Superannuation Alert - 22.08.13
Financial Services eBulletin - 22 August 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 12 August 2013, ASIC issued a media release stating "The Full Court of the Federal Court of Australia today upheld ASIC's appeal against court approval of the $82.5M settlement between former Storm Financial Investors and Macquarie Bank." According to the media release, the settlement involved 315 investors who funded the class action receiving compensation for 42% of their losses whilst 735 investors received compensation for 18% of their losses. The difference arose from a funders' premium paid to investors funding the class action in addition to reimbursement of legal costs. The media release noted: "The Full Court decided that the distribution of the settlement sum was not fair and reasonable to all class (or group) members. It said that the unfairness arose in two ways: first, the lack of opportunity afforded to class members who were not clients of Levitt Robinson to share in the premium proposed to be paid to those funding the class action; and secondly the inappropriate calculation of the premium by reference to success fees obtained by commercial litigation funders".
- On 12 August 2013, the ATO updated Electronic Superannuation Audit Tool to version 6.1.1. According to the ATO: "The electronic Superannuation Audit Tool (eSAT) has been specifically designed to help independent approved auditors of self-managed super funds fulfil their obligations, carry out their annual compliance audit and lodge an Auditor/actuary contravention report (ACR) where required". The new release resolves recurring issues that affected lodgement and has been updated with recently issued rulings and case studies.
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