Superannuation Alert - 20.03.13

Financial Services eBulletin - 20 March 2013

The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry and is in addition to our Superannuation Update, which analyses the main developments of interest in more detail.

  • On 1 March 2013, the Federal Court awarded over $20.2 million in compensation and legal costs to thirteen Councils in New South Wales against Standard & Poor's, ABN Amro Bank and Local Government Financial Services Pty Ltd in relation to the sale of complex financial instruments based on misleading financial ratings of "Rembrandt notes" during the global financial crisis.
     
  • On 11 March 2013, the ATO published the Rollover transition-in completion date timetable which "shows the rollover transition-in completion dates and the transition-in band for APRA-regulated superannuation entities, as set out in Schedule 1 of the Superannuation Data and Payment Standards 2012"
     
  • On 11 March 2013, the Actuaries Institute stated in a letter to ASIC that "superannuation fund expenses, fees and costs should be split into investment and non-investment components to give members a sound basis for comparing the costs of multiple superannuation funds".
     
  • On 12 March 2013, the ATO released minutes of the Superannuation Funds Working Group meeting held on 29 August 2012. The agenda items included: impact of deferral of over 50's higher concessional contributions cap, fund reporting changes, fund's feedback on ATO interactions and proposed transition to bulk data exchange.
     
  • On 12 March 2013, the ATO made available an updated template for its Fund Validation Service. Funds must use this template to send the ATO details for the “fund details register”.
     
  • On 18 March 2013, the Department of Foreign Affairs and Trade (DFAT) updated the Consolidated List of all persons and entities to which the United Nations financial sanctions apply. DFAT states that "asset holders are under an obligation to freeze the assets or economic resources of persons involved in terrorism as listed in the Consolidated List".

 

Further information

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