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
APRA Submissions
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...
ASFA Submissions
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...
Cases
Aussiegolfa Pty Ltd (Trustee) v Commissioner of Taxation
[2017] 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 [2017] 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).
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.
