News

Draft legislation for 22 Banking Royal Commission recommendations released

The Government has released draft legislation for consultation in response to 22 recommendations, and ‘additional commitments’, from the Banking Royal Commission. Treasurer Josh Frydenberg said the Government is “on track” to have almost 90% of the Royal Commission recommendations at least introduced to Parliament – not necessarily legislated – by… Read More »Draft legislation for 22 Banking Royal Commission recommendations released

Changes to default super coming before end of 2020: Assistant Minister

Changes to the system of setting default super funds are coming by the end of 2020, according to Assistant Minister Jane Hume, though it’s unclear if the Government has settled on a model to implement. Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology, has flagged changes to… Read More »Changes to default super coming before end of 2020: Assistant Minister

Single Touch Payroll to be expanded to report child support information

Treasury has released draft legislation that would expand Single Touch Payroll to allow employers to report child support information. Single Touch Payroll (STP) is the system for employers to electronically report payroll and superannuation information to the ATO. Treasury says the STP platform was set up so it could be… Read More »Single Touch Payroll to be expanded to report child support information

Super fund members overcharged for insurance, class action alleges

In another class action stemming from the Banking Royal Commission, Shine Lawyers is taking Commonwealth Bank subsidiaries to court alleging that super fund members were overcharged for insurance. It is alleged that Colonial First State Investments Limited – a subsidiary of the Commonwealth Bank – put super fund members into… Read More »Super fund members overcharged for insurance, class action alleges