In the media
ASIC consults on second product intervention order to
stop continuing consumer harm
In monitoring the effect of the short term credit
intervention, ASIC has identified another class of financial
products, namely continuing credit products, being issued to
borrowers (09 July 2020 ).
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Innovative and creative' criminal syndicates target
COVID-19 super scheme
The Australian Federal Police freezes more than 50 bank
accounts suspected of defrauding the Government's program that
allows early access to superannuation, which was introduced in
response to the COVID-19 crisis (02 July 2020).
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AFCA receives more than 80,000 complaints in FY19/20,
nearly 5,000 of which are COVID-19 related
Australians in dispute with their bank, insurer, super
fund or financial firm have lodged more than 80,000 complaints in
the last 12 months, with the Australian Financial Complaints
Authority (AFCA) securing $258.6 million in
compensation and refunds direct to consumers (02 July 2020).
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Delivering greater superannuation flexibility in the new
financial year
Regulations are now in force so that from July 1 people
aged 65 and 66 can make voluntary concessional and non-concessional
contributions without meeting the work test, and to allow people up
to age 75 to receive spouse contributions (30 June 2020).
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Updated MySuper Heatmap shows fee reductions for
millions of members
More than 40 per cent of MySuper members have seen a
reduction in fees since the Australian Prudential Regulation
Authority (APRA) published its MySuper Product
Heatmap last December (30 June 2020).
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In practice and courts
ASIC consultation paper 330 (CP 330)
ASIC has released Consultation Paper 330 (CP 330) on the
proposed use of its product intervention power to address
significant detriment it has identified in the continuing credit
industry. ASIC is concerned that the continuing credit products are
likely to result in significant detriment due to borrowers
incurring very high cost, relative to the loan amount (09 July
2020).
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PPSR guidance to help businesses during COVID-19
We have developed new PPSR resources to help you protect
your business during and after the COVID-19 crisis (06 July 2020).
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APRA weekly data on the superannuation early release
scheme - 6 July 2020
The Australian Prudential Regulation Authority
(APRA) has published the latest industry-level and
fund-level data on the temporary early release of superannuation
scheme.
More...
ASFA: Scam warning: Fake '(AFSA) Stop Order'
email
AFSA has been made aware of a fake email that appears on
our letterhead, and includes the copied signature of a senior AFSA
employee (29 June 2020).
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Cases
Deputy Commissioner of Taxation v Jaggs
[2020] NSWSC 856
TAXATION AND REVENUE – recovery of tax related
liability – ex-parte proceeding – non-remittance of Pay
As You Go withholding and superannuation guarantee charge –
Tax Administration Act 1953 (Cth) – Income Tax Assessment Act
1936 (Cth) – order
Income Tax Assessment Act 1936 (Cth); Superannuation Guarantee
(Administration) Act 1992 (Cth)
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