New draft ruling: Who is an employee, according to the ATO?
The ATO administers and enforces superannuation guarantee compliance under the Superannuation Guarantee (Administration) Act 1992 (Cth) (SGAA). The ATO has released its updated (draft) ruling TR 2023/4 on ‘who is an employee’, to set out its view on who is an employee for superannuation guarantee purposes. The update to draft ruling TR 2023/4 is a […]
ReadmoreUncovering greenwashing: ASIC’s latest pursuit of accountability – Judgment against Active Super
Last week, the Federal Court found that the superannuation fund Active Super had made misleading representations concerning its commitment to environmental, social and governance (ESG) factors in its investment decision-making. On 10 August 2023, the Australian Securities and Investments Commission (ASIC) commenced proceedings against the Local Government Superannuation Scheme (LGSS), as trustee of Active Super, […]
ReadmoreWhat you need to know about upcoming superannuation changes
With the new financial year upon us, employers should note some important changes to key superannuation caps, rates and obligations. Increase to the superannuation guarantee contribution (SGC) rate The SGC rate will increase from 11% to 11.5% on 1 July 2024. The rate will then continue to increase from 11.5% to 12% on 1 July […]
ReadmoreMandatory sustainability reporting regime: An update – Second reading debate completed
In the March 2024 edition of Gadens’ FMCG Express, we discussed the exposure draft of the Treasury Laws Amendment Bill 2024: Climate-related financial disclosure (Draft Legislation), which outlined a proposal for the implementation of a mandatory climate-related financial disclosure regime based on existing international frameworks and standards. On 27 March 2024, the Treasury Laws Amendment […]
ReadmoreASIC secures victory against Vanguard Investments for ‘ethically conscious’ greenwashing conduct
Last year, we reported on the Australian Securities and Investments Commissions (ASIC) commencement of proceedings against Vanguard Investments Australia Ltd (Vanguard) alleging that Vanguard engaged in misleading conduct in breach of the ASIC Act by making false or misleading claims about the ESG criteria applied to an investment fund it offered to potential investors. On […]
ReadmoreASIC commences proceedings against Vanguard Investments
Further to our series of articles on ESG, on 24 July 2023 ASIC commenced proceedings seeking declarations, pecuniary penalties and adverse publicity orders against Vanguard Investments Australia Ltd (Vanguard) alleging misleading conduct in relation to claims about the applicability of environmental, social and governance (ESG) criteria applied to investments in an investment fund offered by […]
ReadmorePost-Budget 2023 Analysis – Superannuation – Frankly, not creditable
Following on from its previous announcement, the Australian Federal Government has confirmed that from 1 July 2025, individuals with a total superannuation balance (TSB) exceeding $3 million will be personally subject to an additional tax on increases in their TSB at a rate of up to 15%. TSB includes all superannuation held by an individual. […]
ReadmoreSenate to shine spotlight on concerning greenwashing behaviour
On 29 March 2023, the Senate announced a landmark inquiry into the practice of greenwashing in Australia, with its final report due for publication by 5 December 2023. This development echoes growing concerns both in Australia and globally regarding greenwashing by businesses across a range of sectors, including the making of vague, false or misleading […]
ReadmoreACCC internet sweep uncovers concerning environmental and sustainability claims
The Australian Competition and Consumer Commission (ACCC) has completed its anticipated internet sweep following clear messaging last year that the regulator would crackdown on misleading environmental claims. More than half of the businesses that were subject to the ACCC’s internet sweep in October 2022 were considered to have made concerning misleading claims about their environmental […]
ReadmoreRegulatory action for greenwashing is upon us
Last week, the Australian Securities and Investments Commission (ASIC) commenced civil penalty proceedings for alleged greenwashing against Mercer Superannuation (Australia) Limited (Mercer). This is in addition to ASIC having issued penalty notices to at least four companies for alleged greenwashing, since October 2022. Last year, ASIC identified investigating greenwashing and taking enforcement action where greenwashing […]
ReadmoreSection 249E corrupt benefits for trustees and others – Standing in the way of super fund mergers?
On 23 March 2022, in BT Funds Management Limited (ACN 002 916 458) as trustee for the Retirement Wrap Superannuation Fund the Court made orders giving its consent to certain conduct engaged in or proposed to be engaged in by the plaintiff, BT Funds Management Limited (ACN 002 916 458) (BTFM/Trustee) as trustee for the […]
ReadmoreConsumer Data Right – becoming an Accredited Data Recipient
The Consumer Data Right (CDR) reached a further milestone on 1 July 2020, as the Big 4 banks are now required to share consumer data in response to a consumer request. At present, this includes data from debit and credit cards, and savings and transaction accounts, and from November 2020 will include data from home […]
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