Latest Publications
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15/07/10: PAPER: To Reduce or Not to Reduce? Is Section 40 the Answer?
A discussion of matters relevant to a determination of a partially incapacitated worker’ s entitlement to weekly benefits.
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07/07/10: TURKALERT: Introduction of the new National Credit Code
The Federal Government has introduced a new National Credit Code (NCC) as part of its National Credit Reform Package.
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05/07/10: TURKALERT: Tightening the Rules for Foreign Investors of Residential Real Estate
On 24 April 2010, the Assistant Treasurer announced that the rules regulating foreign investment of residential property in Australia would be changed. The new change is a reversal of the rules that were relaxed in early 2009.
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05/07/10: PAPER: Is a Hummer a Limousine?
A recent Federal Court decision has considered the novel question of whether a Hummer is a limousine.
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25/06/10: TURKALERT: What kind of Service is that?
Effective informal service rule again finds favour.
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24/06/10: TURKALERT: You are on Notice: A Careless Description of an Interest is Fatal to a Caveat
The Supreme Court of New South Wales recently examined the description of a caveator’s asserted interest in a piece of land in the caveat. The Court found that the caveat was defective on its terms and its life could not be extended.
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23/06/10: TURKALERT: Clear & Precise Loan Documents defeat "sophisticated" borrower
Financiers can take comfort from the recent decision of the Supreme Court of New South Wales in ANZ –v- Liebmann (1) where the Court rejected a series of defences offered by a former partner of a law firm as to why monies due under loan agreements with the Bank were not repayable.
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17/06/10: TURKALERT: Merkel v SCT: Are Your Policies and Procedures Consistent?
This case addresses two important concepts in dealing with complaints by members - procedural fairness; and the jurisdiction of the Superannuation Complaints Tribunal (SCT). The procedural fairness aspects of the case related to the treatment by the SCT of a complainant. The case also gives insight into what the court will consider when determining whether a complaint falls outside the jurisdiction of the SCT as a complaint that ‘relates to the management of a fund as a whole’.
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03/06/10: PAPER: Land Tax – Related Companies as Trustees
A recent Tasmanian decision has questioned the ability of the Commissioner for Land Tax to aggregate the landholdings of separate trusts which have related companies as trustees.
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01/06/10: TURKALERT: SRC Act Revisited. Edington v Superannuation Complaints Tribunal (2010) FCA 504
The Federal Court of Australia recently re-examined the role of the Superannuation Complaints Tribunal (‘SCT‘) in considering a complaint in the context of a declined application for a total and permanent disablement (‘TPD’) benefit.
While the decision turned on its facts, it is a useful case study demonstrating the SCT’s role pursuant to s37of the Superannuation (Resolution of Complaints) Act 1993 (Cth) (‘the SRC Act’).
The case also provides some useful guidance regarding the extent to which medical evidence considered by decision makers should be mentioned in the documents setting out their material findings.
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News
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05/07/10: CLIENT UPDATE: Cooper Review Final Report
Today the Government released the Super System Review Final Report (Report), the culmination of the Super System Review.
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01/07/10: CLIENT UPDATE: Severe financial hardship applications - Farm Family Support Scheme payments
Where a member makes an application to a superannuation fund trustee on the grounds of severe financial hardship, the trustee may release part of a member’s superannuation entitlements if satisfied that the member has been in receipt of a Commonwealth income support payment for 26 continuous weeks and is unable to meet reasonable and immediate family living expenses.
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30/06/10: CLIENT UPDATE: Extension in Drawdown Relief for Account-Based Pensions
The Government has today announced that it will extend the drawdown relief currently provided for account-based superannuation pensions to the 2010-11 year.
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22/06/10: CLIENT UPDATE: Short and Simplified Product Disclosure Statements – Regulations Registered
The Corporations Amendment Regulations 2010 (No 5) which amend the Corporations Regulations 2001 to prescribe the form and contents of short and simplified Product Disclosure Statements (PDSs) for superannuation products and certain other financial products commenced on 22 June 2010. However, the Regulations are not in force until 22 June 2011 at which time superannuation trustees must comply with the new regime if they roll existing PDSs or offer new products requiring a new PDS. From 22 June 2012, all PDSs need to comply with the new regime.
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18/06/10: CLIENT UPDATE: Unclaimed Superannuation Money Protocol Document
The Australian Tax Office (ATO) has recently published on its website the Unclaimed superannuation money protocol document which provides guidance for superannuation trustees and administrators in relation to the payment and reporting of members’ superannuation entitlements to the ATO.
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