Most Read Contributor in Australia, September 2016
In the media – National
ASIC cancels licence of Pacific Millennium International
Investment Group Pty Ltd
ASIC – 4 August 2016 – ASIC has cancelled the
Australian financial services (AFS) licence of
Pacific Millennium International Investment Group Pty Ltd
(PMIIG) after it was found to have breached the
obligations of a financial services licensee.
Retirees choosing income streams over super lump
ABS – 4 August 2016 – Retirees are increasingly
choosing to access their superannuation through income streams
rather than withdrawing lump sums, according to new analysis
released by the Australian ABS. Almost 1.2 million people were
receiving an income stream from their superannuation in 2013-14, at
an average of $502 per week.
How to assess the superannuation system's
PRODUCTIVITY COMMISSION – 2 August 2016 – The
Productivity Commission has released its proposed framework to
assess the efficiency and competitiveness of Australia's $2
trillion superannuation system. The final report is expected to be
handed to the Australian Government in November 2016 and published
by the Commission a short time later.
Productivity Commission Draft Report: How to Assess the
Competitiveness and Efficiency of the Superannuation
GOVERNMENT – 2 August 2016 – The sheer size of the
superannuation system, combined with its compulsory and broad
nature, makes the efficiency of the system paramount. The draft
report of the Productivity Commission was released on 2 August
2016. Submissions are due by 9 September 2016.
ATO on phoenix watch
MEDIA – 1 August 2016 – The Australian Taxation Office
is continuing its crackdown on illegal phoenix activity, including
unpaid superannuation, following the recent execution of six search
warrants on the Gold Coast. More...
Data Availability and Use: AIST response to Productivity
Commission Issues Paper
AIST – 29 July 2016 – Effective use and access to
superannuation data is integral to the efficient functioning and
integrity of the superannuation system. Superannuation data issues
have been raised in previous inquiries.
ASIC cancels AFS licence for failing to lodge financial
ASIC – 26 July 2016 – ASIC has cancelled the Australian
financial services (AFS) licence of Sydney-based
Edwards Benefits Advisors Pty Ltd (Edwards
Benefits) for failing to comply with a number of key
obligations as a financial services licensee.
ASIC permanently bans Mark Steven Grevsmuhl due to
serious fraud convictions
ASIC – 26 July 2016 – ASIC has permanently banned Mark
Steven Grevsmuhl from providing financial services and engaging in
credit activities after he was convicted of multiple counts of
fraud in the Brisbane District, with setting up fake superannuation
investments and defrauding approximately 74 complainants of $6
In practice and courts
Communicating audit findings to directors, audit
committees or senior managers
ASIC – 25 July 2016 – ASIC is seeking feedback on its
Consultation Paper 265Communicating audit findings to
directors, audit committees or senior managers. This
consultation paper seeks feedback on our proposed criteria for
determining which findings from our reviews of audit files we would
communicate to directors, audit committees or senior managers.
Comments due 7 October 2016.
CP 263 Risk management systems of responsible entities:
ASIC – 21 July 2016 – Consultation Paper 263 and the
proposed guidance builds on the proposals in Consultation Paper
204 Risk management systems of responsible entities (
CP 204). The proposed guidance does not impose new obligations
on responsible entities but gives more detailed guidance on how
they may comply with their current obligations under s912(1)(h) of
the Corporations Act. Comments due 1 September 2016.
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