In the media
Government needs to properly fund SCT wind-down
MEDIA - 06 February 2018 - The Federal Government needs to ensure adequate funding for the Superannuation Complaints Tribunal (SCT) until such time as the new Australian Financial Complaints Authority (AFCA) regime is appropriately up and running, according to the Association of Superannuation Funds of Australia (ASFA). More...
Restore LRBA ban says ASFA
MEDIA – 06 February 2018 - The Federal Government should use the May Budget to restore the general prohibition on direct borrowing by superannuation funds, according to the Association of Superannuation Funds of Australia (ASFA). More...
No more meddling with super and Age Pension settings says ASFA – new data show reforms are working
ASFA – 02 February 2018 - The ASFA today released new data showing reforms to superannuation and the retirement funding system were working but needed to be bedded down Pre-Budget Submission analysis showed a substantial and positive impact from recent reforms, in terms of a reduction in government expenditures and increasing tax revenue. More...
Financial industry slammed for outdated risk management
MEDIA – 30 January 2018 - A new paper from the Actuaries Institute has warned that financial institutions are applying ineffective and outdated risk management strategies. More...
In practice and courts
Submission to the Treasury - ASFA Pre-Budget Submission for the 2018-19 Budget
Full Submission (02 February 2018)
Reminder: Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
The Inquiry will consider the conduct of banks, insurers, financial services providers and superannuation funds (not including self-managed superannuation funds). The proposed terms of reference will form the basis of the Letters Patent, terms of which will be recommended to His Excellency, pursuant to the Royal Commissions Act 1902. More... More... More...
Note: Commissioner Hayne is authorised to submit an interim report to the Governor-General no later than 30 September 2018, and required to submit a final report no later than 1 February 2019.
Consultation on protecting your superannuation entitlements
The Government has released draft legislation to protect workers’ superannuation entitlements and modernise the enforcement of the superannuation guarantee. The draft legislation and supporting materials are available on the Treasury website, and interested stakeholders are encouraged to provide their views. Submissions are invited by 16 February 2018.
Superannuation Taxation Integrity Measures: Public Consultation
The Treasury has released for public consultation, draft legislation and a consultation paper entitled ‘Superannuation Taxation Integrity Measures’. These measures are intended to ensure that LRBAs or related party transactions cannot be used to circumvent contribution caps. They are not intended to prevent the use of LRBAs. Stakeholders are invited to comment on the consultation paper by lodging a submission online via the Treasury website. Submissions closed on 9 February 2018.
Legislation - Commonwealth
Treasury Laws Amendment (2018 Measures No. 1) Bill 2018
07/02/2018 - Regulatory reform - Schedule 1 to this Bill makes a number of regulatory improvements to Treasury portfolio laws. The regulatory improvements include:
- amending the superannuation laws to enable the Commissioner to pay certain superannuation amounts directly to individuals with a terminal medical condition;
- amending the Corporations Act 2001 to modify the notification and reporting obligations applying to certain corporations that have property in receivership or property in respect of which a controller is acting; and
- repealing several inoperative Acts as well as amending the taxation law to remove a number of inoperative or spent provisions.
Chris Lovell, Chairman
T: +61 3 9321 9832
Paul Faure, Partner
T: 61 3 9321 9904
Bill Glover, Partner
T: 61 3 9321 9844
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.