Australia: Superannuation, Funds Management and Financial Services - What's News - 14 July 2015

In the media

ASX study shows reasons for, against advice
MEDIA – 10 July 2015 – Approximately 2.52 million Australians were keen to invest but were confused by all the information available, indicating they would rely on the advice of experts, a study released this week by the ASX has revealed. More...

Adviser input key to super fund switch: report
MEDIA – 9 July 2015 – Financial planner input has become essential for a third of superannuation fund members who want to change funds, the latest Roy Morgan research revealed. The proportion of super fund members who seek advice from financial planners to switch their superannuation fund has gone up from 20.5% in 2010 to 29.9% in 2014. More...

Super fund supports Governments governance changes
MEDIA – 9 July 2015 – While the key industry super fund bodies have lamented the Government's proposed changes to super governance arrangements, Queensland public sector fund, LGsuper has declared it is backing the draft legislation. More...

Advice demand up as direct investment grows
MEDIA – 8 July 2015 – A growing number of direct investors will drive an increase in demand for financial advice, the latest ASX Share Ownership Study revealed. More...

Money laundering – PEPs, corruption and foreign bribery
AUSTRAC – 8 July 2015 – A new report from AUSTRAC will help Australian businesses – our first line of defence – identify suspicious behaviours of people moving corrupt funds into Australia. More...

Release of draft legislation for the foreign resident capital gains withholding tax measure
TREASURY – 8 July 2015 – The Government is releasing exposure draft legislation that will introduce a withholding tax obligation to ensure that foreign resident investors comply with Australia's tax laws. From 1 July 2016, a 10% non-final withholding obligation will apply to the disposal, by foreign residents, of taxable Australian property. More...

CGU Insurance and Accident and Health International to refund $2 million in 'useless' payday insurance premiums
ASIC – 7 July 2015 – The agreement follows earlier court action by ASIC against The Cash Store, in which the Federal Court found that The Cash Store had acted unconscionably in selling a payday loan CCI product. More...

FSC issues statement on the Productivity Commission's report on retirement policy
FSC – 7 July 2015 – The Productivity Commission's report on retirement policy released today highlights the economic imperative of boosting mature age workforce participation. More...

Superannuation policy for post-retirement
PRODUCTIVITY COMMISSION – 7 July 2015 – This Productivity Commission paper was released on 7 July 2015. As part of its research for this paper, the Commission has developed a model (Productivity Commission Retirement Model (PCRM) to assess the effects of increasing the preservation age. More...

Involuntary retirees should not be denied early access to their super
AUSTRALIAN INSTITUTE OF SUPERANNUATION TRUSTEES – 7 July 2015 – Raising the age at which people can access their super could see the level of involuntary retirees blow out to more than half the Australian workforce, the AIST said today. More...

PC report confirms changes to super should be minimal and well considered
ASSOCIATION OF SUPERANNUATION FUNDS AUSTRALIA LTD – 7 July 2015 – The ASFA says the Productivity Commission's report released today confirms that there is no urgency to make changes to superannuation immediately, and that any changes need to be part of a holistic review. More...

Superannuation policy for post-retirement: Productivity Commission
GOVERNMENT – 7 July 2015 – This report is a detailed analysis of two aspects of superannuation policy affecting the post-retirement phase. More...

Investment Manager Regime receives royal assent
MEDIA – 2 July 2015 – With the Investment Manager Regime (IMR) finally passing into law, foreign fund managers must determine whether they qualify for a tax concession in Australia, says PricewaterhouseCoopers. The new legislation applies to assessments for the 2015/2016 tax year and subsequent years. More...

New Significant Investor Visa regulations issued
AVCAL – 1 July 2015 – Earlier this year the Government announced changes to the Significant Investor Visa (SIV), to be implemented from 1 July 2015. These changes include the requirement for applicants to invest a minimum of AUD$500,000 in one or more VC or Growth PE funds as specified in the Migration Instrument. More... More...

Income tax relief for MySuper transfers within a fund
JOSH FRYDENBERG – 29 June 2015 – The Government will amend the income tax law to ensure that the existing MySuper tax relief covers the consequences of transfers within a super fund, where the transfer is required under the law. Super funds are required to transfer the existing balances of super fund members who are in default products to a MySuper product by 1 July 2017. More...

Reforms to Superannuation Governance: Exposure Draft
GOVERNMENT – 26 June 2015 – Exposure draft legislation to improve governance arrangements in superannuation has been released for public consultation. Interested stakeholders are invited to comment on the exposure draft legislation and explanatory material, which along with details on how to lodge a submission is now available on the Treasury website. Submissions close on 23 July 2015.

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...

Money laundering PEPs, corruption and foreign bribery: AUSTRAC
The new report from Australian Transaction Reports and Analysis Centre (AUSTRAC) will help Australian businesses our first line of defence identify suspicious behaviours of people moving corrupt funds into Australia. AUSTRAC's PEPs, corruption and foreign bribery strategic analysis brief provides examples of money laundering methods. More...

Cases

Sherrah v Commonwealth Superannuation Corporation [2015] FCA 698
PRACTICE AND PROCEDURE – application for extension of time within which to appeal from a determination of the Superannuation Complaints Tribunal – where application made approximately eight weeks after the period for instituting an appeal had expired – where the applicant's explanation for the delay was not entirely satisfactory – where there would be some prejudice to the applicant if the extension of time was not granted – where there was some public interest in resolving the issues raised by the draft notice of appeal – where four of the questions identified in the draft notice of appeal raised questions of law – Superannuation (Resolution of Complaints) Act 1993 (Cth) s 46. SUPERANNUATION – appeal from a determination of the Superannuation Complaints Tribunal – consideration of the function of the Tribunal – whether the Tribunal made an error of law in interpreting "termination day" in the Superannuation Act 1976 (Allocated Interest – CSS) Determination 2007 to mean calculates and processes – Superannuation (Resolution of Complaints) Act 1993 (Cth) ss 14, 37 – Superannuation Act 1976 (Allocated Interest – CSS) Determination 2007 s 6 – Superannuation Act 1976 (Cth) s 27C. Held: Application for extension of time granted. Notice of objection to competency dismissed. Appeal dismissed. More...

Baker and Commissioner of Taxation [2015] AATA 469
TAXATION – Superannuation fund, foreign superannuation fund – Whether a USA Individual Retirement Account or IRA is a foreign superannuation fund – Whether a proposed payment from an IRA would be a payment from a scheme for the payment of benefits in the nature of superannuation upon retirement or death – decision affirmed. Income Tax Assessment Act 1997 (Cth) ss 305-80(1), 305-55(2), 295-95(2) and 995-1. Superannuation Industry (Supervision) Act 1993 (Cth) s 10(1). Superannuation Industry (Supervision) Regulations 1994 (Cth) rr 6.10, 6.12, 6.13, 6.15, 6.20 and Schedule 1. More...

Beck v Colonial Staff Super Pty Ltd & Ors [2015] NSWSC 723
SUPERANNUATION – change to superannuation deed to delete rule granting discretion to confer long service retirement benefits – consideration of power to amend trust deeds of regulated superannuation funds –whether rule change contrary to interests of members at general law – whether rule change in breach of the Superannuation Industry Supervision Act (Cth) 1993 – consideration of scope of superannuation fund trustees' discretion – actuarial expert evidence. CONTRACT – consideration of principles of construction of superannuation fund deeds – consideration of duties of good faith in contracts of employment. EQUITY – equitable estoppel – where representation made that power of termination in employment contract would not be exercised without good cause – unconscionable conduct. More...

Legislation

Commonwealth

Superannuation Supervisory Levy Imposition Determination 2015
GOVERNMENT – 6 July 2015 – This determination sets out the amount payable by superannuation entities in 2015-16 under the financial institutions supervisory levies. More...

Tax and Superannuation Laws Amendment (Terminal Medical Conditions) Regulation 2015
GOVERNMENT – 29 June 2015 – This regulation amends various regulations to extend the certification period for a terminal medical condition for the purposes of releasing benefits from superannuation and the tax-free treatment of those benefits. More...

Superannuation (PSSAP) Membership Eligibility (Inclusion) Amendment Declaration 2015 (No. 2)
GOVERNMENT – 29 June 2015 – This instrument amends the Superannuation (PSSAP) Membership Eligibility (Inclusion) Declaration 2005 to provide continuation of membership of the Public Sector Superannuation Accumulation Plan (PSSAP) for employees of the Private Health Insurance Administration Council that are transferred to the Australian Prudential Regulation Authority as part of the transfer of responsibility for the prudential supervision of private health insurance providers. More...

Superannuation (PSS) Membership Inclusion Amendment Declaration 2015 (No. 2)
GOVERNMENT – 29 June 2015 – This instrument amends the Superannuation (PSS) Membership Inclusion Declaration 2006 to provide continuation of membership of the Public Sector Superannuation Scheme (PSS) for employees of the Private Health Insurance Administration Council that are transferred to the Australian Prudential Regulation Authority as part of the transfer of responsibility for the prudential supervision of private health insurance providers. More...

ASIC Corporations (AFSL Audit Opinion) Instrument 2015/586
GOVERNMENT – 29 June 2015 – This instrument makes the consequential amendment to regulation 7.8.13 that was missed when Division 4A was inserted in Part 7.8 of the Act. The instrument ensures that a licensee provide ASIC with an auditor's opinion on the effectiveness of the internal controls used by the licensee to comply with Division 4A as is required for Divisions 2, 3, 4, 5 and 6 of Part 7.8 of the Act. More...

Corporations Amendment (Financial Advice) Regulation 2015
GOVERNMENT – 29 June 2015 – This regulation amends the Corporations Regulations 2001 in relation to the Future of Financial Advice. 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.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Mondaq Advice Centre (MACs)
Related Video
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement

Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of www.mondaq.com

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.

Disclaimer

Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

Registration

Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.

Cookies

A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

Links

This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

Mail-A-Friend

If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

Security

This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at enquiries@mondaq.com.

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.