In the media
New super disclosure rules will make it impossible to
compare fees and costs
ISA – 01 September 2017 - New super disclosure rules will
make it impossible for consumers to compare super fund fees and
costs giving bank-owned and other retail super funds another leg up
by failing to capture investment platforms - the majority of their
assets - over half a trillion dollars - are invested through.
More...
ASIC disqualifies NSW SMSF auditor
ASIC – 31 August 2017 - ASIC has disqualified Chiu Man of New
South Wales from being an approved self-managed superannuation fund
(SMSF) auditor. ASIC found that Mr Man had
breached fundamental audit requirements and was otherwise not a fit
and proper person.
More...
Adverse publicity drive insurance
opt-outs
MEDIA– 31 August 2017 - The increased publicity around
insurance within superannuation saw an upsurge in members opting
out such arrangements, according to evidence provided to the
Productivity Commission (PC) by Mercer.
More...
SG taskforce to crack down on non-payment
MEDIA– 30 August 2017 - The federal government will provide
the Australian Taxation Office (ATO) with
additional funding for a superannuation guarantee
(SG) taskforce to clamp down on employer
non-compliance.
More...
Additional funding for SG Taskforce gets SMSF
Association backing
SMSF ASSOCIATION – 30 August 2017 - The SMSF Association has
endorsed the decision by the Government to provide the Australian
Tax Office (ATO) with additional funding for a
Superannuation Guarantee Taskforce to ensure employers comply with
their Superannuation Guarantee (SG) obligations.
More...
Turnbull Government backs workers on
superannuation
TREASURY – 29 August 2017 - The Government today announced a
further package of reforms to give the Australian Taxation Office
(ATO) near real-time visibility over
superannuation guarantee (SG) compliance by
employers. The Government will provide the ATO with additional
funding for a Superannuation Guarantee Taskforce to crackdown on
employer non-compliance.
More...
ASIC cashes in on superannuation fees
MEDIA – 29 August 2017 - The Australian Securities and
Investments Commission (ASIC) has announced major
changes to the way superannuation contributors are to receive
information on fees and charges levied by their fund managers and
which affect them as consumers.
More...
ISA – 29 August 2017 - New figures that reveal approximately 80 per cent of unpaid superannuation went undetected by the Australian Tax Office (ATO) in 2014-15, with only around 13 cents in each dollar actually recovered for workers, have prompted calls for super payments to be aligned with wage payments. More...
More frequent payslip reporting by employers needed to
address $billions in unpaid super
AIST – 29 August 2017 - AIST has today welcomed a package of
Government reforms aimed at improving superannuation guarantee
(SG) compliance by employers, whilst calling for
more frequent employer payslip reporting.
More...
FSC supports new measures to protect consumers from
non-payment of superannuation guarantee
FSC – 29 August 2017 - The Financial Services Council
(FSC) welcomes the Government's proposed
reforms to make it tougher for employers to shirk their legal
obligation to pay their employees' superannuation guarantee.
More...
Professional indemnity insurance review
completed
ASIC – 28 August 2017 - A targeted review of professional
indemnity (PI) insurance by ASIC has found that
most small companies holding Australian financial services
(AFS) licences had PI insurance that met
regulatory requirements. Generally, the small AFS licensees that we
reviewed had policies with an overall indemnity limit that complied
with requirements.
More...
APRA to establish independent prudential inquiry into
governance, culture and accountability within CBA
APRA – 28 August 2017 - The prudential inquiry will be
conducted by an independent panel, to be appointed by APRA. Subject
to settling the final terms of reference, it is anticipated that
the panel will provide a final report to APRA around six months
from the formal commencement of the inquiry, and that this report
will be made public. More...
Government backs APRA CBA inquiry – taking action
now
TREASURY – 28 August 2017 - The Treasurer welcomes
today's announcement by the Australian Prudential Regulation
Authority (APRA) to commence an independent
prudential inquiry that would focus on the governance, culture and
accountability frameworks and practices within the Commonwealth
Bank of Australia (CBA).
More...
Super fees set to become more transparent and easier to
understand
ASIC – 25 August 2017 - From 30 September there will be
significant changes to the way superannuation and managed
investment funds disclose the fees and charges that affect
consumers. The new requirement follows the ASIC identifying a
significant amount of under-reporting of fees, as well as
considerable inconsistency in the way fees and charges are listed
by funds.
More...
Published – articles, papers, reports
APRA superannuation statistics June 2017
APRA: 22 August 2017
Quarterly Superannuation Performance publication and the Quarterly
MySuper Statistics report for the June quarter 2017. More...
In practice and courts
APRA RSE licensees letter about assessing member
outcomes in the superannuation industry
APRA has published a letter to all RSE licensees about assessing
member outcomes in the superannuation industry (31 August 2017).
More...
FPA Submissions
Superannuation: Assessing Competitiveness and Efficiency
Productivity Commission – 21 August 2017.
ASFA Submissions
Submission to the Productivity Commission: Issues Paper on
Superannuation: Assessing Competitiveness and Efficiency
(23 August 2017).
More...
AIST Submissions
25 Aug 2017 - ATO online super account name display
AIST supports the display of product names in ATO Online, but
recommends changing the current listings of product names in the
Fund Validation Service to improve fund name recognition by
members.
21 Aug 2017 - Response to Productivity Commission Stage 3 Issues
Paper
This submission reiterates AIST's strong support for the
legislated but not yet implemented system for selecting default
superannuation funds.
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.
Gazette - Superannuation Industry (Supervision) Act
1993
Notices of disqualification under the act.
30/08/2017: Notice of Disqualification - Blake Thomas Roberts.
29/08/2017: Notice of Disqualification - Mark Billing; Graham Thorpe; Gebi Genemo; Milko Gurari; Nadene Thorpe.
28/08/2017: Notice of Disqualification – Kellie O'Dwyer; Hugh O'Dwyer
25/08/2017: Notice of Disqualification - Shelagh Thompson; Michael Thompson; Grahame Thompson; Kathryn M Tranter; John A Tranter; Scott D Milner
Cases
FSS
Trustee Corporation v Eastaugh [2017]
VSCA 218
SUPERANNUATION – Appeal – Construction of
superannuation trust deed and rules – Benefit entitlements
– Whether recall payments made to members of defined benefit
scheme are salary for the purpose of determining superannuation
entitlements – Hospitals Superannuation Act 1988 –
First Superannuation Act 1992 (NSW) – Practical and
purposive approach to interpretation of superannuation schemes
– Ansett Australia Ground Staff Superannuation Plan Pty
Ltd v Ansett Australia Ltd [2002] VSC 576; (2002) 174 FLR 1;
Stevens v Bell [2002] EWCA Civ 672, considered –
Leave to appeal granted – Appeal dismissed.
AIA Australia Ltd v Lancaster [2017]
FCA 962
SUPERANNUATION – appeal against determination by
Superannuation Complaints Tribunal – entitlement of fund
member to income protection benefit under insurance policy held by
fund – calculation of benefit payable by reference to income
– income had increased at date of disablement but neither
trustee or insurer notified at that date – insurer calculated
benefit based on income advised to it – Tribunal ordered
benefit be calculated based on increased salary – whether
Tribunal determination inconsistent with terms of insurance
policy.
Insurance Contracts Act 1984 (Cth), ss 37, 53, 57
Superannuation (Resolution of Complaints) Act 1993 (Cth),
ss 14, 37, 46
Insurance Contracts Regulations 1985 (Cth), r 32
Legislation - Queensland
Subordinate legislation as made
No 177:
Superannuation (State Public Sector) Regulation 2017 -
Superannuation (State Public Sector) Act 1990 – 01
September 2017 - The Superannuation (State Public Sector)
Regulation 2017 replaces the expiring Superannuation
Regulation. It is in substantially similar to the existing
Superannuation Regulation and makes no policy change. Regulation
and makes no policy change. The Superannuation (State Public
Sector) Regulation 2017 updates the wording of provisions in
line with current drafting practice and renumbers 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.
