In the media
Mounting criticism of super legislation as deadline
draws near
AIST - 1 April 2021 - the Federal Government's changes
to superannuation are due to take effect on July 1 this
year. This week, the employer organisation the Ai Group called
for the bill to be scrapped. AIST also believes the Government
should start over. More...
Increases to super contribution caps announced
MEDIA - 1 April 2021 - the Australian Taxation Office has
confirmed increases to concessional superannuation contributions
from $25,000 to $27,500, as well as changes to non-concessional
contributions and the transfer balance cap. More...
Most retirees do not underspend or bequeath super:
ASFA
MEDIA - 31 March 2021 - around 80 per cent of people aged
60 who died between 2014 and 2018 had no superannuation in the
period of up to four years before their death, according to
research. More...
Delaying stapling will weaken YFYS legislation: Super
consumers
MEDIA - 30 March 2021 - the advocacy group believes
stapling should be extended to all superannuation investment
options otherwise trustees will have no incentive to lift
performance. More...
ASIC says the levy is mechanical, Hume says ASIC has
discretion
MEDIA - 29 March 2021 - the ASIC insists the industry
funding model which drives the adviser levy is mechanical and it
has little control over the outcome, but the Minister for
Superannuation, Financial Services and Financial Technology,
Senator Jane Hume says the regulator does have discretion. More...
Presenting advice fees eight ways looks ridiculous to
clients
MEDIA - 29 March 2021 - the corporate regulator's
advice fee disclosure requirements is the biggest issue for
advisers at the moment as having to present fees to clients eight
different ways from a client's perspective looks ridiculous,
according to an adviser. More...
AFCA publishes details of non-compliant members
AFCA - 26 March 2021 - the Australian Financial Complaints
Authority has published the details of 34 financial firms who have
failed to pay their AFCA membership levy and/or other fees. More...
AFCA releases its submission to Independent Review
AFCA - 26 March 2021 - the Australian Financial Complaints
Authority (AFCA) has released its submission to
the scheduled Independent Review of its first two years of
operations. More...
APRA completes first phase of its Superannuation Data
Transformation
APRA - 25 March 2021 - the APRA has released the response
paper and final reporting standards for Phase 1 of its multi-year
Superannuation Data Transformation, which aims to support improved
member outcomes by increasing the breadth, depth and quality of
APRA's superannuation data collection. The Response Paper and
finalised reporting standards are available here.
APRA: The completion of Phase 1 would be a major step in APRA's
efforts to lift industry standards and weed out underperformers. More...
ASIC releases advice fee consent and lack of
independence disclosure legislative instruments
ASIC - 25 March 2021 - ASIC has made three legislative
instruments that deal with advice fee consents and independence
disclosure following Royal Assent of the Financial Sector Reform
(Hayne Royal Commission Response No.2) Act 2021 earlier this month.
More...
APRA denies super benchmarks will shape investment
MEDIA - 25 March 2021 - the prudential regulator has
rejected suggestions that the Your Future, Your Super reforms will
sway how super funds invest members' savings. From July next
year, APRA will begin to conduct benchmarking tests on the net
investment performance of MySuper products. More...
ASIC clarifies the reverse evidential burden on
super
MEDIA - 25 March 2021 - the Australian Securities and
Investments Commission has made clear how it sees the controversial
reversal of the evidential burden of proof playing out around the
proposed new best financial interests test for superannuation
funds. More...
APRA backs reversing legal burden of proof in
super
MEDIA - 24 March 2021 - the APRA has backed a
controversial key element of the Government's Your Future, Your
Super legislation which reverses the legal burden of proof with
respect to superannuation funds within a best financial interests
duty. More...
In practice and courts
ASIC regulatory updates
Provides relief from the requirement to hold an AFSL for
AEMO and participants of AEMO in relation to ex ante rights on
AEMO's short term trading market.
23/03/2021 ASIC Corporations (Disclosure of Lack of Independence)
Instrument 2021/125
The disclosure of lack of independence that an Australian
Financial Services licensee or authorised representative must give
clients where they would breach s923A of the Corporations Act if
they used words such as 'independence',
'impartial', or 'unbiased'.
APRA draft taxonomy artefacts to assist superannuation
entities prepare for APRA Connect
On 25 March 2021, APRA released the response paper and 10
final reporting standards for the first phase of its multi-year
Superannuation Data Transformation. The Response Paper and
finalised reporting standards are available at here.
These new collections will be reported through APRA Connect.
Final versions of these documents will be available before the
external test environment is released to entities in June
2021. The draft artefacts include the data dictionary,
validations, reporting taxonomy and XSD (to validate
files).
Cases
Cradock v United Super Pty Ltd as
Trustee of the Construction and Building Unions Superannuation
Fund [2021] FCA 305
PRACTICE AND PROCEDURE - application for an extension of time to
commence an appeal from a decision of the Australian Financial
Complaints Authority (AFCA) - AFCA affirming a decision of a
superannuation trustee in relation to the distribution of death
benefits - s 1055B and s 1057A of the Corporations Act 2001 (Cth)
providing that AFCA's decision comes into immediate effect
unless AFCA provides otherwise or unless the Federal Court of
Australia stays the decision appealed from - no application for a
stay of AFCA's decision - decision appealed from implemented by
trustee before the time to commence an appeal expired - recipient
of benefit of the trustee's decision receiving payment and
expending funds - recipient asserting prejudice in the nature of a
risk that the law might operate to require that she disgorge the
payment - unsatisfactory explanation for delay in commencing appeal
- public interest in proper construction of the provisions of the
Corporations Act 2001 (Cth) conferring powers of remittal -
consideration of whether there could or should be remittal for
reconsideration of a decision that has been implemented - extension
of time granted on limited grounds.
In the matter of M & J Super Fund
Pty Limited (in liquidation) [2021]
NSWSC 279
CORPORATIONS - winding up - where entity in
liquidation/receivership is a corporate trustee - remuneration of
liquidator - remuneration of receiver and manager - reasonableness
of remuneration - whether applicant as liquidator/ receiver has
established entitlement to and reasonableness of remuneration -
remuneration and costs to be paid out of the assets of the trust to
which the applicant has been appointed
The Company was registered on 13 June 2007 with the sole purpose of
acting as a corporate trustee of the Fund, which is a self-managed
superannuation fund governed by a Superannuation Trust Deed dated
15 May 1992 (the Trust Deed).
Legislation
Commonwealth
Bills
Treasury Laws Amendment (Reuniting More
Superannuation) Bill 2020
Assent Act no: 24 Year: 2021 22 March 2021
Amends the: Retirement Savings Accounts Act 1997, Superannuation
Industry (Supervision) Act 1993 and Superannuation (Unclaimed Money
and Lost Members) Act 1999 to: Facilitate the closure of eligible
rollover funds by 30 June 2021; and enable the Commissioner of
Taxation to reunite amounts he or she receives from eligible
rollover funds with a member's active account; and Income Tax
Assessment Act 1997 and Taxation Administration Act 1953 to make
consequential amendments.
Regulations
Superannuation Data and Payment Standards
(Release Authorities, and SMSF Rollovers) Amendment
2021
29/03/2021 - This instrument amends the Superannuation Data and
Payment Standards 2012 to reflect amendments that take effect on 31
March 2021 and repeals Schedule 1, which provides transitional
requirements entities were required to meet during the historical
transition-in periods.
ASIC Corporations (Short Term Trading
Market) Instrument 2021/218
25/03/2021 - This instrument provides relief from the requirement
to hold an AFSL for AEMO and participants of AEMO in relation to ex
ante rights on AEMO's short term trading market.
ASIC Corporations (Disclosure of Lack of
Independence) Instrument 2021/125
23/03/2021 - This instrument is prescribing lack of independence
disclosure in Financial Services Guide.
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