In the media – National

ASIC cancels licence of Pacific Millennium International Investment Group Pty Ltd
ASIC – 4 August 2016 – ASIC has cancelled the Australian financial services (AFS) licence of Pacific Millennium International Investment Group Pty Ltd (PMIIG) after it was found to have breached the obligations of a financial services licensee. More...

Retirees choosing income streams over super lump sums
ABS – 4 August 2016 – Retirees are increasingly choosing to access their superannuation through income streams rather than withdrawing lump sums, according to new analysis released by the Australian ABS. Almost 1.2 million people were receiving an income stream from their superannuation in 2013-14, at an average of $502 per week. More...

How to assess the superannuation system's performance
PRODUCTIVITY COMMISSION – 2 August 2016 – The Productivity Commission has released its proposed framework to assess the efficiency and competitiveness of Australia's $2 trillion superannuation system. The final report is expected to be handed to the Australian Government in November 2016 and published by the Commission a short time later. More...

Productivity Commission Draft Report: How to Assess the Competitiveness and Efficiency of the Superannuation System
GOVERNMENT – 2 August 2016 – The sheer size of the superannuation system, combined with its compulsory and broad nature, makes the efficiency of the system paramount. The draft report of the Productivity Commission was released on 2 August 2016. Submissions are due by 9 September 2016. More...

ATO on phoenix watch
MEDIA – 1 August 2016 – The Australian Taxation Office is continuing its crackdown on illegal phoenix activity, including unpaid superannuation, following the recent execution of six search warrants on the Gold Coast. More...

Data Availability and Use: AIST response to Productivity Commission Issues Paper
AIST – 29 July 2016 – Effective use and access to superannuation data is integral to the efficient functioning and integrity of the superannuation system. Superannuation data issues have been raised in previous inquiries. More...

ASIC cancels AFS licence for failing to lodge financial statements
ASIC – 26 July 2016 – ASIC has cancelled the Australian financial services (AFS) licence of Sydney-based Edwards Benefits Advisors Pty Ltd (Edwards Benefits) for failing to comply with a number of key obligations as a financial services licensee. More...

ASIC permanently bans Mark Steven Grevsmuhl due to serious fraud convictions
ASIC – 26 July 2016 – ASIC has permanently banned Mark Steven Grevsmuhl from providing financial services and engaging in credit activities after he was convicted of multiple counts of fraud in the Brisbane District, with setting up fake superannuation investments and defrauding approximately 74 complainants of $6 million. More...

In practice and courts

Communicating audit findings to directors, audit committees or senior managers
ASIC – 25 July 2016 – ASIC is seeking feedback on its recently published Consultation Paper 265 Communicating audit findings to directors, audit committees or senior managers. This consultation paper seeks feedback on our proposed criteria for determining which findings from our reviews of audit files we would communicate to directors, audit committees or senior managers. Comments due 7 October 2016.

CP 263 Risk management systems of responsible entities: Further proposals
ASIC – 21 July 2016 – Consultation Paper 263 and the proposed guidance builds on the proposals in Consultation Paper 204 Risk management systems of responsible entities ( CP 204). The proposed guidance does not impose new obligations on responsible entities but gives more detailed guidance on how they may comply with their current obligations under s912(1)(h) of the Corporations Act. Comments due 1 September 2016. More...

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