In the media
Infrastructure projects lure super funds
08 June 2012 - A panel of experts, including Minister for
Superannuation Bill Shorten and ex-Victorian premier Steve Bracks,
has warned super funds are forced to invest in short-term assets
because there are not enough large-scale projects.
More...
AIST requests Treasury levy briefing
07 June 2012 - The Australian Institute of Superannuation Trustees
(AIST) has asked Treasury to explain how it estimated the $467.1
million in implementation costs for SuperStream. AIST members were
surprised by the high level of the proposed levies and the lack of
detailed information about the expenditure being funded by the
levy. More...
Transparency needed on SuperStream costs
04 June 2012 - Superannuation industry associations have
criticised Treasury for a lack of detail on costing the
implementation of the federal government's SuperStream.
Treasury released its consultation paper yesterday outlining
financial industry levies, including SuperStream, and opened the
legislation for consultation. More...
Super funds consider reverse mortgage
products
05 June 2012 - Financial advisers and aged-care providers are
joining the parties interested in reverse mortgages. The survey,
commissioned by the Senior Australians Equity Release Association
(SEQUAL), showed 10 per cent growth on the previous survey, with
more than 42,000 RMs having total outstanding funding of $3.3
billion. More...
Universities' funding hole for super liabilities
– NSW
NSW Audit Office - 30 May 2012 - There is a critical need for NSW
universities to negotiate funding arrangements for superannuation
liabilities with the Australian Government as universities face
increasing employee retirements, according to NSW Auditor-General,
Mr Peter Achterstraat, following the release of his financial audit
report to Parliament. In just one year, superannuation liabilities
for universities have increased from $3 billion in 2010 to $4.3
billion in 2011.
More...
First State Super Trustee Corporation: Own Motion
Investigation Report
Author: Timothy Pilgrim, Privacy Commissioner- June 2012 The
Privacy Commissioner Timothy Pilgrim found the superannuation firm
to be in violation of the National Privacy Principals contained
within the Privacy Act, because it failed to place sufficient
security measures to protect customer information.
More...
APRA superannuation statistics for March
2012
Author: APRA – 07 June 2012
Quarterly Superannuation Performance publication- The combined
rate of return for the March quarter was 5.4 per cent. The rate of
return for corporate funds was 5.5 per cent, industry funds 5.4 per
cent, retail funds 5.3 per cent and public sector funds 5.3 per
cent. More...
Reminder: Superstream Advisory Council - Call for
Nominees
The Government is calling for nominations from individuals
interested in being appointed to the SuperStream Advisory Council.
SuperStream is a package of reforms that will improve the operation
of the superannuation system, making it easier for members to keep
track of and consolidate their superannuation accounts and making
the system more efficient by streamlining the operational processes
for funds and employers Nominations close on Friday 22
June. See the
Fact Sheet for additional background on SuperStream (June
2012)
[Draft] Superannuation Industry (Supervision) Amendment
Regulation 2012
Commencement: This regulation commences on the day after it is
registered.
These will amend the Superannuation Industry (Supervision)
Regulations 1994. The Minister for Financial Services and
Superannuation has agreed for the Treasury to release for public
consultation an exposure draft for the refund of excess
concessional contributions regulations and the accompanying
explanatory materials, are now open for consultation from 31 May
2012
[Draft] Retirement Savings Accounts Amendment Regulation
2012
Commencement: This regulation commences on the day after it is
registered.
The Minister for Financial Services and Superannuation has agreed
for the Treasury to release for public consultation an exposure
draft for the refund of excess concessional contributions
regulations and the accompanying explanatory materials. These
regulations will amend the Superannuation Industry (Supervision)
Regulations 1994 and the Retirement Savings Accounts Regulations
1997. Submissions close on 29 June 2012
Treasury - Exposure drafts of FOFA grandfathering and
other regulations released
Treasury has released exposure drafts of the
FOFA Regulations on Grandfathering and the
first package of amendments in the Corporations Amendment
Regulation 2012 (No.) containing provisions relating to charging
ongoing fees to clients and conflicted remuneration. Section 1528
of the Corporations Act will grandfather benefits based on
investments in financial products acquired before the application
day. The intention of the grandfathering arrangements is to
preserve any existing contractual rights to receive ongoing product
commissions (28 May 2012)
First Package of FOFA Regulations
Treasury has released the draft
Corporations Amendment Regulation 2012 (the draft Regulation)
and the associated
explanatory statement (both undated) for public comment. The
draft Regulation proposes amendments to the Corporations
Regulations 2001 No. 193 (Cth) and will build on changes
already introduced by previous Future of Financial Advice (FOFA)
legislative packages (30 May 2012)
Cases
Rawson and Commissioner of Taxation [2012] AATA
322
Superannuation - concessional contribution - excess contributions
tax – Commissioner's discretion to make a
determination to disregard concessional contribution or to allocate
concessional contribution to another financial year - timing of
contributions – consideration of when a concessional
contribution is "made" - contribution by applicant's
employer by BPay - meaning of "special circumstances"
– "object" of Division 292 - whether
contribution made would more appropriately be allocated towards
another financial year - whether it was reasonably foreseeable,
when the contribution was made, that the taxpayer would have excess
contributions - terms of any agreement or arrangement between
taxpayer and payer as to the amount and timing of the contribution
- extent to which taxpayer had control over the making of the
contribution – Commissioner's objection decision
affirmed. More...
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