Australia: Superannuation, Funds Management and Financial Services - What's News - 23 August 2016

Last Updated: 4 September 2016
Article by Chris Lovell, Adeline Hiew and Paul Faure

Most Read Contributor in Australia, September 2017

In the media

Treasurer flags super cap exemptions
MEDIA - 19 August 2016 - Treasurer Scott Morrison has flagged that lottery wins and inheritances are unlikely to be included as exemptions around the $500,000 cap on post-tax superannuation contributions. More...

ASIC repeals 'sunsetting' class order on managed investment schemes
ASIC - 19 August 2016 - ASIC has repealed ASIC Class Order [CO 02/226] that is due to expire ('sunset') on 1 April 2017. The repeal of the class order follows ASIC consultation in May 2016 (refer: Consultation Paper 259 Repealing ASIC class order on managed investment schemes: no issue required disclosure [CO 02/226]). More...

Lost super and related insurance benefits must be fixed: ASFA
ASFA - 18 August 2016 - The ATO's release of the latest lost super figures highlight the enormous impact that the government's lost super threshold is having on the retirement nest eggs and insurance benefits of Australians, the Association of Superannuation Funds of Australia (ASFA) said today. More...

ATO reveals challenges of super changes
MEDIA - 16 August 2016 - The Australian Taxation Office (ATO) has revealed the degree to which the Government's Budget superannuation changes are already impacting planners and their clients, with enquiries around non-concessional caps having recorded a significant spike. More...

New assets test deflates retirement adequacy
MEDIA - 12 August 2016 - Changes to the age pension assets test starting in January next year would be detrimental to the retirement income adequacy of many Australians, according to a new study. More...

ISA urges 'better off' test for banks
MEDIA - 11 August 2016 - The Association of Superannuation Funds of Australia (ASFA) and the Actuaries Institute have urged comprehensive consumer testing of super choice product dashboards. Banks should be subject to a 'better off' test when cross-selling superannuation with other bank products, according to Industry Super Australia (ISA). More...

ASIC consults on 'sunsetting' class orders about non-monetary consideration managed investment schemes
ASIC - 10 August 2016 - ASIC today released a consultation paper proposing to remake its class orders on non-monetary consideration managed investment schemes, which is currently due to expire ('sunset') on 1 April 2017. More...

World's first regional risk assessment launched at CTF Summit
JUSTICE DEPARTMENT - 10 August 2016 - The Government has delivered on a key recommendation, releasing the first combined regional assessment of terrorism financing risk in South-East Asia. Each country's financial intelligence units collated information and sought expertise from within their jurisdictions in order to provide this regional risk picture. The assessment is available at the AUSTRAC website. More...

Terrorism financing: regional risk assessment 2016
AUSTRAC - 10 August 2016 - In response to a highly charged and dynamic terrorism environment, Indonesia and Australia recognise the important need to develop a deeper, shared understanding of the drivers behind terrorism financing in the region. The two countries' FIUs, Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Pusat Pelaporan dan Analisis Transaksi Keuangan Indonesia (PPATK) co-hosted the first South-East Asia Counter-Terrorism Financing Summit in Sydney in 2015. This regional risk assessment identifies primary terrorism financing risks from across a broad spectrum of risks assessed. More...

Credit and Investments Ombudsman welcomes terms of reference into financial sector's complaints framework
CIO - 8 August 2016 - The Credit and Investments Ombudsman (CIO) has welcomed the release today by the Minister for Revenue and Financial Services, Kelly O'Dwyer MP, of the terms of reference for the independent review of financial sector external dispute resolution (EDR) schemes. More...

Financial Ombudsman Service (FOS) Newsletter

FOS - August 2016 - In this edition, topics include:

  • Key determinations;
  • Upcoming events;
  • FOS makes global connections;
  • An update from the Code Compliance and Monitoring Team (FOS Code);
  • Under the spotlight: Jenny Peachey;
  • Unpaid determinations update; and
  • Systemic issues update.

CP 263 Risk management system of responsible entities: Further proposals
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. More...


Ievers v Superannuation Complaints Tribunal [2016] FCA 936
SUPERANNUATION - whether it is beyond the power of the Superannuation Complaints Tribunal to review a decision of the trustee not to accept that a person is a dependant on the proper construction of s14(1) and s37(5) of the Superannuation (Resolution of Complaints) Act 1993 (Cth) - whether a finding that a person is a 'dependant' is a jurisdictional fact and precondition to the exercise of the power of the Superannuation Complaints Tribunal pursuant to s15(1) of the Superannuation (Resolution of Complaints) Act 1993 (Cth) and trust deed - meaning of 'dependant' and relevant considerations in determining whether a person is a 'dependant' under the Superannuation (Resolution of Complaints) Act 1993 (Cth) and trust deed - approach of the Superannuation Complaints Tribunal to the determination of whether the trustee's decision was unfair or unreasonable - whether the Superannuation Complaints Tribunal erred in law in concluding that the deceased member was in a de facto spousal relationship at the relevant time - whether a substituted decision on the allocation of the benefit was beyond the power of the Superannuation Complaints Tribunal - whether the Tribunal afforded procedural fairness on review of the trustee's decision.

Westpac Securities Administration Ltd v Cooper [2016] SASC 122
Application under s59C of the Trustee Act 1936 to vary terms of a trust.

Re Traditional Values Management Ltd (In Liq) (No 3) [2016] VSC 475
CORPORATIONS - External administration - Application by liquidators of responsible entity of managed investment scheme for remuneration - Further application - Whether liquidators entitled to be reimbursed for costs and remuneration incurred in defending legal proceedings commenced against them personally.

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

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

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”

Related Video
Up-coming Events Search
Font Size:
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
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement (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

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’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.


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.


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 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.


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.


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.


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.


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

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

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

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