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
ASIC - 19 August 2016 - ASIC has repealed ASIC Class Order [CO 02/226] that is due to expire ('sunset') on 1 April 2017.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 - 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
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
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
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
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
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
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...
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:
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  FCA
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  SASC
SUPERANNUATION - INDUSTRY SUPERVISION.
SUPERANNUATION - PRIVATE SECTOR FUNDS - AMENDMENT OF TRUST DEED.
SUPERANNUATION - PRIVATE SECTOR FUNDS - TRUSTEES - POWERS AND DUTIES.
Application under s59C of the Trustee Act 1936 to vary terms of a trust.
Re Traditional Values Management Ltd (In Liq) (No 3)
 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.
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