Legal news
Last year, the Federal Court of Australia handed down its decision in Australian Securities Investment Commission v Vanguard [2024] FCA 308. This case serves as a reminder that business who are making sustainable investment claims must ensure that those claims are not misleading or deceptive in nature.
In ASIC’s first case against alleged greenwashing conduct, the court has ordered that Mercer Superannuation (Australia) Ltd pay a landmark $11.3 million penalty after it made misleading statements about sustainable and environmentally-friendly superannuation investment options marketed to its members.
Read on for key details of the case, and a breakdown of what your business can do to avoid greenwashing.
As previously noted, the Government has released regulations to permit the conversion of legacy pensions and reserves over a 5 year period and to better allow allocations from non-pension reserves. These regulations have now been tabled in parliament.
In the decision of Application by Gainer Associates Pty Ltd [2024] NSWSC 1437, the Court found that, due to the lost trust deed for the Werner Thelen Family Trust (Trust), the corporate trustee of the Trust (Gainer Associates Pty Ltd – referred to as Gainer) would hold the assets purportedly held for the Trust on resulting trust for the sole beneficiary the late Werner Thelen (Werner), husband of the late Gail Thelen (Gail).
What happens if the former trustee of an SMSF is still the registered proprietor of an SMSF property and goes into administration? This issue was considered in the decision of Re Absolute Vision Technologies Pty Ltd (subject to deed of company administration) [2024] NSWSC 1010 (13 August 2024). There, the Court ordered that a contract be completed where the former trustee entered into a contract of sale of real estate (Suite 901) notwithstanding it was in administration.
The Government announced further policy design details on the Payday Super measures scheduled to be effective from 1 July 2026 (see our earlier article) contained in a four page fact sheet.
At long last proposed regulations have been released for consultation that would permit the conversion of legacy pensions and reserves over a 5 year period. As a nice added bonus, the regulations will also better allow allocations from non-pension reserves.
In the decision of In the matter of Gainer Associates Pty Limited [2024] NSWSC 1138, the Court amongst other things gave advice that the self managed superannuation fund (SMSF) corporate trustee (Gainer Associates Pty Ltd – referred to as Gainer) could be indemnified from the assets of the SMSF in relation to all issues disclosed to the Court in that application for judicial advice.
In this fifth part of our series on the decision of In the matter of Gainer Associates Pty Limited [2024] NSWSC 1138, we examine Gainer’s request for the Court’s advice as to whether it would be justified to remunerate Mr Heesh for his time and efforts in acting as sole director of Gainer in its role as the corporate trustee for a self managed superannuation fund (SMSF) and, if so, at which rate and whether the remuneration could be for some or all of the work completed by Mr Heesh.
In this six part series on the decision of In the matter of Gainer Associates Pty Limited [2024] NSWSC 1138, we’ll examine various aspects of this case.
In the decision of In the matter of Gainer Associates Pty Limited [2024] NSWSC 1138, the Court amongst other things gave advice that the self managed superannuation fund (SMSF) trustee would be justified in defending the removal proceedings to be brought against it by Mr Bone, the partner of the deceased member of the SMSF.
In the decision of In the matter of Gainer Associates Pty Limited [2024] NSWSC 1138, the Court amongst other things gave advice to uphold the decision of the self managed superannuation fund (SMSF) trustee to distribute 1/3rd of the death benefits in the SMSF to a partner of the sole surviving SMSF member and 2/3rd to her estate.
In the decision of In the matter of Gainer Associates Pty Limited [2024] NSWSC 1138, the Court amongst other things gave advice to uphold the decision of the self managed superannuation fund (SMSF) trustee to distribute 1/3rd of the death benefits in the SMSF to the spouse of the sole surviving SMSF member and 2/3rd to her estate.
The Australian Taxation Office (ATO) has issued a draft Decision Impact Statement (DIS) on the Administrative Appeals Tribunal (AAT) decision of Merchant and Commissioner of Taxation [2024] AATA 1102 (which was decided on 16 May 2024) (Merchant).
This Decision of the Administrative Appeals Tribunal (AAT) is a series of decisions against five jockey racing clubs brought by the Australian Taxation Office (ATO) regarding whether the racing clubs must pay super contributions on behalf of jockeys under the Superannuation Guarantee (Administration) Act 1992 (SG Act).
