Welcome to the August edition of Spotlight on Super! This publication is filled with legal and regulatory developments designed to help super trustees meet the challenge of minimising the impact and maximising strategic opportunities arising from regulatory change.
In this edition…
- The Federal Court has imposed a penalty of $40,000 on one trustee of a self-managed superannuation fund for serious contraventions of the SIS financial assistance and in-house asset rules.
- The Federal Court has dismissed an application by the mother and legal personal representative of a deceased member to review the Superannuation Complaints Tribunal’s decision that a trustee’s decision to pay 100% of the death benefit to her was neither fair nor reasonable.
- The Prime Minister announced his new Ministry and Cabinet, with only minor changes.
- The ATO has confirmed how the 2016 Budget proposals to place a lifetime cap on non-concessional contributions will impact members.
- The Productivity Commission released its draft report on How to Assess the Competitiveness and Efficiency of the Superannuation System.
- The Minister for Revenue and Financial Services released the terms of reference for the independent review into the financial system’s external dispute resolution and complaints framework.
To read the full publication, please click here.