News

ASFA argues in favour of superannuation funds as the natural holders of infrastructure assets

ASFA argues in favour of superannuation funds as the natural holders of infrastructure assets

The Association of Superannuation Funds of Australia (ASFA) has issued media releases stating it is supportive of governments privatising assets and argues superannuation and pension funds are the natural future holders of mature assets including ports and energy assets. On 5 February 2014 ASFA called for the Federal Government to remove impediments to superannuation investment in infrastructure when…

ATO releases new Payment Standards for simplifying superannuation contributions

ATO releases new Payment Standards for simplifying superannuation contributions

From 1 July 2014, employers with 20 or more employees will be required to make superannuation contributions electronically using the Superannuation Data & Payment Standard (the standard). From 1 July 2015, small employers (with 19 or fewer employees) will start making contributions using the standard. Employers may choose to meet the standard – either using: software that conforms to…

Future of Financial Advice Reforms (FOFA) amendments released for public consultation

Future of Financial Advice Reforms (FOFA) amendments released for public consultation

The Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, today announced that the Government has released for public consultation draft regulations and legislation to enact its announced reforms to FOFA. Consistent with the Government’s announcement on 20 December 2013, key amendments include: removing the opt-in requirement; streamlining the annual fee disclosure requirements; amending the best…

ASIC issues further super reforms guidance

ASIC issues further super reforms guidance

ASIC has issued further guidance to assist industry with superannuation reforms, as well as a consultation paper about keeping superannuation websites up to date.
The guidance relates to the new product dashboard requirements for MySuper products, and the new fees and costs disclosure requirements for product disclosure statements (PDSs) and periodic statements.

FSC: Asia Pacific is Australia’s biggest source of investment fund flows

FSC: Asia Pacific is Australia’s biggest source of investment fund flows

The Financial Services Council and The Trust Company have released the second annual “Australian Investment Managers Cross-Border Flows Report” revealing that ASIA Pacific continues to be the biggest source of investment into the Australian managed funds industry.

Superannuation Discussion Paper Released for comment

Superannuation Discussion Paper Released for comment

Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, released a discussion paper entitled ‘Better regulation and governance, enhanced transparency and improved competition in superannuation’ for public consultation. This is to meet the Government’s election commitments to improve governance, increase transparency of information provided by super funds and boost competition and transparency in the selection process of default super funds in modern awards.

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