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Last week the Australian Prudential Regulation Authority (APRA) released the key observations from its thematic review of related party outsourcing arrangements across a sample of 10 retail superannuation trustees with outsourcing contracts worth a combined $1.2 billion annually.

Following the announcement of the CPS tripartite audits in November 2020, APRA began issuing notices to regulated entities to undergo the independent assessment. The reviews are part of APRA’s four year strategy to increase the rigor of compliance with CPS 234: Information Security.

With only 3 weeks remaining in the financial year, builders should immediately test their compliance with the Queensland Building and Construction Commission’s (QBCC) Minimum Financial Reporting Requirements (MFR) to ensure there is enough time to rectify any deficiencies before FY22/23 year end.

On Thursday 11 November 2021, APRA announced its proposed new attachment to Prudential Standard APS 220 Credit Risk Management.

On 3 November 2021, the High Court of Australia handed down a landmark decision, ruling that the “backpacker tax” imposed on a UK national who was deemed to be an Australian tax resident was in breach of the non-discrimination clauses in the Australia-UK Double Tax Agreement.

For a change, the focus of the recent Royal Commission hearings has been on superannuation and how funds' structures and governance arrangements may lead to poor retirement outcomes for members.

‘Culture eats strategy’ has become accepted business wisdom. But is it possible for dynamic companies to maintain their unique culture and appeal as they expand and avoid the growing pains that affect so many firms?