In the media
Government proposes work test exemption to boost super
balances
Australians aged 65 to 74 with superannuation balances
under $300,000, under new draft legislation, will be able to make
voluntary super contributions for 12 months from the end of the
financial year in which they last met the work test (4 October
2018).
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Have fund boards ignored lessons from the Superannuation
Complaints Tribunal?
One of the longest-serving members of the Superannuation
Complaints Tribunal (SCT), barrister Noel Davis,
has resigned his position but has taken a shot at some
superannuation fund boards which he says have failed to address
shortcomings identified in Tribunal determinations (4 October
2018).
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Legal woes continue for super fund
Industry superannuation fund Rest is facing renewed
scrutiny over its responsible investment practices after one of its
members filed an updated Federal Court claim alleging the fund has
failed to act in his best interests (3 October 2018).
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Sensible reform key to rebuilding trust in
superannuation
The superannuation industry must show leadership and make
the necessary changes to better manage conflicts of interest
according to The Association of Superannuation Funds of Australia
(27 September 2018).
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Published - articles, papers, reports
Should superannuation funds do more direct lending to
business?
According to a new discussion paper, in the right
circumstances superannuation funds could provide capital for growth
to SMEs and business more generally, complementing more traditional
capital sources such as banks (2 October 2018).
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Release of the Royal Commission's interim report
into Misconduct in the Banking, Superannuation & Financial
Services Industry
The interim report tabled in Parliament and the Royal
Commission's hearings to date make clear that some financial
institutions have fallen far short of treating Australians honestly
and fairly (28 September 2018).
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Government consults on stronger penalties for corporate
and financial sector misconduct
The Coalition Government is committed to ensuring the
Australian Securities and Investments Commission
(ASIC) has the powers it needs to take strong
action to protect consumers from corporate and financial sector
misconduct (26 September 2018).
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ASIC review finds unacceptable delays by financial
institutions in reporting, addressing and remediating significant
breaches
ASIC has identified serious, unacceptable delays in the
time taken to identify, report and correct significant breaches of
the law among Australia's most important financial institutions
(25 September 2018).
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Legislation
Commonwealth
Regulation
Treasury
Laws Amendment (2018 Measures No. 2) Regulations
2018
These regulations amend the Superannuation Industry
(Supervision) Regulations 1994 to extend the operation of
SuperStream to self managed superannuation funds (28 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.