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In the media
AMP fuels further debate on
superannuation
MEDIA – 09 May 2013 - Financial services giant AMP has
reported a turnaround in first-quarter net cash flows, and said it
was ''time to blow the whistle on further changes to
superannuation'' after a bitter political row over the
taxation of super.
More...
APRA releases second set of draft prudential practice
guides for superannuation
APRA - 09 May 2013 - APRA has released for consultation eight draft
prudential practice guides (PPGs) for the superannuation industry
and updates to two cross-industry PPGs These PPGs include practical
guidance on matters that a registrable superannuation entity (RSE)
licensee may consider to assist it in meeting the requirements in
APRA's prudential standards. More...
Adviser survey finds concerning lack of FOFA
preparation
MEDIA – 09 May 2013 - A Midwinter survey completed by 330
advisers has found a concerning lack of forward planning on key
Future of Financial Advice (FOFA) issues such as opt-in and fee
disclosure statements (FDSs).
More...
Government brings forward super change
legislation
MEDIA – 08 May 2013 - The government has released for
consultation an exposure draft of its proposed changes
to superannuation announced last month. The draft will bring
forward the start date for a new higher concessional contributions
cap of $35,000 for people aged 60 and over to 1 July 2013.
More...
ASFA objects to SuperStream timeframe
MEDIA – 08 May 2013 - The Association of Superannuation Funds
of Australia has objected to the short notice given to industry to
respond to SuperStream changes, calling for an "urgent
discussion" with industry to find a more appropriate
timeframe. A submission to APRA outlined the industry body's
concerns about APRA's proposed reporting form SRF 711.0:
SuperStream Benchmarking Measures.
More...
MySuper will pose 'considerable difficulty' on
implementation
MEDIA – 08 May 2013 - The Association of Superannuation Funds
of Australia (ASFA) has expressed concern over the difficulties
super funds will face in implementing MySuper with respect to tax
deductions for personal contributions, contribution splitting and
CGT rollover relief.
More...
Government moves to implement super
reforms
MEDIA – 07 May 2013 - The Federal Government has confirmed it
will introduce legislation to bring forward the start date of the
new higher concessional contributions caps and allow individuals to
withdraw excess concessional contributions.
More...
Industry levies lack transparency
MEDIA – 07 May 2013 - The Association of Superannuation Funds
of Australia (ASFA) has called for a thorough review of the
supervisory levy determination process.
More...
Risk metrics need longer-term focus
MEDIA- 07 May 2013 - The Actuaries Institute is pushing for a
long-term risk metric to be included under MySuper product
dashboard requirements).
More...
Government to legislate important super adequacy
measures
TREASURY – 07 May 2013 - Minister for Financial Services and
Superannuation Bill Shorten confirms that the Gillard Government
will introduce legislation to deliver two key measures which will
help drive the adequacy of retirement savings in Australia.
More...
Governments high income super legislation finally in
draft
MEDIA – 02 May 2013 - The legislation to underpin the
Government's removal of superannuation tax concessions to upper
income earners (those earning over $300,000) which was a core part
of last year's Budget has finally been released for public
consultation.
More...
Industry bodies welcome greater super
transparency
MEDIA – 02 May 2013 - Superannuation regulatory bodies have
welcomed the government's draft regulations covering the
MySuper reforms for providing greater transparency.
More...
Super Funds to disclose dollar value of
fees
TREASURER – 01 May 2013 - MySuper product providers will be
required to disclose investment risk, the dollar value of fees and
their investment performance in an easy to read way, the Minister
for Financial Services and Superannuation, Bill Shorten has
revealed.
More...
Draft MySuper Regulations released
TREASURY – 02 May 2013 -Treasury has released for comment
draft Superannuation Legislation Amendment (MySuper Measures)
Regulation 2013 to implement the MySuper reforms. A key feature is
a product dashboard which will provide a single page summary of key
performance indicators for each MySuper product.
More...
Superannuation concessional contributions caps:
consultation
The Government has released for public consultation an exposure
draft of the legislation to implement the higher concessional
superannuation contributions cap for older individuals and the
accompanying Explanatory Memorandum. Closing date for submissions:
Monday, 13 May 2013 (06 May 2013)
Superannuation concessional contributions caps
Gazette GN 17 - Superannuation Industry (Supervision)
Act 1993
COMMONWEALTH OF AUSTRALIA 1/05/13 121Q1361
Notice of Disqualification - Bounsoudaly Simeuang; Daniel Hogben;
Marian Nguyen; Narelle Burgess; Ngoc Phuoc Nguyen; Phort Ven; Pin
Hui Sy; Ratha Yong; Sidney Alipate; Timote Latu; Truong Nhut Le;
Van Tot Tran; Walter Blaikie
Gazette GN 18 - Superannuation Industry (Supervision)
Act 1993
COMMONWEALTH OF AUSTRALIA 8/05/13 128Q1359
Notice of disqualifiction - Mr Benjamin Pettit; Michelle Pettit;
Melissa Lovosevic; Deon Lovosevic; Tony Ashwin
ASFA Submissions
7 May – Submissions
To APRA: SRF 711 – SuperStream Data Collection
To Treasury: Income tax relief to facilitate MySuper
To ATO: TR93/17 – Income tax deductions available to super
funds
1 May – Submissions
To Treasury re Financial Industry Supervisory Levy Methodology (30
April)
Public consultation: exposure draft for Tax Laws
Amendment (Sustaining the Superannuation Contribution Concession)
Bill 2013
The changes contained in the Bill will effectively ensure that very
high income earners will receive a superannuation concession on
their contributions more closely in line with the concession
received by average income earners. Closing date for submissions is
08 May 2013 (01 May 2013).
More...
Cases
Sharp v Maritime Super Pty Ltd [2013] NSWSC
389
EQUITY - claim for equitable compensation - whether breach of trust
in failing properly to investigate claim for total and permanent
disablement benefit - failure correctly to apply Rule in Trust Deed
as to entitlement to benefit. COSTS - offer of compromise - whether
judgment or order no less favourable to the plaintiff than the
terms of the offer in circumstances where decision on principal
judgment was to remit determination of plaintiff's entitlement
to a benefit to the trustee.
Civil Procedure Act 2005 (NSW); Superannuation (Resolution of
Complaints) Act 1993 (Cth); Superannuation Industry (Supervision)
Act 1993 (Cth). More...
Australian Securities and Investments Commission v
ActiveSuper Pty Ltd (No 5) [2013] FCA 369
Any delay resulting from the granting of a stay could be extensive.
The consequences of that delay might not only undermine the ability
of witnesses to recall accurately the events in dispute and, no
less importantly, may impact on those said by ASIC to be affected
by the allegations in these proceedings – the members of the
public who have lost funds. More...
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