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Inside track: Superannuation, Funds Management & Financial Services

13 July 2020

#Superannuation, Funds Management & Financial Services

Inside track: Superannuation, Funds Management & Financial Services

In the media

ASIC consults on second product intervention order to stop continuing consumer harm
In monitoring the effect of the short term credit intervention, ASIC has identified another class of financial products, namely continuing credit products, being issued to borrowers (09 July 2020 ). More...

Innovative and creative' criminal syndicates target COVID-19 super scheme
The Australian Federal Police freezes more than 50 bank accounts suspected of defrauding the Government's program that allows early access to superannuation, which was introduced in response to the COVID-19 crisis (02 July 2020).   More...

AFCA receives more than 80,000 complaints in FY19/20, nearly 5,000 of which are COVID-19 related
Australians in dispute with their bank, insurer, super fund or financial firm have lodged more than 80,000 complaints in the last 12 months, with the Australian Financial Complaints Authority (AFCA) securing $258.6 million in compensation and refunds direct to consumers (02 July 2020).  More...

Delivering greater superannuation flexibility in the new financial year
Regulations are now in force so that from July 1 people aged 65 and 66 can make voluntary concessional and non-concessional contributions without meeting the work test, and to allow people up to age 75 to receive spouse contributions (30 June 2020). More...

Updated MySuper Heatmap shows fee reductions for millions of members
More than 40 per cent of MySuper members have seen a reduction in fees since the Australian Prudential Regulation Authority (APRA) published its MySuper Product Heatmap last December (30 June 2020).  More...

In practice and courts

ASIC consultation paper 330 (CP 330)
ASIC has released Consultation Paper 330 (CP 330) on the proposed use of its product intervention power to address significant detriment it has identified in the continuing credit industry. ASIC is concerned that the continuing credit products are likely to result in significant detriment due to borrowers incurring very high cost, relative to the loan amount (09 July 2020).  More...

PPSR guidance to help businesses during COVID-19
We have developed new PPSR resources to help you protect your business during and after the COVID-19 crisis (06 July 2020).  More...

APRA weekly data on the superannuation early release scheme - 6 July 2020
The Australian Prudential Regulation Authority (APRA) has published the latest industry-level and fund-level data on the temporary early release of superannuation scheme.  More...

ASFA: Scam warning: Fake '(AFSA) Stop Order' email
AFSA has been made aware of a fake email that appears on our letterhead, and includes the copied signature of a senior AFSA employee (29 June 2020).  More...

Cases

Deputy Commissioner of Taxation v Jaggs [2020] NSWSC 856
TAXATION AND REVENUE – recovery of tax related liability – ex-parte proceeding – non-remittance of Pay As You Go withholding and  superannuation  guarantee charge – Tax Administration Act 1953 (Cth) – Income Tax Assessment Act 1936 (Cth) – order
Income Tax Assessment Act 1936 (Cth); Superannuation Guarantee (Administration) Act 1992  (Cth)

Disclaimer
The information in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this newsletter is accurate at the date it is received or that it will continue to be accurate in the future.

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