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relying on the information presented.

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QMV SUPERANNUATION GUARANTEE

The ATO has recovered $8

million in unpaid SG from

operators of labour-hire

companies who have engaged

in phoenix behaviour (the

deliberate liquidation of

companies to avoid paying

superannuation obligations).

The ATO used new SGE powers

to raise liabilities against

companies who fail to disclose

details about their employees in

real time, by making a

reasonable estimate of a

company’s superannuation

obligations, and raising a debt

on the company before it can

be put into liquidation.

Source: Accountants Daily

SINGLE TOUCH PAYROLL

Treasury has announced plans

for simplified employer tax and

superannuation reporting

obligations through Single

Touch Payroll (to be released in

July 2016). The software will

eliminate the need for

employers to report employee-

related Pay As You Go

Withholding (PAYGW) in activity

statements. Tax File Number

declarations and

Superannuation Choice forms

will also be managed by the

software.

Source: Treasury

COMPLAINTS TRIBUNAL

The Superannuation Complaints

Tribunal (SCT) has released a

brochure with the intention of

clarifying the extent of its

jurisdiction. The brochure

confirms that the SCT cannot

provide a remedy where the

complaint was about the

impact of the design of a fund

on a complainant, but could

deal with complaints about the

adequacy of disclosure about

the insurance arrangements

and premiums.

Source: SCT

SUPER TRACKER

The Australian Institute of

Superannuation Trustees (AIST)

and Mercer have announced

plans to develop a tool called

"super tracker" to analyse the

Australian superannuation

system and measure policy

changes. The facility would

provide an evidence based

method for measuring the costs

and benefits of the

superannuation system,

including the ability to see how

potential changes will affect

this system.

Source: Financial Standard

MERGER

The Australian Securities and

Investments Commission (ASIC)

has cancelled the Australian

financial services licence of

Coal Industry Superannuation

Fund (CISF) after its merger with

AUSCOAL Super last year,

following CISF’s application.

Source: SuperReview

INVESTMENT PERFORMANCE

SuperRatings have reported

that Australian superannuation

funds have ended 2014 with

further gains in December,

taking the full calendar year

gain to 7.5%. This outcome

exceeds a standard balanced

options longer term objective of

exceeding CPI by around 3.5%

per annum.

Source: SuperRatings

DISCLOSURE CONSULTATION

The Australian Securities and

Investments Commission (ASIC)

has asked for feedback around

attaining consistency between

the disclosure requirements and

the data reported under the

Australian Prudential Regulation

Authority (APRA) reporting

standards. Section 29QC of the

Superannuation Industry

(Supervision) Act contains

consistency requirements.

Source: ASIC

SuperBrief Independent & Concise

Issue #1 of 2015: Friday, 9th January