Australia: Whats news in superannuation, funds management & financial services? – 28 June 2017

In the media

Looming super reforms benefit millions
MEDIA – 23 June 2017 - The revived Low Income Superannuation Contribution, now labelled the Low Income Superannuation Tax Offset (LISTO), will be received by about 3.1 million people - 63% of which the Association of Superannuation Funds of Australia estimates will be women. More...

New super rules to benefit more than four million Australians
MEIA – 23 June 2017 - More than four million people will benefit from the superannuation tax changes coming into effect from 1 July 2017, with about 3.1 million to receive the Low Income Superannuation Tax Offset (LISTO), which replaces the Low Income Superannuation Contribution that was legislated to cease on 30 June 2016. More...

ASIC review identifies custody failings
MEDIA – 22 June 2017 - The custody practices of Australian financial institutions have been found wanting in a number of instances, including failures to manage conflicts of interest, in ASIC Report 531, titled 'Review of compliance with asset holding requirements', after conducting a review of custodians and responsible entities of managed investment schemes in late 2016 and early 2017. More...

Asset managers must be more 'resilient': ASIC
MEDIA– 21 June 2017 - ASIC chairman Greg Medcraft has warned fund managers about "structural vulnerabilities" in the sector that could present "financial stability risks". More...

Super funds have an engagement problem
FINSIA – 20 June 2017 - At the best of times superannuation, and wealth management more generally, is a low engagement environment, so funds are playing catch up when it comes to designing digital strategies, Matt O'Keefe, KPMG's technology risk & assurance partner, points out. More...

Banks narrowly avoid parliamentary inquiry
MEDIA – 16 June 2017 - Australian banks have narrowly dodged the possibility of facing a Royal Commission-style inquiry after a Green's Bill to establish a Parliamentary Commission of Inquiry fell short by a single vote in the House of Representatives. More...

ASIC industry funding model will increase transparency: AIST
AIST – 16 June 2017 - AIST has welcomed the passage of laws to create an industry funding model for the Australian Securities and Investment Commission (ASIC). More...

Changes now in effect to support the superannuation tax reform package and amend the insolvency law reform act
TREASURY – 15 June 2017 - Amendments supporting the integrity of the Government's comprehensive suite of superannuation taxation reforms have come into effect with the passage of the Treasury Laws Amendment (2017 Measures No. 2) Bill though Parliament. More...

EDR and complaints framework
AIST – 14 June 2017 - AIST and ISA, in a joint submission, have identified key issues regarding the proposal to establish a new external dispute resolution scheme to replace the Superannuation Complaints Tribunal and the Financial Ombudsman Service. More...

Published – articles, papers, reports

Credit and Investments Ombudsman: CIO News - June 2017
Topics in this issue: Dispute Resolution Conference 2017; Recent Reviews and Recommendations published; Appropriate compensation; Complaint statistics third quarter 2016/17; Systemic issues update. More...

In practice and courts

FPA: Superannuation
The ATO has released a range of the materials to assist financial planners and clients with the superannuation changes commencing 1 July 2017. More...

IFAC: Proposed International Standard on Auditing 540 (Revised), Auditing Accounting Estimates and Exposure Draft
This proposed standard: enhances requirements for risk assessment procedures to include specific factors related to accounting estimates, namely complexity, judgment, and estimation uncertainty; sets a more detailed expectation for the auditor's response to identified risks related to accounting estimates, including augmenting the auditor's application of professional skepticism; and is scalable regardless of the size or sector of the business or audit firm. Comments close on 1 August. More...



ASIC Superannuation (RSE Websites) Instrument 2017/570
23/06/2017 - This instrument uses ASIC's exemption powers to continue the relief formerly available under ASIC Class Order [CO 14/509] and extends transitional sub-plan relief (expiring on 1 July 2017) to 30 June 2018.

ASIC Superannuation (Repeal) Instrument 2017/573
213/06/2017 - This instrument repeals ASIC Class Order [CO 14/509] which is superseded by ASIC Superannuation (RSE Websites) Instrument 2017/570.

ASIC Corporations (Urgent Superannuation Advice) Instrument 2017/530
23/06/2017 - This instrument facilitates temporary and conditional timing relief for the provision of Statements of Advice (SOAs) for superannuation advice given in the lead up to the Fair and Sustainable superannuation reforms becoming effective 1 July 2017.

Treasury Laws Amendment (2017 Measures No. 1) Regulations 2017
21/06/2017 - These regulations amend the Income Tax Assessment Regulations 1997, Retirement Savings Accounts Regulations 1997 and the Superannuation Industry (Supervision) Regulations 1994 to enable new innovative retirement income stream products to be offered from 1 July 2017.

Auditing Standard ASA 2017-1 Amendments to Australian Auditing Standards
19/06/2017 - This instrument amends five auditing standards.

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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