In the media
FOS reminder: Our process is changing
FOS – 30 June 2015 – From 1 July 2015, our
process for handling disputes will change. The new process
will help FOS deliver fast, efficient, fair dispute
resolution.
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APRA readies super funds for governance changes
MEDIA – 29 June 2015 – The prudential
regulator has written to superannuation trustees advising them of
the transition timetable for the new super board independence
rules.
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Robust governance positive for super: ASFA
ASFA – 26 June 2015 – The ASFA says the
government's release of draft legislation, which will require
boards of superannuation funds to be comprised of at least
one-third independent directors and for the chair of the board to
be independent, reflects changing community expectations as a
result of the increasing size and complexity of funds. More...
Improving superannuation governance
TREASURY – 26 June 2015 – The exposure draft
legislation released today proposes that all APRA regulated
superannuation funds, including corporate, industry, public sector,
and retail funds, have a minimum of one third independent directors
on their trustee board and an independent chair. The new
governance rules will not apply to self-managed superannuation
funds.
More...
Life insurance industry reform proposals
ASIC – 25 June 2015 – ASIC notes the
announcement of a life insurance industry reform package by the
FSC, the Association of Financial Advisers and the FPA, following a
sector-commissioned review chaired by John Trowbridge. The
life insurance reforms presented to Government follow ASIC's
review of life insurance advice (refer: 14-263MR).
More...
Some progress but insurance gap remains
MEDIA – 25 June 2015 – Despite some progress
having been made in the past decade, Australia continues to be
confronted by a significant under-insurance problem, according to
actuarial consultancy, Rice Warner.
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Finalising the Future of Financial Advice laws
TREASURY – 25 June 2015 – The Government has
agreed to progress minor and technical refinements to the Future of
Financial Advice (FOFA) laws contained in the
Corporations Act 2001. The agreed refinements will
improve the operation of FOFA, and alleviate a number of unintended
consequences, most of which have arisen since the laws were
legislated. The agreed refinements will be progressed through
a new regulation, before 1 July 2015.
More...
Australia to join the Asian Infrastructure Investment
Bank
TREASURY – 24 June 2015 – The Government today
announces that Australia will become a founding member of the Asian
Infrastructure Investment Bank (AIIB). There
is an estimated infrastructure financing gap of around US$8
trillion in the Asian region over the current decade. The
AIIB will be part of the solution to closing this gap.
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ASIC finalises collective action guidance
MEDIA – 24 June 2015 – The corporate regulator
has updated its guidance on collective action by investors
following a consultation with the industry earlier this year.
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APRA chides insurers on disclosure
MEDIA – 24 June 2015 – The prudential
regulator has urged general and life insurers to do a better job
when it comes to disclosing prudential matters.
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AASB issues proposed amendments for DB plans that have a
refund available, have been amended, curtailed or settled
GOVERNMENT – 24 June 2015 – Are you accounting
for a defined benefit plan that has a refund available, has been
amended, curtailed or settled? The AASB has issued Exposure
Draft ED 266 'Remeasurement on a Plan Amendment, Curtailment or
Settlement/Availability of a Refund from a Defined Benefit
Plan'.
More...
Review super tax as part of big picture
MEDIA – 23 June 2015 – The tax white paper
needed to consider revising superannuation tax concessions within
the broader context of retirement incomes and as part of the larger
tax landscape impacting on the economy and the budget, the chairman
of the National Commission of Audit said.
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Complex tax system creates barriers: FPA
MEDIA – 19 June 2015 – Australia's
intricate and at times convoluted tax system was a driver of
financial product complexity and complex financial strategies, and
was one of the major catalysts for Australians to seek
advice.
More...
Key tax measures pass the Parliament
TREASURY – 19 June 2015 – The Government has
furthered its commitment to increasing Australia's economic
competitiveness while restoring the budget with the passage of the
Tax and Superannuation Laws Amendment (2015 Measures No.1) Bill
2015 through the Parliament.
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Tax white paper consultation extended
MEDIA – 18 June 2015 – The submission period
for the tax white paper consultation process had been extended by
six weeks to 24 July 2015, Treasurer Joe Hockey announced
yesterday.
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Investment Manager Regime passes through
Parliament
MEDIA – 18 June 2015 – The Investment Manager
Regime (IMR) legislation, aimed at removing tax
uncertainty for foreign investors when using Australia-based fund
managers, was passed through Parliament on 17 June 2015. More...
Superannuation on bumpy year-end ride
SUPERRATINGS – 17 June 2015 – Rising
investment markets have helped produce a strong return for super
fund members with the median Balanced Option providing a 1.0% gain
during the month of May. The good result is welcome news
following last month's 0.3% fall, however, it comes ahead of a
forecast decline in June. More...
Put pension changes on hold until retirement system
fully reviewed
INDUSTRY SUPER AUSTRALIA – 17 June 2015 – ISA
says far-reaching changes to the age pension should not be rushed
through the Senate without regard to a careful rebalancing of the
whole retirement income system, particularly taking into account
super tax breaks that flow disproportionately to high
earners.
More...
Retirement incomes review a start toward improvements
needed in retirement incomes system
COUNCIL ON THE AGEING MEDIA – 17 June 2015 –
Leading seniors advocate and age consumer peak, COTA Australia,
today welcomed the announcement that the federal Tax White Paper
process will be broadened to include a more intensive review of
retirement incomes involving extensive consultation with key
stakeholders, including seniors' representatives.
More...
Macquarie to refund $5.5 million to clients
ASIC – 17 June 2015 – Macquarie Investment
Management will refund more than $5.5 million to around 2,300
clients following an investigation prompted by ASIC.
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BT fined for misleading super statements
ASIC – 17 June 2015 – BT Group has paid
$20,400 in penalties after ASIC found the firm made misleading
claims about its super performance in its Google. The
misleading statements were contained in two separate online
advertising campaigns.
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ASIC: consultation on remaking ASIC class orders on
financial reporting
ASIC – 16 June 2015 – ASIC has released a
consultation paper proposing to remake five class orders that are
due to expire ('sunset') in 2015 and 2016. The class
orders affect the disclosures made in financial reports and the
manner in which financial reports are presented to security
holders. Submissions on CP 233 are due on 17 August
2015.
More...
Cases
Stock (as Executor of the Will of Mandie, deceased)
v N.M. Superannuation Proprietary Limited
[2015] FCA 612
SUPERANNUATION – Review of a decision of the
Superannuation Complaints Tribunal – Whether Tribunal's
decision to affirm the trustee's determination to pay certain
benefits to the deceased's children was in its operation in
relation to the complainants fair and reasonable in the
circumstances – Whether Tribunal failed to give adequate
reasons for its decision. More...
Bajaj v Beachtown Investments Pty Ltd
[2015] HCASL 107 (18 June 2015)
EMPLOYMENT – SUPERANNUATION – The applicant
commenced proceedings in the Magistrates Court of Western Australia
claiming underpaid wages and unpaid employer superannuation
contributions. The Magistrates Court found that the
respondent had underpaid the applicant's salary and various
superannuation contributions. However, her Honour also
set-off amounts to allow for the facts that the applicant had
failed to give the termination notice required by the employment
contract, and that the respondent had overpaid superannuation
contributions to the applicant in certain respects. The
applicant now seeks special leave to appeal to this Court. More...
Goldie Marketing Pty Ltd v Financial Ombudsman
Service [2015] VSC 292
DISPUTE RESOLUTION – CONSTRUCTION OF CONTRACT
– Financial Ombudsman Service (FOS) –
Dispute resolution scheme – Dispute lodged – Discretion
to exclude disputes – Review of Financial Ombudsman Service
decision – Whether decision reviewable – Final decision
– Contract – Terms of Reference – Operational
Guidelines. More...
Legislation
Commonwealth
Acts
Superannuation Guarantee (Administration) Amendment
Act No. 71 of 2015
An Act to amend the Superannuation Guarantee
(Administration) Act 1992, and for related purposes.
Registered 26 June 2015 / Date of Assent 25 June 2015. More...
Tax and Superannuation Laws Amendment (2015 Measures
No. 1) Act No. 70 of 2015
An Act to amend the law relating to first home saver
accounts, taxation, superannuation and charities, and to amend the
Product Stewardship (Oil) Act 2000, and for related
purposes. Registered 26 June 2015 / Date of Assent 25 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.