The Commonwealth budget came and went without any unexpected surprises for trustees of superannuation funds. There were, however, several important policy consultations initiated by Treasury. Two of these seek to legislate changes which would remedy “unintended consequences” of decisions in the Federal Court.

Commonwealth Parliament was quiet, with all superannuation related Bills now before the Senate. All eyes will be on the Senate’s agenda during the winter sessions, with the Financial Accountability Regime finally looking poised for passage (unless I’m wrong, which is more likely than not).

ASIC enforcement activity during May was visible, with significant “912A” civil penalty decisions going in ASIC’s favour in the Federal Court. 

Jonathan Steffanoni - Managing Partner
QMV Legal

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