Archived News for Finance Sector Professionals
The Fair Work Ombudsman (FWO) has released a research report into phoenix activity in Australia, which estimates the activity could cost the Australian economy upwards of $3.19 billion.
The report, prepared by PricewaterhouseCoopers, estimated the cost of the illegal activity could be anywhere between $1.78 and $3.19 billion.
The report describes phoenixing as “he deliberate and systematic liquidation of a corporate trading entity which occurs with the fraudulent or illegal intention to:
- avoid tax and other liabilities, such as employee entitlements; and
- continue the operation and profit taking of the business through another trading entity.”
Government releases money laundering report
The Federal Government has released a report into the effects of money laundering and other serious offences to Australian businesses and the broader community.
Government warns of growing investment fraud
The Australian Crime Commission (ACC) and the Australian Institute of Criminology (AIC) have co-published a report which provides a national picture and nature and threat of serious and organised investment fraud in Australia.
Samsung tips record profit for 2nd quarter
Samsung Electronics says second-quarter operating profit is likely to hit a record high of about 6.7 trillion won ($A5.75 billion).
Government finds $2.8 billion in lost super
The Federal Government released figures which show that $2.8 billion in lost super has been reclaimed. The figures now estimate the total amount of lost super is now $17.4 billion, a 14 per cent fall from the previously reported $20.2 billion.
Ansett workers finally paid super
Around 11,000 ex Ansett employees will receive their superannuation entitlements a decade after the company was put into administration. The Trustee, Mercer Superannuation, has advised the Federal Government that approximately $16 million has been paid to members.
ASIC confirms DJ's investigation
The Australian Securities and Investments Commission (ASIC) has confirmed it is investigating the increasingly bizarre takeover bid surrounding retail giant David Jones.
RBA leaves rates unchanged
The Reserve Bank of Australia (RBA) has left the country’s official cash rate unchanged at 3.50 per cent, citing an unchanged outlook on inflation coupled with a stronger than expected economic performance in the first half the year.
Government's super changes come into effect
The Federal Government’s changes to the superannuation tax system has come into effect, ensuring that low income individuals on less than $37,000 per year effectively pay no tax on their contributions.
Tick and flick service starts
The Federal Government’s new ‘tick and flick’ bank switching service has come into effect, allowing depositors to move their money in deposit accounts with greater ease.
Productivity Commission pushes for clearer super arrangements
The Productivity Commission has found room for improvement in the country’s default superannuation fund arrangements in modern awards, with a draft report saying more should be done to promote the best interest of members.
ASIC moves towards financial advisers exam
The Australian Securities and Investments Commission has announced the next phase of its consultation with the financial advice industry regarding its proposal to implement a national examination for financial advisors is now open.
Law to strengthen director tax obligations passes Parliament
The Federal Government has passed tax reform legislation through Parliament that will strengthen the director penalty regime and protects workers' superannuation entitlements and amendments to the taxation of financial arrangements and consolidation regimes.
Pay cuts loom at troubled Perpetual
Investment group Perpetual has announced plans to significantly cut its executive remuneration deals, significantly restructure the company and to put a halt to ongoing losses.
AICD to grow pool of board ready women
The Australian Institute of Company Directors has announced a partnership with the Federal Government to deliver a second round of its Board Diversity Scholarship program, which is aimed at increasing the representation of women on Australian boards.
Big bank satisfaction declines in May
Overall customer satisfaction with the country’s big four banks has declined in May, down to an average 76.2 per cent.
ASIC implements bank switching rules
The Australian Securities and Investments Commission (ASIC) has released guidelines to support bank account switching reforms. This guidance updates industry codes to reflect the new rules so that financial institutions and consumers can have confidence in their rights and responsibilities when switching accounts from 1 July 2012.
Consumer credit protection measures passes lower house
The Federal Government has passed amendments to the Consumer Credit and Corporations Legislation Amendment Bill 2011 through the Federal lower house that will aim to better protect those who use payday loans.
CEFC passes Senate
The Federal Government has passed the Clean Energy Finance Corporation Bill 2012, paving the way for the establishment of the Clean Energy Finance Corporation (CEFC).
FOFA passes Parliament
The Federal Government has successfully passed its Future of Financial Advice (FOFA) bills through Parliament; with Minister for Financial Services Bill Shorten saying the reforms will pave the way for better quality services in the industry and ensure future growth in the area.
New licence extends to financial advice
The Federal Government has announced a new form of financial advice licence that will ‘significantly increase the availability for financial advice for all Australians’ according to Minister for Financial Services Mr Shorten said.