The recent Full Federal Court decision in Carter v FCT [2020] FCAFC 150 (Carter), reported at 2020 WTB 37 [[]], highlights the important issues to be considered in the management of trust distributions and where appropriate, disclaimers. These issues are generally brought into acute focus in ATO audits. In Carter, significant defects in the distribution … Read more
Welcome to this week’s issue of the KHQ Super Alert. The numerous updates this week seem to indicate that regulatory activity in the industry is picking up again. The key news for this week is that the government has extended the time limits for the operation of several COVID-related relief measures and ASIC has made … Read more
Welcome to this week’s issue of the KHQ Super Alert. The Law Reform Commission has announced that it will review the regulation of financial services and provide its final report in 2023. Also, ASIC has provided suggested steps that trustees can take to be ready for the new fees and costs disclosure rules. Law Reform … Read more
Welcome to this week’s issue of the KHQ Super Alert. This week the Federal Court determined that documents produced in accordance with ASIC notices will not attract legal professional privilege in some circumstances, and the ATO updated its guidance in relation to wind-up obligations for APRA-regulated funds. Parliament – Economics Committee hearings On 10 September … Read more
Welcome to this week’s issue of the KHQ Super Alert. ASIC and APRA have released their long-term corporate plans and the Bill to increase the number of members in an SMSF was introduced in the Senate. The ATO also provided an update in relation to reporting for market linked pensions. Legislation – extension of early … Read more
Welcome to this week’s issue of the KHQ Super Alert. Several superannuation Bills have been pending before Parliament for some time and one of them finally passed this week, being legislation to allow more employees to choose their super fund. APRA has also been busy with several news updates. APRA – Insight newsletter On 26 … Read more
Welcome to this week’s issue of the KHQ Super Alert. ASIC commenced several proceedings against AFS licensees this week, including an interesting proceeding alleging failure of duties because of inadequate cybersecurity. Also, the AAT determined a case concerning grandfathered account-based pensions. ASIC – Federal Court proceedings commenced On 21 August 2020, ASIC announced that it … Read more
In a significant decision, Rares and Collier JJ (with whom Rangiah J “broadly” agreed) have held in the case of Berkeley Challenge Pty Ltd v United Voice [2020] FCAFC 113 (Decision) (available here) that long-standing employees dismissed when long-standing contracts that had been the basis for the work that they were employed to do ended … Read more
Welcome to this week’s issue of the KHQ Super Alert. The most notable development was APRA’s announcement regarding its recommencement of policy reforms. APRA – prudential policy program to recommence On 10 August 2020, APRA announced that it will ‘recommence public consultations on select policy reforms and begin a phased resumption of the issuing of … Read more
