In the media
Treasurer flags super cap exemptions
MEDIA - 19 August 2016 - Treasurer Scott Morrison has flagged that
lottery wins and inheritances are unlikely to be included as
exemptions around the $500,000 cap on post-tax superannuation
contributions. More...
ASIC repeals 'sunsetting' class order on managed
investment schemes
ASIC - 19 August 2016 - ASIC has repealed ASIC Class Order [CO
02/226] that is due to expire ('sunset') on 1 April 2017.
The repeal of the class order follows ASIC consultation in May 2016
(refer:
Consultation Paper 259 Repealing ASIC class order on
managed investment schemes: no issue required disclosure [CO
02/226]).
More...
Lost super and related insurance benefits must be fixed:
ASFA
ASFA - 18 August 2016 - The ATO's release of the latest lost
super figures highlight the enormous impact that the
government's lost super threshold is having on the retirement
nest eggs and insurance benefits of Australians, the Association of
Superannuation Funds of Australia (ASFA) said
today.
More...
ATO reveals challenges of super changes
MEDIA - 16 August 2016 - The Australian Taxation Office
(ATO) has revealed the degree to which the
Government's Budget superannuation changes are already
impacting planners and their clients, with enquiries around
non-concessional caps having recorded a significant spike.
More...
New assets test deflates retirement
adequacy
MEDIA - 12 August 2016 - Changes to the age pension assets test
starting in January next year would be detrimental to the
retirement income adequacy of many Australians, according to a new
study.
More...
ISA urges 'better off' test for
banks
MEDIA - 11 August 2016 - The Association of Superannuation Funds of
Australia (ASFA) and the Actuaries Institute have urged
comprehensive consumer testing of super choice product dashboards.
Banks should be subject to a 'better off' test when
cross-selling superannuation with other bank products, according to
Industry Super Australia (ISA).
More...
ASIC consults on 'sunsetting' class orders about
non-monetary consideration managed investment
schemes
ASIC - 10 August 2016 - ASIC today released a consultation paper
proposing to remake its class orders on non-monetary consideration
managed investment schemes, which is currently due to expire
('sunset') on 1 April 2017.
More...
World's first regional risk assessment launched at
CTF Summit
JUSTICE DEPARTMENT - 10 August 2016 - The Government has delivered
on a key recommendation, releasing the first combined regional
assessment of terrorism financing risk in South-East Asia. Each
country's financial intelligence units collated information and
sought expertise from within their jurisdictions in order to
provide this regional risk picture. The assessment is available at
the AUSTRAC website.
More...
Terrorism financing: regional risk assessment
2016
AUSTRAC - 10 August 2016 - In response to a highly charged and
dynamic terrorism environment, Indonesia and Australia recognise
the important need to develop a deeper, shared understanding of the
drivers behind terrorism financing in the region. The two
countries' FIUs, Australian Transaction Reports and Analysis
Centre (AUSTRAC) and the Pusat Pelaporan dan
Analisis Transaksi Keuangan Indonesia (PPATK)
co-hosted the first South-East Asia Counter-Terrorism Financing
Summit in Sydney in 2015. This regional risk assessment identifies
primary terrorism financing risks from across a broad spectrum of
risks assessed.
More...
Credit and Investments Ombudsman welcomes terms of
reference into financial sector's complaints
framework
CIO - 8 August 2016 - The Credit and Investments Ombudsman
(CIO) has welcomed the release today by the
Minister for Revenue and Financial Services, Kelly O'Dwyer MP,
of the terms of reference for the independent review of financial
sector external dispute resolution (EDR) schemes.
More...
Financial Ombudsman Service (FOS) Newsletter
FOS - August 2016 - In this edition, topics include:
- Key determinations;
- Upcoming events;
- FOS makes global connections;
- An update from the Code Compliance and Monitoring Team (FOS Code);
- Under the spotlight: Jenny Peachey;
- Unpaid determinations update; and
- Systemic issues update.
CP 263 Risk management system 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...
Cases
Ievers v Superannuation Complaints Tribunal [2016] FCA
936
SUPERANNUATION - whether it is beyond the power of the
Superannuation Complaints Tribunal to review a decision of the
trustee not to accept that a person is a dependant on the proper
construction of s14(1) and s37(5) of the Superannuation
(Resolution of Complaints) Act 1993 (Cth) - whether a finding
that a person is a 'dependant' is a jurisdictional fact and
precondition to the exercise of the power of the Superannuation
Complaints Tribunal pursuant to s15(1) of the Superannuation
(Resolution of Complaints) Act 1993 (Cth) and trust deed -
meaning of 'dependant' and relevant considerations in
determining whether a person is a 'dependant' under the
Superannuation (Resolution of Complaints) Act 1993 (Cth)
and trust deed - approach of the Superannuation Complaints Tribunal
to the determination of whether the trustee's decision was
unfair or unreasonable - whether the Superannuation Complaints
Tribunal erred in law in concluding that the deceased member was in
a de facto spousal relationship at the relevant time - whether a
substituted decision on the allocation of the benefit was beyond
the power of the Superannuation Complaints Tribunal - whether the
Tribunal afforded procedural fairness on review of the
trustee's decision.
Westpac Securities Administration Ltd v Cooper [2016] SASC
122
SUPERANNUATION - INDUSTRY SUPERVISION.
SUPERANNUATION - PRIVATE SECTOR FUNDS - AMENDMENT OF TRUST
DEED.
SUPERANNUATION - PRIVATE SECTOR FUNDS - TRUSTEES - POWERS AND
DUTIES.
Application under s59C of the Trustee Act 1936 to vary
terms of a trust.
Re Traditional Values Management Ltd (In Liq) (No 3)
[2016] VSC 475
CORPORATIONS - External administration - Application by liquidators
of responsible entity of managed investment scheme for remuneration
- Further application - Whether liquidators entitled to be
reimbursed for costs and remuneration incurred in defending legal
proceedings commenced against them personally.
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