Australia: Superannuation, Funds Management and Financial Services - What's News - 14 December 2016

In the media

SCT determination a reminder on trustee obligations
MEDIA – 8 December 2016 – A recent determination of the Superannuation Complaints Tribunal (SCT) has acted as a reminder to fund trustees of their obligation to pursue an insurance claim for the benefit of a beneficiary, if the claim has a reasonable prospect of success.

ASIC releases new instrument for non-monetary consideration managed investment schemes
ASIC – 8 December 2016 – Following public consultation, ASIC has released a new legislative instrument on interests not for money schemes, replacing three class orders on show schemes, interests not for money schemes and film investment schemes that were due to expire ('sunset').

ASIC Report 505 Response to submissions on CP 266 Remaking ASIC class orders on managed investment schemes: Not for money
ASIC – 8 December 2016 – The report highlights the key issues that arose out of the submissions received on Consultation Paper 266 Remaking ASIC class orders on managed investment schemes: Not for money and details our responses to those issues.

Super disputes kept aside in Treasury review
MEDIA – 7 December 2016 – The superannuation industry backs Treasury's call to retain a separate external dispute resolution body.

ASIC Report 503 Overview of licensing and professional registration applications: Jan to Jun 2016
ASIC – 7 December 2016 – The report sets out recent regulatory outcomes achieved by ASIC in relation to Australian financial services (AFS) applications, Australian credit licence applications, liquidator registration applications, company auditor and approved SMSF auditor registration applications.

Landmark interim report paves the way for new financial disputes framework for consumers
TREASURY – 6 December 2016 – The Turnbull Government welcomed the release today of the Interim Report by the independent expert panel reviewing the financial system's external dispute resolution and complaints framework. The Review will prepare the way for improved resolutions of disputes between consumers and small businesses and their financial institutions.

FOS welcomes Ramsay Review Interim Report
FOS – 6 December 2016 – The Financial Ombudsman Service (FOS) Australia welcomes the interim report into the review of the financial system's external dispute resolution (EDR) and complaints framework (the Ramsay Review).

Interim Ramsay Review report could reshape EDR in super
ASFA – 6 December 2016 – The Association of Superannuation Funds of Australia (ASFA) today welcomed the interim report from the review of the financial system's external dispute resolution (EDR) and complaints framework.

Unpaid super affecting one in three members
MEDIA – 6 December 2016 – Close to one third of Australian employees are not receiving the full superannuation entitlements they are eligible for, according to Industry Super Australia.

ASIC concludes monitoring Lionsgate's compliance with additional conditions
ASIC – 6 December 2016 – ASIC has finished monitoring Lionsgate Financial Group Pty Ltd (Lionsgate) following the placement of additional conditions on its Australian financial services licence.

ASIC surveillance leads Carwardine Financial Services to review their financial advice business
ASIC – 6 December 2016 – Australian financial services licence holder Carwardine Financial Services Pty Ltd (CFS) will undergo an independent external review of its compliance with the financial services laws, following an ASIC surveillance that concluded in September 2016.

Review of the financial system external dispute resolution and complaints framework: interim report
GOVERNMENT – 6 December 2016 – The EDR Review Panel's Interim Report was informed by submissions received in response to the Panel's Issues Paper and makes draft recommendations in a number of policy areas.

One third of Australians short-changed on super, new report finds
ISA – 5 December 2016 – Around 2.4 million or almost one third of Australian workers eligible for super are missing out on some or all of their entitlements, and little is being done about it, a new report reveals.

Get Super Smart and check your Superannuation Guarantee
ASFA – 5 December 2016 – The Association of Superannuation Funds of Australia (ASFA) is urging Australian workers to check their super guarantee (SG) payments are accurate and up to date. ASFA CEO Dr Martin Fahy said a new report on unpaid SG payments, issued today by Industry Super Australian and Cbus, raised some serious concerns and highlights the need for employees to check their SG payments are being made and at the correct amount.

AIST welcomes Senate inquiry to investigate billions of dollars lost in unpaid super
AIST – 2 December 2016 – AIST has welcomed the announcement of a Senate Economics References Committee inquiry into the impact of non-payment of the superannuation guarantee (SG).

Super trustee fee and cost disclosure requirements extended
MEDIA – 1 December 2016 – The corporate regulator has extended the transition period for trustees of superannuation funds and responsible entities of managed funds and other managed investment schemes to comply with updated fee and cost disclosure requirements in relation to product disclosure statements (PDSs).

ASIC extends transition period for PDS rules
MEDIA – 1 December 2016 – The corporate regulator has pushed out the deadline for new PDS fee and cost disclosure requirements for super funds and responsible entities until 30 September 2017.

FSC: Overwhelming majority of clients have high trust and satisfaction with their financial planner: University study
FSC – 1 December 2016 – The overwhelming majority of financial planning clients (over 80%) have high levels of trust in, and satisfaction with, their financial planner. That is one of the key findings of a study, titled 'Funding our future: Perceptions of the value of financial advice'.

FOS welcomes FCA Report on Financial Counsellors' EDR experiences
FOS – 30 November 2016 – FOS welcomes the release of the Financial Counselling Australia (FCA) report 'External Dispute Resolution: Results of a Survey of Financial Counsellors'.

Draft consultative approach relating to AML/CTF Rules amendments resulting from the Review of the AML/CTF Act
GOVERNMENT – 30 November 2016 – AUSTRAC will be undertaking a staged approach to implementing recommendations from the Review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and Associated Rules and Regulations.

APRA submissions
APRA – 30 November 2016 – APRA has released its submission to the Parliamentary Joint Committee on Corporations and Financial Services Inquiry into the life insurance industry.

ASIC extends transition period for PDS rules
ASIC – 29 November 2016 – ASIC has extended the transition period for Regulatory Guide 97, which lays down new rules for the way fees and costs must be disclosed to investors. The transition period will now be extended until 1 October for product issuers who notify ASIC in writing by 31 January 2017 that they intend to take advantage of the extension.

Transition period for updated fee and cost disclosures
ASIC – 29 November 2016 – ASIC has extended the transition period for trustees of superannuation funds and responsible entities of managed funds and other managed investment schemes (issuers) to comply with updated fee and cost disclosure requirements in relation to product disclosure statements (PDSs).

Politics and policy will define super debate in 2017
MEDIA – 28 November 2016 – As superannuation fund executives wrap up 2016 they may find time to reflect upon a year in which the Federal Budget contained some of the most dramatic changes to superannuation policy seen in decades and a raft of other Government initiatives from Productivity Commission (PC) inquiries to regulatory resourcing reviews.

PC super review guidelines on the table
MEDIA – 28 November 2016 – The Productivity Commission (PC) has released the assessment framework for its review of the superannuation system's competitiveness and efficiency.


The Queensland Local Government Superannuation Board v Allen [2016] QCA 325
PROCEDURE – CIVIL PROCEEDINGS IN STATE AND TERRITORY COURTS – DISCOVERY AND INTERROGATORIES – DISCOVERY AND INSPECTION OF DOCUMENTS – PRODUCTION AND INSPECTION OF DOCUMENTS – GROUNDS FOR RESISTING PRODUCTION – PRIVILEGE – CLIENT LEGAL PRIVILEGE – WAIVER OF PRIVILEGE – where the applicant is the trustee of a superannuation scheme – where the applicant refused the respondent's claim for payment of a total and permanent disability benefit – where the respondent commenced a proceeding in the District Court seeking to establish an entitlement to payment of that benefit – where the respondent brought an interlocutory application in that proceeding seeking disclosure of legal advice provided to the applicant – whether legal professional privilege in the legal advice had been impliedly waived by the applicant.

Legislation – Commonwealth


Superannuation (Departing Australia Superannuation Payments Tax) Amendment Act No. 90 of 2016
Part of a package of four bills in relation to tax arrangements for working holiday makers, the bill amends the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 to increase the rate of the departing Australia superannuation payments tax to 95% for working holiday makers. Registered: 7 December 2016.

Superannuation (Excess Transfer Balance Tax) Imposition Act No. 80 of 2016
The bill imposes an excess transfer balance tax on the notional earnings of capital moved into a retirement phase superannuation account that is in excess of $1.6 million. Registered: 30 November 2016.


Superannuation Amendment (PSSAP Membership) Bill 2016
The Superannuation Amendment (PSSAP Membership) Bill 2016 enables certain members of the Public Sector Superannuation Accumulation Plan (PSSAP) who move to non-Commonwealth employment to choose to remain a contributory member of the scheme. Registered: 2 December 2016.

Superannuation (Departing Australia Superannuation Payments Tax) Amendment Bill (No. 2) 2016
The Superannuation (Departing Australia Superannuation Payments Tax) Amendment Bill (No. 2) 2016 reduces the rate from 95% to 65% for the departing Australia superannuation payments tax that applies to amounts attributable to superannuation contributions made while a person was a working holiday maker. Registered 2 December 2016.

Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016
A Bill amending the law relating to taxation and superannuation. Introduced with the Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016, the bill amends: five Acts to impose a $1.6 million cap on the amount of capital that can be transferred to the tax-free earnings retirement phase of superannuation. Assent (Act No 81 of 2016): 29 November 2016.


Banking, Insurance, Life Insurance and Superannuation (prudential standard) determination No. 1 of 2016 – Prudential Standard CPS 226 Margining and risk mitigation for non-centrally cleared derivatives
This instrument determines Prudential Standard CPS 226 Margining and risk mitigation for non-centrally cleared derivatives. Registered: 7 December 2016.

ASIC Corporations (Repeal) Instrument 2016/1108
This instrument repeals ASIC Class Order [CO 02/0210], ASIC Class Order [CO 02/0211], and ASIC Class Order [CO 02/0236]. Registered: 2 December 2016.

ASIC Corporations (Managed Investment Schemes: Interests Not For Money) Instrument 2016/1107
This instrument remakes ASIC Class Order [CO 02/0210], ASIC Class Order [CO 02/0211], and ASIC Class Order [CO 02/0236] with minor and technical changes, combining the terms of the three Class Orders into one legislative instrument. Registered: 2 December 2016.

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.