OverviewThe Hall & Wilcox Financial Services team is recognised for their ability to negotiate the complexities of superannuation regulation and compliance.
We have assisted numerous fund managers, employers and fund trustees on the establishment and administration of public superannuation funds while ensuring they comply with their legislative and fiduciary obligations. We understand the range of issues that arise in a superannuation business, from APRA/ASIC licensing and the prudential and governance issues trustees encounter on a day-to-day basis, to the taxation environment in which superannuation funds operates.
We advise on the full range of public superannuation fund issues, including:
- APRA licensing and compliance;
- the establishment and maintenance of public offer funds, pooled superannuation trusts, fund deeds and their administration and
- associated financial products;
- the Corporations Act, the Superannuation Industry (Supervision) Act, the Superannuation Guarantee (Administration) Act, the
- Superannuation (Resolution of Complaints) Act, the Income Tax Assessments Act(s) and privacy and discrimination legislation;
- preparation and review of product disclosure statements and other mandated disclosure documents and marketing materials;
- prudential and governance issues, including fiduciary responsibilities of trustees, developing policies to comply with operating
- standards and advising on investment restrictions and outsourcing arrangements;
- trust deed provisions to ensure compliance;
- successful fund transfers and winding up;
- administration and outsourcing agreements, including custody, administration and platform agreements;
- taxation issues, including structuring and restructuring, fund mergers and termination, salary packaging, bonus systems and
- retirement planning;
- dealing with regulators - liaising with APRA, ASIC and the ATO; and
- dispute resolution, including providing representation in matters in the Superannuation Complaints Tribunal and associated courts.
ExperienceOur team has recently been involved in a number of significant superannuation matters, which include:
- acting for Sandhurst Trustees in relation to all aspects of superannuation, including fund establishment and maintenance, licensing and prudential issues, review of APRA licensing material, taxation, disclosure and ongoing compliance obligations and transfer of trusteeship of funds;
- advising SMA Consultants (one of Australia’s largest private superannuation administrators) in relation to its fund establishment and administration business;
- acting for a number of trustees of industry severance schemes, including ElecNet, the trustee of ‘Protect’ (the electrical industry severance scheme), in relation to fund establishment and maintenance, review and amendment of trust deeds, advice in relation to taxation, licensing and prudential issues, negotiating agreements with external service providers including administrators and general advice and support including in relation to claims and claims management;
- acting for superannuation administrators, in relation to the review and preparation of disclosure documents, annual reports, periodic statements and advertising material, and providing general regulatory and prudential advice;
- providing regulatory and tax advice on a $350 million investment in a managed fund by a corporate superannuation fund;
- advising on, and documenting, successor fund transfers for the purposes of managing ongoing superannuation guarantee charge obligations on business transfers for a large industry fund; and
- advised on, and prepared objections against, assessments levied following rollover of APRA-regulated fund members and assets to a new fund.
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