannuation Guarantee
(Administration) Act 1992. (11 June 2014) More...
Lodgment of returns for the year of income ended 30 June
2014 in accordance with the Income Tax Assessment Act 1936, the
Income Tax Assessment Act 1997, the Taxation Administration Act
1953, the Superannuation Industry (Supervision) Act 1993 and the
Income Tax (Transitional Provisions) Act 1997
This instrument establishes due dates for lodgment of returns. (10
June 2014) More...
ASIC Class Order [CO 14/425]
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
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. Registered 26 May 2014. More...
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.