In the media
Government needs to properly fund SCT
wind-down
MEDIA - 06 February 2018 - The Federal Government needs to ensure
adequate funding for the Superannuation Complaints Tribunal
(SCT) until such time as the new Australian
Financial Complaints Authority (AFCA) regime is
appropriately up and running, according to the Association of
Superannuation Funds of Australia (ASFA).
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Restore LRBA ban says ASFA
MEDIA – 06 February 2018 - The Federal Government should use
the May Budget to restore the general prohibition on direct
borrowing by superannuation funds, according to the Association of
Superannuation Funds of Australia (ASFA).
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No more meddling with super and Age Pension settings
says ASFA – new data show reforms are working
ASFA – 02 February 2018 - The ASFA today released new data
showing reforms to superannuation and the retirement funding system
were working but needed to be bedded down
Pre-Budget Submission analysis showed a substantial and
positive impact from recent reforms, in terms of a reduction in
government expenditures and increasing tax revenue.
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Financial industry slammed for outdated risk
management
MEDIA – 30 January 2018 - A new paper from the Actuaries
Institute has warned that financial institutions are applying
ineffective and outdated risk management strategies.
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In practice and courts
ASFA Submissions
Submission to the Treasury - ASFA Pre-Budget Submission for the
2018-19 Budget
Full Submission (02 February 2018)
APRA policy priorities for 2018
APRA has released a paper outlining its policy priorities for
2018. For an outline of APRA's planned policy initiatives, see
the
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Reminder: Royal Commission into Misconduct in the
Banking, Superannuation and Financial Services
Industry
The Inquiry will consider the conduct of banks, insurers,
financial services providers and superannuation funds (not
including self-managed superannuation funds). The proposed terms of
reference will form the basis of the Letters Patent, terms of which
will be recommended to His Excellency, pursuant to the Royal
Commissions Act 1902.
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Note: Commissioner Hayne is authorised to submit
an interim report to the Governor-General no later than 30
September 2018, and required to submit a final report no later than
1 February 2019.
Consultation on protecting your superannuation
entitlements
The Government has released draft legislation to protect
workers' superannuation entitlements and modernise the
enforcement of the superannuation guarantee. The draft legislation
and supporting materials are available on the Treasury
website, and interested stakeholders are encouraged to provide
their views. Submissions are invited by 16 February 2018.
Superannuation Taxation Integrity Measures: Public
Consultation
The Treasury has released for public consultation, draft
legislation and a consultation paper entitled 'Superannuation
Taxation Integrity Measures'. These measures are intended to
ensure that LRBAs or related party transactions cannot be used to
circumvent contribution caps. They are not intended to prevent the
use of LRBAs. Stakeholders are invited to comment on the
consultation paper by lodging a submission online via the Treasury
website. Submissions closed on 9 February 2018.
Legislation - Commonwealth
Treasury Laws Amendment (2018 Measures No. 1) Bill
2018
07/02/2018 - Regulatory reform - Schedule 1 to this Bill makes a
number of regulatory improvements to Treasury portfolio laws. The
regulatory improvements include:
- amending the superannuation laws to enable the Commissioner to pay certain superannuation amounts directly to individuals with a terminal medical condition;
- amending the Corporations Act 2001 to modify the notification and reporting obligations applying to certain corporations that have property in receivership or property in respect of which a controller is acting; and
- repealing several inoperative Acts as well as amending the taxation law to remove a number of inoperative or spent provisions.
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.