Australia: Superannuation, funds management & financial services news - 23 August 2017

Last Updated: 27 August 2017
Article by Chris Lovell, Paul Faure and Bill Glover

Most Read Contributor in Australia, August 2018

In the media

Bank-owned super funds put ahead of consumers in Single Touch Payroll super proposal
ISA - 17 August 2017 - Bank priorities are being put ahead of the superannuation of millions of Australians in the ATO's new digital process to register and track businesses hiring new employees. Under proposed rules, new employees may be pressed to use Single Touch Payroll (STP) to choose a super fund without access to fee or investment return comparisons, and could be prompted to choose a fund over the employer default. More...

Crackdown on money laundering and terrorism financing
JUSTICE DEPARTMENT – 17 August 2017 - Coalition Government has today announced the first stage of reforms to strengthen the Anti-Money Laundering and Counter-Terrorism Financing Act and increase the powers of the AUSTRAC. The reforms implement the first phase of the recommendations of the Statutory Review of the Anti-Money Laundering and Counter-Terrorism Financing Act, following extensive consultation with industry and our national security agencies. More...

AIST welcomes Government's focus on modern slavery
AIST – 16 August 2017 - AIST has welcomed the Government's announcement on modern slavery, noting that a new reporting regime for large businesses was an important step towards addressing Australia's $5 billion unpaid superannuation problem. More...

Government reforms must recognise that net returns drive optimal retirement outcomes: AIST
AIST – 15 August 2017 - The Government's proposed 'outcomes' test risks diluting the vital role of net investment returns in delivering optimal retirement outcomes for superannuation consumers. More...

APRA puts super funds on notice
MEDIA – 14 August 2017 - The Australian Prudential Regulation Authority will consult on a raft of proposed changes to the superannuation prudential framework, in an effort to lift operation governance practices of regulated superannuation trustees. More...

ANZ pays further $10.5 million to consumers for OnePath breach
ASIC - 10 August 2017 - The ASIC has confirmed an additional $10.5 million in compensation for 160,000 superannuation customers who were affected by breaches within the OnePath group between 2013 and 2016. ASIC will continue to monitor the breaches reported to us by ANZ until the matters are resolved, including any remediation where appropriate. More...

FPA submission recommends further amendments to ASIC's new example SOA
FPA – 09 August 2017 - The Financial Planning Association of Australia (FPA) has submitted recommendations to ASIC to further amend Consultation Paper 284, prior to it being used as a model for a new Statement of Advice (SOA) for the financial planning industry. More...

First home super scheme may not make it to parliament in 2018
MEDIA – 09 August 2017 - Bills to enact the First Home Super Savers Scheme, residential downsizing incentives, and a raft of additional superannuation and retirement policies announced following this years' Budget may not be introduced to Parliament before the end of the year. More...

First Home Super Saver Scheme could hit compulsory savings: new analysis
ISA 08 August 2017 - The proposed First Home Super Saver Scheme (FHSS) announced in the 2017 federal budget will put retirement savings at risk and possibly drive up housing demand. Industry Super Australia, in a submission to Treasury, has argued that, in guaranteeing returns through the use of the shortfall interest charge, the FHSS would eat into compulsory savings. More...

In practice and courts

APRA: proposed changes to the superannuation prudential framework
APRA has released a letter outlining proposed changes to the superannuation prudential framework (11 August 2017). More...

APRA Submissions
APRA has released a response to submissions on substituted compliance for margin requirements for non-centrally cleared derivatives on 07 August 2017. More...

Turnbull Government acts to further strengthen financial stability
Draft legislation released for public consultation will provide APRA with new powers over the lending activities of non-bank lenders, even where they materially contribute to financial stability risks. The exposure draft of this legislation and associated explanatory material is available on the Treasury website.

APRA Consultation: proposed revisions to its counterparty credit risk framework
APRA has released a consultation on proposed revisions to its counterparty credit risk framework for ADIs. APRA invites written submissions on its proposals by 29 September 2017. The consultation package is available on APRA's website.

ASFA Call for submissions on data management to improve insurance outcomes for superannuation members
The Insurance in Superannuation Working Group (ISWG) has released the fourth in a series of discussion papers as a further step towards developing an Insurance Code of Practice for superannuation trustees. The paper, Data Management, outlines proposals that seek to enhance member insurance outcomes by improving access to timely and relevant information. Submissions in respect of the data management proposals outlined in the discussion paper closed on 18 August 2017. (media release) More...

ASFA Submissions
25 July 2017: Submission to the Australian Taxation Office (ATO) Re: Single Touch Payroll Consultation Paper – Online choice of fund (part of the employee commencement process). More...

AIST Submissions
11 August 2017 Salary Sacrifice Integrity Measures
11 August 2017 Black Economy Taskforce
11 August 2017 Improving Accountability and Member Outcomes in Superannuation

Reminder: Transition period for updated fee and cost disclosures
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), until 30 September 2017.

Legislation – Commonwealth

Bills

Superannuation (Excess Non-concessional Contributions Tax) Amendment (National Disability Insurance Scheme Funding) Bill 2017
A Bill for an Act to amend the Superannuation (Excess Non concessional Contributions Tax) Act. Schedule 1 to each of the following Bills incorporates the change in the Medicare levy rate into other Acts setting tax rates that take the rate of Medicare levy into account, including:
Superannuation (Excess Non-concessional Contributions Tax) Amendment (National Disability Insurance Scheme Funding) Bill 2017; Superannuation (Excess Untaxed Roll-over Amounts Tax) Amendment (National Disability Insurance Scheme Funding) Bill 2017.

Superannuation (Excess Untaxed Roll-over Amounts Tax) Amendment (National Disability Insurance Scheme Funding) Bill 2017

17/08/2017 - A Bill for an Act to amend the Superannuation (Excess Untaxed Roll over Amounts Tax) Act 2007.
Schedule 1 to each of the following Bills incorporates the change in the Medicare levy rate into other Acts setting tax rates that take the rate of Medicare levy into account, including:
Superannuation (Excess Non-concessional Contributions Tax) Amendment (National Disability Insurance Scheme Funding) Bill 2017; Superannuation (Excess Untaxed Roll-over Amounts Tax) Amendment (National Disability Insurance Scheme Funding) Bill 2017.

Treasury Legislation Amendment (Improving Accountability and Member Outcomes in Superannuation) Bill 2017
Exposure Draft - The legislation will amend the Superannuation Industry (Supervision) Act 1993, the Corporations Act 2001, and the Financial Sector (Collection of Data) Act 2001 to modernise the superannuation system. The amendments will improve accountability and member outcomes.
The Turnbull Government released for consultation the draft legislation and associated draft explanatory material to close a loophole used by unscrupulous employers to reduce their employee's superannuation guarantee when the employee chooses to make salary sacrifice contributions to superannuation. Submissions closed on 11 August 2017.

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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