In the media
Reduce super tax to 12%, says Rice Warner
MEDIA – 15 June 2015 – Rice Warner has recommended a
uniform tax rate of 12% across the earnings of accumulation and
pension accounts in its response to the government's tax white
paper.
More...
Super tax policy benefits economy, says
ASFA
MEDIA – 15 June 2015 – Superannuation promotes
Australia's economic stability and growth as well as providing
investors with a diversified nest egg, says the Association of
Superannuation Funds of Australia (ASFA). More...
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Responsible investment options still
"competitive"
MEDIA – 12 June 2015 – Responsible investment
(RI) superannuation options have performed
strongly over the past year, according to a recent SuperRatings
survey. While similar to environmental, social and governance
(ESG) investment, RI is primarily motivated by
ethical considerations as opposed to risk management.
More...
Early release super approvals increasing
MEDIA – 11 June 2015 – About 73% of Australians who
applied for an early release of their superannuation were given
approval in the first 10 months of the 2014-15 financial year,
according to data from the Department of Human Services. More...
Actuaries call for super changes; report shows many will
struggle to work until 70
MEDIA – 10 June 2015 – Specialists in calculating
financial risk are pushing for a cap on tax-free superannuation to
rein in the rapidly rising hit to the federal budget.
More...
ATO extends SuperStream deadline
MEDIA – 10 June 2015 – The Australian Taxation Office
has pushed out the 30 June SuperStream deadline for mid-sized
employers that are making "genuine attempts" to prepare
for the new electronic super contributions regime.
More...
Amendments to Chapter 4 (customer identification) of the
AML/CTF Rules
GOVERNMENT – 10 June 2015 – AUSTRAC has published
draft AML/CTF Rules amending Chapter 4 (customer identification),
for consultation.
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Asset managers over-reliant on external ratings MEDIA -
9 June 2015 – The International
Organisation of Securities Commissions (IOSCO)
has called on asset managers to decrease their reliance on external
credit ratings when making investment decisions.
More...
Strengthened foreign investment rules already producing
results
TREASURY – 9 June 2015 – Just 1 month after the
Government announced plans to strengthen foreign investment rules
for residential real estate, the Foreign Investment Review Board
(FIRB) already has 195 cases under investigation.
More...
Extending the Australia-Japan relationship through
financial services, Address to the Australian Japan Business
Cooperation Committee, Tokyo, Japan
GOVERNMENT – 9 June 2015 – Introductory remarks and
acknowledgements, ladies and gentlemen, let me begin by extending
my warm thanks to the Australian Japan Business Cooperation
Committee for inviting me to speak. I would particularly like to
acknowledge the work of Takashi Morimura, Deputy President and
Group CEO, Global Bank, The Bank of Tokyo-Mitsubishi UFJ, Geoff
Lloyd, in his capacity. More...
AustralianSuper adopts CFA code of
conduct
MEDIA – 5 June 2015 – AustralianSuper has announced it
will enforce manager compliance with the CFA asset manager code of
conduct.
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Committee for Sustainable Retirement Incomes –
Communique
CSRI – 5 June 2015 – The Committee for Sustainable
Retirement Incomes (CSRI), discusses superannuation, Financial
System Inquiry, Tax White Paper, and review of the retirement
income system.
More...
APRA looking at fund liquidity
MEDIA – 4 June 2015 – APRA is taking a close look at
the liquidity of superannuation funds. Rowell said the regulator
did not have requirements for daily unit pricing but that the vast
majority of the superannuation industry had moved to daily unit
pricing.
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Fairness of superannuation tax concessions must be a
priority of the Tax Review
AIST – 3 June 2015 – The fairness and sustainability
of superannuation tax concessions should be top priority of the Tax
Review, the Australian Institute of Superannuation Trustees
(AIST) said today.
More...
Sole purpose test review urged
MEDIA – 3 June 2015 – The universities aligned Centre
for International Finance and Regulation (CIFR) has called for a
review of the superannuation sole purpose test to determine whether
it is generating an optimal outcome in terms of superannuation
savings.
More...
Australia signs up to combat tax evasion
TREASURY – 3 June 2015 – Australia has today signed
the Organisation for Economic Co-operation and Development's
(OECD) common reporting standard multilateral
competent authority agreement to catch taxpayers using hidden
offshore bank accounts to evade Australian tax.
More...
AIST response to the Re:think Tax White
paper
AIST – 3 June 2015 – AIST has recommended that super
tax concessions be reviewed alongside the costs and benefits of the
Age Pension.
More...
FOS renews call for compensation scheme
MEDIA – 2 June 2015 – The Financial Ombudsman Service
has updated its 2009 proposal for an industry-funded compensation
scheme to take into account the ombudsman's focus on unpaid
determinations.
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ASIC consults on remaking of superannuation Class
Orders
ASIC – 2 June 2015 – ASIC released a consultation
paper proposing to remake two class orders that are due to expire
("sunset") on April and October 2016. ASIC proposes to
remake these class orders without significant changes before they
sunset, so that their ongoing effect will be preserved without any
disruption to the entities who rely on them.
More...
Government sets deadline for FOFA
"refinements"
MEDIA – 1 June 2015 – The Coalition will make
"time-critical refinements" to the FOFA regime by 1 July
2015, says assistant treasurer Josh Frydenberg – but it will
not "relitigate" the reforms.
More...
Tax changes to superannuation need to consider the
objective and goals of the system: ASFA
ASFA – 1 June 2015 – ASFA is pleased to have the
opportunity to make a submission as part of the tax white paper
process. ASFA's submission recommends that any changes to taxes
on superannuation need to be considered against the objectives and
goals of the system. Against these principles, ASFA has identified
areas where the design of the system needs to be modified in the
future. More...
Fraud risk management for superannuation industry, ADIs
and insurers
APRA – June 2015 – The Australian Prudential
Regulation Authority (APRA) has released the final
version of Superannuation Prudential Practice Guide SPG 223 –
Fraud Risk Management (
SPG 223). SPG 223 focuses on current and emerging fraud risk
factors affecting the superannuation industry, while taking into
account broader risk management-related matters raised in
Prudential Standard SPS 220 Risk Management.
ASFA Submissions
Submission to the Treasury: Proposed Financial Institutions Supervisory Levies for 2015-16 (10 June 2015).
Submission to the Treasury: Response to the tax discussion paper (1 June 2015).
FOS reminder: Our process is changing
From 1 July 2015, our process for handling disputes will change.
The new process will help FOS deliver fast, efficient, fair dispute
resolution.
More...
Case
Southwell v Equity Trustees Limited [2015] FCA
536
SUPERANNUATION – appeal from determination of Superannuation
Complaints Tribunal under s 46 of Superannuation (Resolution of
Complaints) Act 1993 (Cth) ("Complaints Act")
– superannuation fund offered two investment options to fund
members – fund members gave written instructions to switch
investment options – whether fund member gave oral
instruction to fund administrator to remain in option –
whether fund member gave husband authority to act on her behalf
– whether decision of superannuation trustee fair and
reasonable – power of Tribunal to set aside and substitute
decision for trustee's decision under s 37(3)(d) of the
Complaints Act – whether Tribunal denied procedural fairness
by not allowing an oral hearing under s 34 of the Complaints Act
– whether procedural fairness required the Tribunal to put
applicant on notice of impact of delay in complaining to trustee on
its substituted decision under s 37(3)(d) of the Complaints Act
– whether Tribunal failed to take into account relevant
considerations with respect to reasons for delay – whether
Tribunal made findings of fact necessary to support decision
– whether Tribunal failed to address issue raised –
whether Tribunal erred in not finding trustee's decision
vitiated by failure to comply with own published standards. More...
Legislation
Commonwealth
Bills Status update
Corporations Amendment (Financial Advice) Bill
2014
Status: Accepting Submissions
Date Referred: 5 March 2015 / Reporting Date: 11 August 2015.
More...
ASIC Superannuation (Amendment) Instrument
2015/396
This instrument amends the ASIC Class Order [CO 14/541] so that
the exemption for Registrable Superannuation Entity licensees from
the requirement in subsection 29QC(1) of the Superannuation
Industry (Supervision) Act 1993 continues until 1 January
2016. Registered: 10 June 2015. More...
Family Law (Superannuation) (Interest Rate for
Adjustment Period) Determination 2015
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. Registered: 9
June 2015. More...
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.
