In the media
Super fund tax management deemed
inefficient
MEDIA – 07 August 2014 – Super funds should adopt a
centralised approach to tax management since certain taxes cannot
be effectively managed by individual managers within multi-manager
structures, says Parametric. The research paper explains that while
most large superannuation funds are now required by law to consider
tax, many are still struggling to determine how best to do this.
More...
Formation of financial services export body
urged
MEDIA – 07 August 2014 – The Financial Services
Council (FSC) has called for the Government to clear further
barriers to Australian financial services exports, including the
formation of a Government-backed coordination body.
More...
Funds management to drive GDP growth
MEDIA – 07 August 2014 – The Financial Services
Council will embark on a mission to increase Australia's
investment management exports to Hong Kong levels, off the back of
research from Deloitte forecasting a $4.2 billion GDP boost.
More...
See FSC Chairman – Australia needs to develop a strong
financial services export industry.
Report – The economic impact of increasing Australian
funds management exports.
More..
Regulator to investigate players wrongly recouping dispute costs from customers MEDIA – 05 August 2014 – Some financial service providers (FSPs) are wrongly attempting to recover dispute resolution costs from customers, the Financial Ombudsman Service has identified in the June quarter. More...
FOS backs "last resort" scheme
MEDIA – 05 August 2014 – The Financial Ombudsman
Service has reiterated its support for a limited compensation
scheme of last resort to deal with uncompensated consumer losses.
In its latest circular, FOS welcomed the Financial System Inquiry
interim report's focus on consumer trust and confidence in the
financial system.
More...
Submissions open for SuperStream pass through
amendments
MEDIA – 04 August 2014 – The Federal Government has
released an exposure draft proposing to amend the Superannuation
Industry (Supervision) (SIS) Act to require default superannuation
funds to process all default contributions. The amendments would
mean that employers would automatically send both default and
choice contributions to their default super fund. More...
ANZ helps customers bring home their Australian Super
funds
ANZ – 05 August 2014 – ANZ New Zealand Investments is
working with the trustee of ANZ Smart Choice Super, an Australian
superannuation scheme, to help thousands of New Zealanders recover
superannuation money currently held in Australia. The Australian
Taxation Office (ATO) has calculated that about $NZ19 billion of
superannuation funds in Australia are "lost".
More...
Financial literacy vital for retirement:
ASIC
FINSIA – 04 August 2014 – ASIC has launched a three
year national financial literacy strategy noting it is particularly
important when superannuation scheme outcomes aren't
guaranteed. The new strategy is intended to improve
Australians' financial literacy by providing a national
framework for action for stakeholders across the government,
business, community and education sectors.
More...
New statistics reveal $14 billion in lost
super
AUSTRALIAN TAXATION OFFICE – 01 August 2014 – New
statistics released by the ATO reveal that more than $14 billion in
lost super is waiting to be claimed. Assistant Commissioner says
that of particular concern are the billions of dollars sitting in
super accounts where funds have lost contact with the owner.
There's over $6 billion of super sitting in accounts where
funds have not been kept up-to-date with changes to personal
details. By postcode:
More.... Overview:
More...
Dipping into super to buy a home threatens retirement
income security
AUSTRALIAN INSTITUTE OF SUPERANNUATION TRUSTEES – 01 August
2014 – The AIST has warned against the dangers of using
superannuation to tackle the nation's housing affordability
challenges, commenting on recent calls to allow first home buyers
to access their superannuation as a housing deposit.
More...
Superannuation can unlock the door for first home
buyers
REAL ESTATE INSTITUTE OF AUSTRALIA – 01 August 2014 –
The REIA says that access to superannuation by first home buyers
will unlock the door to affordability, with survey after survey of
first home buyers has found that an adequate deposit was the
biggest barrier to purchasing a property. REIA believes that more
should be done to assist first home buyers achieve that deposit.
More...
2014 Superannuation benefits for senators and members
elected before 2004
PARLIAMENT OF AUSTRALIA – 27 July 2014 – This research
paper by Kai Swoboda, Economics Section and Cathy Madden, Politics
and Public Administration Section provides a summary of
Commonwealth parliamentary superannuation benefits in place prior
to the 2004 general election. It provides explanation, hyperlinks
and documents pertaining to the operation of the Parliamentary
Contributory Superannuation Scheme (the PCSS).
More...
ASIC Statement of Intent
ASIC – 08 August 2014 – ASIC has today published its
Statement of Intent in response to the Australian Government's
Statement of Expectations. The Statement of Intent responds to the
Government on ASIC's high-level priorities and intentions
around its role, responsibilities and relationship with government.
More...
FOS Life Insurance Open Forum, Sydney
FINANCIAL OMBUDSMAN SERVICE – 27 August 2014 – This
forum brings together those involved in the Life Insurance industry
to discuss relevant FOS decisions and share insights about emerging
issues. The agenda is open, so you will hear from FOS Ombudsmen and
other subject matter experts on topics submitted by you. To
register for our Sydney Forum, and record your submissions for
agenda items click
here before 17 August 2014.
The Circular: FOS Newsletter – Issue
18
FINANCIAL OMBUDSMAN SERVICE – August 2014 – "The
FOS Approach to Responsible Lending", "FOS Forum Key
Determinations" and "Fast, efficient, fair dispute
resolution". More...
Cases
Financial Services Council Ltd v Industry Super
Australia Pty Limited [2014] FCAFC 92
INDUSTRIAL LAW – Fair Work Commission – four yearly
review of default fund terms – two members of Expert Panel
disqualified due to conflicts of interest – Fair Work Act
2009 (Cth) ss 620(1A) and 622(3) – whether President entitled
to appoint himself to Expert Panel – whether Expert Panel
reconstituted in accordance with Act. More...
Legislation
Commonwealth
Anti-Money Laundering and Counter-Terrorism Financing
Rules Amendment Instrument 2014 (No. 4)
This instrument amends the Anti-Money Laundering and
Counter-Terrorism Financing Rules Instrument 2007 (No. 1) to insert
a new Chapter 70 to prescribe the renewal of remittance dealer
registration requirements, and amends certain provisions in
Chapters 8, 9, 27, 56, 58, 59, 60, 63 and 65. Registered 7 August
2014. More...
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.
