Latest news


AIST backs tax advice reform
20 January 2011
The Australian Institute of Superannuation Trustees (AIST) has taken a largely sympathetic approach to an option within a Treasury options paper to alter the Australian Financial Services Licence (AFSL) regime so that planners providing tax agent services would be regulated similarly to how tax agents are regulated by the Tax Practitioner’s Board. More...

Senate probe on banking industry resumes with Westpac head on the stand
21 January 2011
The debate on the country’s banking reforms recommences with the senate probe looking into the matter appears ready to resume hearing testimonies, with Westpac chief executive. The senate committee is also scheduled to hear publicly from regulatory bodies such as ASIC and FSC before it is set to wrap up its investigation in Melbourne next week. More...

NAB to fight GFC-related lawsuit
21 January 2011
National Australia Bank will vigorously defend a shareholders’ class action against it for allegedly failing to disclose early enough the full extent of losses during the global financial crisis. More...

Independent contractors sector hopes High Court case gives clarity on superannuation guarantee
17 January 2011
Australia’s independent contracts sector will be closely monitoring the outcome of a High Court case set down for March, in which polling company Roy Morgan Research will attempt to challenge the validity of the superannuation guarantee charge. More...

Appeal win gives hope to banks over margin loans
19 January 2011
A Sydney barrister’s victory in a margin-loan case has been overturned on appeal, after three Federal Court judges ruled that banks which lend for stock market investment have wide rights when prices fall. More...

Fund manager to fight Tweed in court
21 January 2011
Mr Tweed has taken Federal Court action seeking 7000 names and addresses of investors in LM’s $575 million First Mortgage Income Fund, which is frozen. But LM says it will vigorously defend the proceedings. It has embarked on a $200 million asset sales program that it says will restore liquidity to the fund. More...

Backlash over money laundering transaction reporting fee
17 January 2011
The government faces a backlash against plans to levy banks and businesses that report suspicious financial transactions. About 17,000 businesses registered with the government’s anti-money laundering regulator, (AUSTRAC, will be charged an annual levy ranging from $240 to $1000 to register and file transaction reports from July. More...

Related party asset exposures pose conflict: report
20 January 2011
The APRA annual superannuation bulletin reports on the most significant asset exposures of super funds, with findings on where potential conflicts of interest could arise. Total superannuation assets increased during the year by $150 billion, or around 14 per cent, to $1.23 trillion. Industry funds grew the most during the period (year to June 2010) with their assets increasing 18 per cent to $226.2 billion. More...

Disability trust comes with caveat
20 January 2011
In a number of cases, a client with a heavily disabled dependent may find that their own pension, superannuation and insurance can be negatively affected if the establishment of a disability trust is handled incorrectly. Other conditions that apply to the disability trust include the number of beneficiaries (limited to one), the requirement for a trust deed, an independent trustee and annual financial statements. More...

New capital rules could cost banks $15bn
20 January 2011
The major banks may need more than $15 billion of fresh equity in the next few years, in an effort to meet new global regulations aimed at ensuring a mandatory capital cushion for the financial industry. While the Big Four banks are viewed as being well capitalised for now, they have a minimum combined shortfall of about $US5 billion, an amount expected to rise on tighter rules from the regulator. More...

Macquarie Group eyes off resource sector
19 January 2010
Investment bank Macquarie Group Ltd is eyeing off investments in the growing resource industry, according to the Australian Financial Review, where there is a “huge role” for traditional infrastructure investors to move into Australia’s growing list of resources projects. More...

Company secretary pleads guilty for failure to lodge financial reports with ASIC
19 January 2011
The company secretary of ASX-listed Arasor International Limited, was charged following the company’s failure to lodge its 2009 financial report within the required time. Under the Corporations Act, company secretaries can be held responsible for the failure of companies to lodge their financial reports. More...

ASIC applies for special leave to appeal James Hardie decision
14 January 2010
ASIC has announced it has filed applications in the High Court for special leave to appeal the decision of the New South Wales Court of Appeal in the James Hardie matter. More...

Govt alters GST arrangements on fees and charges
12 January 2010
The financial services industry appears likely to benefit from Federal Government proposals to change the way in which it is determined which fees and charges will be subject to the Goods and Services Tax (GST). More...

ASIC refines short selling rules
12 January 2010
ASIC said clarified arrangements would standardise the reporting of all short positions and ensure markets had a more accurate representation of overall short positions, with the new arrangements commencing from 17 January 2011. More...

ASIC standardises reporting of short positions

PIS enters enforceable undertaking with ASIC
10 January 2010
ASIC has accepted an enforceable undertaking (EU) from Professional Investment Services in December, following concerns over the financial services firm’s compliance with its legal obligations as an Australian financial services licence holder. The EU allows 12 months for PIS to address any deficiencies identified, including the compensation of clients for any loss suffered arising out of those deficiencies. More...

APRA annual superannuation bulletin 2010
19 January 2011
The Australian Prudential Regulation Authority Annual Superannuation Bulletin statistics cover the financial year to 30 June 2010. Total superannuation assets increased during the year by $150.0 billion, or 13.9 per cent, to $1.23 trillion. More...

ASIC report on relief decisions 2010
18 January 2011
The ASIC report outlines decisions on relief applications between 1 June and 30 September 2010. More...

ASIC market supervision report 2009-2010
17 January 2011
The ASIC report outlines key operational statistics and outcomes of its market and participant supervisory functions for the reporting period 1 August to 31 December 2010 and markets-related deterrence outcomes from 1 January 2009 to 31 December 2010. More...

APRA Insight Issue 2010
APRA statistics publication, Insight Issue 2 2010. More...

Flood victims may qualify for early-release superannuation but circumstances limited
13 January 2011
The Australian Superannuation bodies remind super fund members affected by flooding across Australia that they may, depending on their circumstances, be able to seek early access to some of their superannuation. Further information on early access to superannuation is available at or APRA’s website at by following links to superannuation.

ASFA jumps to change super education
20 January 2011
The Association of Superannuation Funds of Australia (ASFA) has moved to be the first education provider to launch superannuation qualifications under the new financial services training package. More...

Changes to Foreign Investment Manager Regime
19 January 2011
Under the change, income from relevant investments of a foreign fund, that is taken to have a ‘permanent establishment’ in Australia, will be exempt from income tax. The change will apply to the 2010-11 and later income years. The Board of Taxation will continue to progress other aspects of the Johnson IMR recommendation. Its report to Government is due by 31 December 2011. More...

ATO determinations for Superannuation

Self Managed Superannuation Funds:
19 January 2011
For the purposes of the Superannuation Industry (Supervision) Regulations 1994, is a benefit payable with a cheque or promissory note ‘cashed’ at the time the cheque or note is received by the member or beneficiary? More...

Application of section 295-85 of the ITAA 1997:
14 January 2011
Where a complying superannuation fund is a partner in a venture capital limited partnership. More...


AvSuper Pty Ltd v Commonwealth Managed Investments Limited [2010] NSWSC 1499
CORPORATIONS – construction of constitution of registered managed investment scheme – operation of provisions governing redemptions of units – where constitution provided for staggered redemptions of units at particular dates – where scheme illiquid at redemption dates – whether redemption right suspended during illiquidity until scheme becomes liquid – effect of Corporations Act 2001 (Cth), s 601KA on members’ right of withdrawal – when redemption is “effected” or “satisfied” – price payable for redemption of units. More...

Apostolovski v Total Risk Management [2010] NSWSC 1451
SUPERANNUATION - Review of decisions, and related matters - claim for total and permanent disablement benefit made on 9 March 2006 accepted on 12 November 2010 just days before trial - from when should interest run - whether following Finch v Telstra Super Pty Ltd [2010] HCA 36l

(2010) 84 ALJR 726 entitled to equitable compensation for breach of fiduciary duty for failure to exercise due diligence - whether entitled to recover loss or damage under the Superannuation Industry (Supervision) Act 1993 (Cth), s 55(3) for breach of implied covenant under s 52(2)(b) to exercise due diligence - whether should be read down - whether exoneration provision in s 310(1) applies to a corporate trustee - whether would apply to gross lack of diligence. More...


Paul Faure
Superannuation & Funds Management

T: +61 (0)3 9321 9904

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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