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

Last Updated: 21 July 2015
Article by Chris Lovell, Adeline Hiew and Paul Faure

Most Read Contributor in Australia, September 2017

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...


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...



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.

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