Australia: Superannuation, Funds Management and Financial Services - What's News - 17 June 2015

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... More...

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. More...

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. More...

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. More...

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. More...

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...

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