In the media
ASX study shows reasons for, against
advice
MEDIA – 10 July 2015 – Approximately 2.52 million
Australians were keen to invest but were confused by all the
information available, indicating they would rely on the advice of
experts, a study released this week by the ASX has revealed.
More...
Adviser input key to super fund switch:
report
MEDIA – 9 July 2015 – Financial planner input has
become essential for a third of superannuation fund members who
want to change funds, the latest Roy Morgan research revealed. The
proportion of super fund members who seek advice from financial
planners to switch their superannuation fund has gone up from 20.5%
in 2010 to 29.9% in 2014. More...
Super fund supports Governments governance
changes
MEDIA – 9 July 2015 – While the key industry super
fund bodies have lamented the Government's proposed changes to
super governance arrangements, Queensland public sector fund,
LGsuper has declared it is backing the draft legislation.
More...
Advice demand up as direct investment
grows
MEDIA – 8 July 2015 – A growing number of direct
investors will drive an increase in demand for financial advice,
the latest ASX Share Ownership Study revealed. More...
Money laundering – PEPs, corruption and foreign
bribery
AUSTRAC – 8 July 2015 – A new report from AUSTRAC will
help Australian businesses – our first line of defence
– identify suspicious behaviours of people moving corrupt
funds into Australia.
More...
Release of draft legislation for the foreign resident
capital gains withholding tax measure
TREASURY – 8 July 2015 – The Government is releasing
exposure draft legislation that will introduce a withholding tax
obligation to ensure that foreign resident investors comply with
Australia's tax laws. From 1 July 2016, a 10% non-final
withholding obligation will apply to the disposal, by foreign
residents, of taxable Australian property.
More...
CGU Insurance and Accident and Health International to
refund $2 million in 'useless' payday insurance
premiums
ASIC – 7 July 2015 – The agreement follows earlier
court action by ASIC against The Cash Store, in which the Federal
Court found that The Cash Store had acted unconscionably in selling
a payday loan CCI product.
More...
FSC issues statement on the Productivity
Commission's report on retirement policy
FSC – 7 July 2015 – The Productivity Commission's
report on retirement policy released today highlights the economic
imperative of boosting mature age workforce participation.
More...
Superannuation policy for post-retirement
PRODUCTIVITY COMMISSION – 7 July 2015 – This
Productivity Commission paper was released on 7 July 2015. As part
of its research for this paper, the Commission has developed a
model (Productivity Commission Retirement Model
(PCRM) to assess the effects of increasing the
preservation age.
More...
Involuntary retirees should not be denied early access
to their super
AUSTRALIAN INSTITUTE OF SUPERANNUATION TRUSTEES – 7 July
2015 – Raising the age at which people can access their super
could see the level of involuntary retirees blow out to more than
half the Australian workforce, the AIST said today.
More...
PC report confirms changes to super should be minimal
and well considered
ASSOCIATION OF SUPERANNUATION FUNDS AUSTRALIA LTD – 7 July
2015 – The ASFA says the Productivity Commission's report
released today confirms that there is no urgency to make changes to
superannuation immediately, and that any changes need to be part of
a holistic review. More...
Superannuation policy for post-retirement: Productivity
Commission
GOVERNMENT – 7 July 2015 – This report is a detailed
analysis of two aspects of superannuation policy affecting the
post-retirement phase.
More...
Investment Manager Regime receives royal
assent
MEDIA – 2 July 2015 – With the Investment Manager
Regime (IMR) finally passing into law, foreign
fund managers must determine whether they qualify for a tax
concession in Australia, says PricewaterhouseCoopers. The new
legislation applies to assessments for the 2015/2016 tax year and
subsequent years.
More...
New Significant Investor Visa regulations
issued
AVCAL – 1 July 2015 – Earlier this year the Government
announced changes to the Significant Investor Visa
(SIV), to be implemented from 1 July 2015. These
changes include the requirement for applicants to invest a minimum
of AUD$500,000 in one or more VC or Growth PE funds as specified in
the Migration Instrument.
More... More...
Income tax relief for MySuper transfers within a
fund
JOSH FRYDENBERG – 29 June 2015 – The Government will
amend the income tax law to ensure that the existing MySuper tax
relief covers the consequences of transfers within a super fund,
where the transfer is required under the law. Super funds are
required to transfer the existing balances of super fund members
who are in default products to a MySuper product by 1 July 2017.
More...
Reforms to Superannuation Governance: Exposure
Draft
GOVERNMENT – 26 June 2015 – Exposure draft legislation
to improve governance arrangements in superannuation has been
released for public consultation. Interested stakeholders are
invited to comment on the exposure draft legislation and
explanatory material, which along with details on how to lodge a
submission is now available on the
Treasury website. Submissions close on 23 July 2015.
ASIC consultation on remaking ASIC class orders on
financial reporting
ASIC – 16 June 2015 – ASIC has released a consultation
paper proposing to remake five class orders that are due to expire
('sunset') in 2015 and 2016. The class orders affect the
disclosures made in financial reports and the manner in which
financial reports are presented to security holders. Submissions on
CP 233 are due on 17 August 2015.
More...
Money laundering PEPs, corruption and foreign bribery:
AUSTRAC
The new report from Australian Transaction Reports and Analysis
Centre (AUSTRAC) will help Australian businesses
our first line of defence identify suspicious behaviours of people
moving corrupt funds into Australia. AUSTRAC's PEPs, corruption
and foreign bribery strategic analysis brief provides examples of
money laundering methods.
More...
Cases
Sherrah v Commonwealth Superannuation
Corporation [2015] FCA 698
PRACTICE AND PROCEDURE – application for extension of time
within which to appeal from a determination of the Superannuation
Complaints Tribunal – where application made approximately
eight weeks after the period for instituting an appeal had expired
– where the applicant's explanation for the delay was not
entirely satisfactory – where there would be some prejudice
to the applicant if the extension of time was not granted –
where there was some public interest in resolving the issues raised
by the draft notice of appeal – where four of the questions
identified in the draft notice of appeal raised questions of law
– Superannuation (Resolution of Complaints) Act 1993
(Cth) s 46. SUPERANNUATION – appeal from a determination of
the Superannuation Complaints Tribunal – consideration of the
function of the Tribunal – whether the Tribunal made an error
of law in interpreting "termination day" in the
Superannuation Act 1976 (Allocated Interest – CSS)
Determination 2007 to mean calculates and processes –
Superannuation (Resolution of Complaints) Act 1993 (Cth)
ss 14, 37 – Superannuation Act 1976 (Allocated
Interest – CSS) Determination 2007 s 6 –
Superannuation Act 1976 (Cth) s 27C. Held: Application for
extension of time granted. Notice of objection to competency
dismissed. Appeal dismissed. More...
Baker and Commissioner of Taxation [2015] AATA
469
TAXATION – Superannuation fund, foreign superannuation fund
– Whether a USA Individual Retirement Account or IRA is a
foreign superannuation fund – Whether a proposed payment from
an IRA would be a payment from a scheme for the payment of benefits
in the nature of superannuation upon retirement or death –
decision affirmed. Income Tax Assessment Act 1997 (Cth) ss
305-80(1), 305-55(2), 295-95(2) and 995-1. Superannuation
Industry (Supervision) Act 1993 (Cth) s 10(1).
Superannuation Industry (Supervision) Regulations 1994
(Cth) rr 6.10, 6.12, 6.13, 6.15, 6.20 and Schedule 1. More...
Beck v Colonial Staff Super Pty Ltd & Ors
[2015] NSWSC 723
SUPERANNUATION – change to superannuation deed to delete
rule granting discretion to confer long service retirement benefits
– consideration of power to amend trust deeds of regulated
superannuation funds –whether rule change contrary to
interests of members at general law – whether rule change in
breach of the Superannuation Industry Supervision Act (Cth) 1993
– consideration of scope of superannuation fund trustees'
discretion – actuarial expert evidence. CONTRACT –
consideration of principles of construction of superannuation fund
deeds – consideration of duties of good faith in contracts of
employment. EQUITY – equitable estoppel – where
representation made that power of termination in employment
contract would not be exercised without good cause –
unconscionable conduct.
More...
Legislation
Commonwealth
Superannuation Supervisory Levy Imposition Determination
2015
GOVERNMENT – 6 July 2015 – This determination sets out
the amount payable by superannuation entities in 2015-16 under the
financial institutions supervisory levies. More...
Tax and Superannuation Laws Amendment (Terminal Medical
Conditions) Regulation 2015
GOVERNMENT – 29 June 2015 – This regulation amends
various regulations to extend the certification period for a
terminal medical condition for the purposes of releasing benefits
from superannuation and the tax-free treatment of those benefits.
More...
Superannuation (PSSAP) Membership Eligibility
(Inclusion) Amendment Declaration 2015 (No. 2)
GOVERNMENT – 29 June 2015 – This instrument amends the
Superannuation (PSSAP) Membership Eligibility (Inclusion)
Declaration 2005 to provide continuation of membership of the
Public Sector Superannuation Accumulation Plan (PSSAP) for
employees of the Private Health Insurance Administration Council
that are transferred to the Australian Prudential Regulation
Authority as part of the transfer of responsibility for the
prudential supervision of private health insurance providers. More...
Superannuation (PSS) Membership Inclusion Amendment
Declaration 2015 (No. 2)
GOVERNMENT – 29 June 2015 – This instrument amends the
Superannuation (PSS) Membership Inclusion Declaration 2006 to
provide continuation of membership of the Public Sector
Superannuation Scheme (PSS) for employees of the Private Health
Insurance Administration Council that are transferred to the
Australian Prudential Regulation Authority as part of the transfer
of responsibility for the prudential supervision of private health
insurance providers. More...
ASIC Corporations (AFSL Audit Opinion) Instrument
2015/586
GOVERNMENT – 29 June 2015 – This instrument makes the
consequential amendment to regulation 7.8.13 that was missed when
Division 4A was inserted in Part 7.8 of the Act. The instrument
ensures that a licensee provide ASIC with an auditor's opinion
on the effectiveness of the internal controls used by the licensee
to comply with Division 4A as is required for Divisions 2, 3, 4, 5
and 6 of Part 7.8 of the Act. More...
Corporations Amendment (Financial Advice) Regulation
2015
GOVERNMENT – 29 June 2015 – This regulation amends the
Corporations Regulations 2001 in relation to the Future of
Financial Advice. 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.