Superannuation Alert 28.04.17
Financial Services eBulletin - 28 April 2017
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
|Senate Economics References Committee||Non-payment of superannuation guarantee||Interim report||
On 10 April 2017, the Senate Economics References Committee released its interim report for its inquiry into the impact of non-payment of the superannuation guarantee contributions.
The terms of reference for the inquiry included:
The inquiry has been conducted online, and through submissions and public hearings. The Committee aims to have a final report tabled on 2 May 2017.
|Case update||Appeal from Superannuation Complains Tribunal||Edwards v Commonwealth Superannuation Corporation  FCA 375||
On 12 April 2017, the Federal Court handed down its decision in Edwards v Commonwealth Superannuation Corporation  FCA 375.
In this case, the appellant's claim, due to constraints on his standing to appeal under the Administrative Decisions (Judicial Review) Act 1977 (Cth), was limited to:
In relation to the determination regarding payments directly to children, the Court stated: "the terms of s 114(2) make it clear…that the legislature contemplated a payment might be made directly to a child".
In relation to the determination regarding the payment of interest, the Court stated: "on its face, [s 27C(2)(g) of the Superannuation Act 1976 (Cth)] cannot be said to confer an implied power to pay interest on arrears of any benefits payable...The argument that it can is circular. Nor can s 52 of the [Superannuation Industry (Supervision) Act 1993 (Cth)] and the general covenants be said impliedly to authorise the payment of interest. There is no basis in the text, context or purpose of those covenants to see them as supplementing the express powers given to trustees under ss 27D or 109AB [of the Superannuation Act 1976 (Cth)]".The Federal Court dismissed both applications.
|AUSTRAC||Draft AML/CTF Rules released for public consultation||Draft AML/CTF Rules resulting from the Review of the Act
On 24 April 2017, AUSTRAC released draft amendments to the Anti-Money Laundering and Counter Terrorism Financing Rules Instrument 2007 as a result of the AUSTRAC consultation in 2016 on the review of the Anti-Money Laundering and Counter Terrorism Financing Act 2006.
Draft amendments have been proposed to:
Submissions are due by 22 May 2017.
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