Financial Services eBulletin - 21 November 2013

  • The Assistant Treasurer gave a speech on 7 November 2013 outlining the Coalition Government's agenda on FOFA, the Financial System Inquiry, MySuper and deregulation.
  • The Treasurer introduced the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013into the House of Representatives on 13 November 2013. The Bill proposes, amongst other amendments, to delay the superannuation guarantee charge percentage increase and abolish the low income superannuation contribution.
  • The Fair Work Commission has made available a timetable and a statement regarding its review of superannuation in relation to modern awards. 
  • Women in Super has written an open letter to the Prime Minister urging the Federal Government to maintain the low income superannuation contribution for workers earning less than $37,000 per year.
  • APRA has issued new FAQs on the reporting framework.
  • APRA Member Helen Rowell gave a speech on 13 November 2013 at the ASFA Conference outlining APRA's perspective on the future superannuation landscape.
  • APRA released a discussion paper on 14 November 2013 setting out proposed changes to publication of superannuation statistics and confidentiality of superannuation data as part of the new superannuation reporting framework.
  • ASIC Class Order [CO 13/1420] provides interim relief to superannuation fund trustees from the requirement to separately report low income superannuation contributions in members’ periodic statements, subject to certain conditions.
  • Taxation Determination TD 2013/22 deals with allocation of a superannuation contribution after the financial year in which the contribution was made
  • The ATO has released the following publications: