In the media
Looming super reforms benefit millions
MEDIA – 23 June 2017 - The revived Low Income Superannuation
Contribution, now labelled the Low Income Superannuation Tax Offset
(LISTO), will be received by about 3.1 million
people - 63% of which the Association of Superannuation Funds of
Australia estimates will be women.
More...
New super rules to benefit more than four million
Australians
MEIA – 23 June 2017 - More than four million people will
benefit from the superannuation tax changes coming into effect from
1 July 2017, with about 3.1 million to receive the Low Income
Superannuation Tax Offset (LISTO), which replaces
the Low Income Superannuation Contribution that was legislated to
cease on 30 June 2016.
More...
ASIC review identifies custody failings
MEDIA – 22 June 2017 - The custody practices of Australian
financial institutions have been found wanting in a number of
instances, including failures to manage conflicts of interest, in
ASIC Report 531, titled 'Review of compliance with
asset holding requirements', after conducting a review of
custodians and responsible entities of managed investment schemes
in late 2016 and early 2017.
More...
Asset managers must be more 'resilient':
ASIC
MEDIA– 21 June 2017 - ASIC chairman Greg Medcraft has warned
fund managers about "structural vulnerabilities" in the
sector that could present "financial stability risks".
More...
Super funds have an engagement problem
FINSIA – 20 June 2017 - At the best of times superannuation,
and wealth management more generally, is a low engagement
environment, so funds are playing catch up when it comes to
designing digital strategies, Matt O'Keefe, KPMG's
technology risk & assurance partner, points out.
More...
Banks narrowly avoid parliamentary
inquiry
MEDIA – 16 June 2017 - Australian banks have narrowly dodged
the possibility of facing a Royal Commission-style inquiry after a
Green's Bill to establish a Parliamentary Commission of Inquiry
fell short by a single vote in the House of Representatives.
More...
ASIC industry funding model will increase transparency:
AIST
AIST – 16 June 2017 - AIST has welcomed the passage of laws
to create an industry funding model for the Australian Securities
and Investment Commission (ASIC).
More...
Changes now in effect to support the superannuation tax
reform package and amend the insolvency law reform
act
TREASURY – 15 June 2017 - Amendments supporting the integrity
of the Government's comprehensive suite of superannuation
taxation reforms have come into effect with the passage of the
Treasury Laws Amendment (2017 Measures No. 2) Bill though
Parliament.
More...
EDR and complaints framework
AIST – 14 June 2017 - AIST and ISA, in a joint submission,
have identified key issues regarding the proposal to establish a
new external dispute resolution scheme to replace the
Superannuation Complaints Tribunal and the Financial Ombudsman
Service.
More...
Published – articles, papers, reports
Credit and Investments Ombudsman: CIO News - June
2017
Topics in this issue: Dispute Resolution Conference 2017; Recent
Reviews and Recommendations published; Appropriate compensation;
Complaint statistics third quarter 2016/17; Systemic issues update.
More...
In practice and courts
FPA: Superannuation
The ATO has released a range of the materials to assist financial
planners and clients with the superannuation changes commencing 1
July 2017. More...
IFAC: Proposed International Standard on Auditing 540
(Revised), Auditing Accounting Estimates and Exposure
Draft
This proposed standard: enhances requirements for risk assessment
procedures to include specific factors related to accounting
estimates, namely complexity, judgment, and estimation uncertainty;
sets a more detailed expectation for the auditor's response to
identified risks related to accounting estimates, including
augmenting the auditor's application of professional
skepticism; and is scalable regardless of the size or sector of the
business or audit firm. Comments close on 1 August.
More...
Legislation
Commonwealth
ASIC
Superannuation (RSE Websites) Instrument
2017/570
23/06/2017 - This instrument uses ASIC's exemption powers to
continue the relief formerly available under ASIC Class Order [CO
14/509] and extends transitional sub-plan relief (expiring on 1
July 2017) to 30 June 2018.
ASIC
Superannuation (Repeal) Instrument 2017/573
213/06/2017 - This instrument repeals ASIC Class Order [CO 14/509]
which is superseded by ASIC Superannuation (RSE Websites)
Instrument 2017/570.
ASIC
Corporations (Urgent Superannuation Advice) Instrument
2017/530
23/06/2017 - This instrument facilitates temporary and conditional
timing relief for the provision of Statements of Advice
(SOAs) for superannuation advice given in the lead
up to the Fair and Sustainable superannuation reforms becoming
effective 1 July 2017.
Treasury
Laws Amendment (2017 Measures No. 1) Regulations
2017
21/06/2017 - These regulations amend the Income Tax Assessment
Regulations 1997, Retirement Savings Accounts Regulations 1997
and the Superannuation Industry (Supervision) Regulations
1994 to enable new innovative retirement income stream
products to be offered from 1 July 2017.
Auditing
Standard ASA 2017-1 Amendments to Australian Auditing
Standards
19/06/2017 - This instrument amends five auditing standards.
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.