In the media
Super changes may provide windfalls
MEDIA – 11 January 2018 - A number of superannuation changes expected to come into effect from 1 July this year may provide a windfall for Australians, according to the National Australia Bank (NAB). More...
ASFA cool on FSC proposal
MEDIA – 09 January 2018 - The Association of Superannuation Funds of Australia (ASFA) has made clear to a parliamentary committee that it is opposed to a proposal to allow life insurer statutory funds to be mortgaged. More...
New MLC research says members are missing out on hundreds of thousands in savings
MEDIA – 21 December 2017 - Superannuation fund members are missing out on hundreds of thousands of dollars in retirement savings by having their account set to the wrong investment option for their circumstances and stage of life, according to new research from MLC. More...
Royal Commission into misconduct in the banking, superannuation and financial services industry established
TREASURY - 18 December 2017 - The Governor-General has issued the Letters Patent to the Honourable Kenneth Madison Hayne AC QC, formerly a judge of the High Court, establishing the Royal Commission into alleged misconduct in Australia's banking, superannuation and financial services industry. The Letters Patent require the Royal Commission to inquire into the conduct of financial services entities, including banks insurers, superannuation trustees, holders of Australian financial services licenses and intermediaries, such as mortgage brokers. More...
Further information about the Royal Commission is available at the Royal Commission webpage.
Group insurance code ‘hobbled by self interest’
19 December 2017 - The government is considering an “appropriate regulatory response” after the Insurance in Superannuation Working Group delivered a completely voluntary code of conduct yesterday. Group insurance code ‘hobbled by self interest’. The working group code of conduct, which is backed jointly by retail and industry super funds, was immediately dismissed by consumer group CHOICE as "unenforceable". More...
Release of Insurance in Superannuation Voluntary Code of Practice
ASFA – 18 December 2017 - The Insurance in Superannuation Working Group (ISWG) has released the Insurance in Superannuation Voluntary Code of Practice for superannuation trustees. The Code, which will come into effect from 1 July 2018, is a first for the industry and sets standards that will provide greater understanding, clearer accountability and consistency of delivery across the superannuation industry. The Code is voluntary. More...
In practice and courts
Submission (17.03) to the Senate Economics Legislation Committee's Inquiry into the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017 – 18 December 2017. More...
15 December 2017 - Submission to The Treasury
Response to consultation paper: Introduction of ASIC’s Fees-for-Service Under the Industry Funding Model. More...
Serious financial crime in Australia 2017
Australian Criminal Intelligence Commission: 21 December 2017. More...
Aussiegolfa Pty Ltd (Trustee) v Commissioner of Taxation  FCA 1525
TAXATION – declaratory relief – whether in breach of sole purpose test pursuant to s 62 Superannuation Industry (Supervision) Act 1993 (Cth) – whether in breach of inhouse asset rules pursuant to s 71 Superannuation Industry (Supervision) Act 1993 (Cth) - not entitled to declaratory relief - application dismissed.
Campbell v Superannuation Complaints Tribunal  FCA 1509
ADMINISTRATIVE LAW – where applicant in receipt of invalidity pension benefit pursuant to Military Superannuation Benefits Scheme – whether respondent was obliged to furnish applicant with information about the annual pension amount of invalidity pension paid under that scheme – whether Tribunal erred in affirming, subject to correction of the reference to the applicable regulation, respondent’s decision to furnish that information in a certificate provided to the applicant – Family Law Act 1975 (Cth), Pt VIIIB, Family Law (Superannuation) Regulations 2001, Military Superannuation and Benefits Scheme) Determination 2004 (Cth).
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.