Australia: Superannuation, Funds Management & Financial Services - Whats News – 5 April 2017

Last Updated: 6 April 2017
Article by Chris Lovell, Paul Faure and Bill Glover

Most Read Contributor in Australia, July 2017

In the media

PC urges consolidation to avoid super loss
MEDIA – 30 March 2017 - Addressing the proliferation of consumers holding multiple default superannuation accounts through consolidation and reform could increase individual super balances by $25,000 at retirement, according to the Productivity Commission. More...

Productivity Commission releases draft report
TREASURY – 29 March 2017 - The Minister for Revenue and Financial Services, notes the release today of the Productivity Commission's draft Stage Two report, Superannuation: Alternative Default Models. The draft report outlines four possible alternative models for allocating default superannuation and highlights that the current default model is not working to maximise benefits for members, including their retirement income. More...

FSC backs Productivity Commission's call for a more competitive default superannuation market
FSC – 28 March 2017 - The Financial Services Council (FSC) supports the Productivity Commission's view that reform of the default superannuation system is necessary to significantly improve people's retirement savings. More...

FPA advocates for affordable financial advice
MEDIA – 28 March 2017 - In a pre-budget submission to Federal Government, the Financial Planning Association of Australia (FPA) is recommending that the preparation of an initial financial plan, and ongoing management fees or annual retainer fees, should be tax deductible. Currently, a fee for service arrangement for the preparation of an initial financial plan is stated by the Australian Taxation Office to be not tax deductible under section 8-1 of the Income Tax Assessment Act 1997. More...

Govt blocks estate planning options within CIPRs
MEDIA – 28 March 2017 - The Federal Government has moved to ensure that it closes off estate planning options within its changes to post-retirement income stream products. The Government has opened the consultation period around the draft legislation intended to interim the new post-retirement income stream regime. More...

ASIC establishes Financial Advisers Consultative Committee
ASIC – 28 March 2017 - ASIC today announced the establishment of the Financial Advisers Consultative Committee, designed to improve industry engagement with its regulator, and revealed its initial membership. More...

Banks urge tougher conditions for planning licensees
MEDIA – 28 March 2017 - The Australian Bankers' Association (ABA) has urged much more onerous requirements for financial planning licensees. In a submission to the Senate Economic Committee inquiry into consumer protection in the banking, insurance and financial sector, the ABA has argued that the ASIC should consider whether the capital requirements imposed on advice licensees remain sufficient. More...

AIST announces 2017 Board
AIST – 23 March 2017 - The Australian Institute of Superannuation Trustees (AIST) has today announced its 2017 Board which includes the addition of one new board member and the re-election of four others. More...

ASFA urges ATO funding increase
MEDIA – 23 March 2017 - The Association of Superannuation Funds of Australia (ASFA) has called on the government to boost funding to the Australian Taxation Office (ATO) for auditing businesses around super guarantee (SG) compliance, following industry reports revealing the extent to which employers have short-changed workers on super. More...

Untested super proposals focused on wrong target
ISA – 21 March 2017 - The Productivity Commission is proposing untested changes to superannuation that could over time undermine the best-performing parts of the system while failing to address the cost and poor performance of retail funds. More...

AFA call to open up data to secure super
MEDIA – 20 March 2017 - The Association of Financial Advisers (AFA) has identified data sharing as a key component to resolve non-payment of the superannuation guarantee (SG) by many Australian employers, and has called for non-compliant businesses to be fined for not paying adequate super contributions. More...

Superannuation: alternative default models - draft report
Productivity Commission: 29 March 2017
This Productivity Commission inquiry is aimed at developing alternative models for a formal competitive process for allocating default superannuation fund members to superannuation products. More...

AVCAL submission: Submission: Foreign Investment Framework
AVCAL has lodged a submission in relation to proposed changes to the foreign investment framework outlined in the Australian Government's Consultation Paper, March 2017. The submission focuses on the Government's proposals to: 1) improve the processing of low sensitivity business investment; and 2) simplify the Foreign Investment Review Board (FIRB) application fee framework. The full submission can be read here.

ISA Submission: Submission to Senate Economics Committee inquiry into non-payment of the Superannuation Guarantee
ISA's submission to the Senate Economics Committee inquiry into non-payment of the Superannuation Guarantee (SG) uses ATO tax file data for 2013-14 to estimate the extent of SG non compliance. More...

The Australian superannuation industry
Ross Clare, Director of Research, ASFA; Andrew Craston, Senior Research Advisor, ASFA Research and Resource Centre: March 2017. More...

Call for submissions on Insurance in Superannuation Working Group (ISWG) discussion paper
The Insurance in Superannuation Working Group (ISWG) today released the first of a series of discussion papers as a first step towards extending the Life Insurance Code of Practice to superannuation trustees. More...

ASFA: Development of the framework for Comprehensive Income Products for Retirement: discussion paper
The Government has released a discussion paper exploring key policy issues to facilitate further development of a framework for the retirement phase of the superannuation system (Comprehensive Income Products for Retirement, or MyRetirement products). The discussion paper is available on the Treasury Consultation Hub. Written submissions are due by 28 April 2017.


Mills and Commissioner of Taxation (Taxation) [2017] AATA 362
TAXATION –– superannuation – excess contributions tax – whether non-concessional excess contributions can be disregarded or allocated to another financial year – whether special circumstances - decision under review affirmed.

Re AGW Funds Management Limited [2017] VSC 124
TRUSTS AND TRUSTEES – Application by solvent responsible entity of three managed investment schemes for judicial advice – Supreme Court (General Civil Procedure) Rules 2005, r 54.02. TRUSTS AND TRUSTEES – Judicial advice – Scope of advice proceeding – Court's power discretionary.

Legislation - Commonwealth

People of Australia's Commission of Inquiry (Banking and Financial Services) Bill 2017
Registered 27/03/2017; Introduced HR 27/03/2017
The purpose of the Bill is to fully expose and shine the light of public scrutiny on the unethical and unlawful conduct/practices in the banking and financial services industries and to put forward recommendations for reform, through a Commission of Inquiry established by the Bill.

Banking and Financial Services Commission of Inquiry Bill 2017
Registered 27/03/2017; Introduced Senate 22/03/2017
This Bill seeks to ensure that the extent of misconduct with the banking and financial services sector is exhaustively examined and that the impact on victims of misconduct is fully understood. This Bill appoints a Commission to establish the causal factors for this misconduct, including misaligned incentives, culture, inadequate regulation and regulatory power, and 'moral hazard' extending from government guarantees.


ASIC Corporations (Repeal and Transitional) Instrument 2017/271
30/03/2017 - This instrument operates to repeal ASIC Class Order [CO 04/526] while providing transitional relief to extend its effect for two years.

ASIC Corporations (Foreign Financial Services Providers - Limited Connection) Instrument 2017/182
27/03/2017 - This instrument temporarily extends the effect of ASIC Class Order [CO 03/824] in its existing form until 27 September 2018.

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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