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.
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.