Superannuation Alert - 02.10.13

Financial Services eBulletin - 2 October 2013

Summary

The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.

  • On 25 September 2013, Financial Sector (Collection of Data) (reporting standard) determinations Nos 92, 98 and 99 of 2013 were registered, determining the following Reporting Standards:
      • Reporting Standard SRS 702.0 Investment Performance;
      • Reporting Standard SRS 700.0 Product Dashboard; and
      • Reporting Standard SRS 703.0 Fees Disclosed.

SRS 702.0 commences on 30 September 2013 and applies to reporting periods ending on and after that date. On 23 September 2013, APRA released a letter addressed to RSE licensees, announcing that, in response to industry concerns, it has extended the due date for the lodgement of the first quarterly submission of SRS 702.0 to 11 November 2013.

SRS 700.0 and SRS 703.0 commence on 31 December 2013.

  • On 26 September 2013, APRA released a Discussion Paper and associated letter on the proposed reporting requirements on conglomerate groups (Level 3 groups). APRA outlines that, this "consultation package proposes Level 3 reporting requirements in relation to the capital adequacy of Level 3 groups. Specifically, APRA proposes two reporting standards and associated quarterly reporting forms. The two standards are Reporting Standard 3RS 110.0 Level 3 Prescribed Capital Amount and Reporting Standard 3RS 111.0 Level 3 Eligible Capital." Submissions are due by 31 October 2013.
  • The ATO has:
    • updated its web page titled ECT- applying to have your contributions disregarded or reallocated; and
    • announced that, on 9 October 2013, the ATO will send letters to directors of companies with unpaid superannuation guarantee amounts. The ATO outlines that the letter "explains the director's obligations and personal risk in relation to their company's super guarantee debt". 
  • The Reserve Bank of Australia released the September 2013 edition of the Financial Stability Review on 25 September 2013. 
  • The Federal Court of Australia handed down its decision in Kristoffersen v Superannuation Complaints Tribunal FCA 951 on 19 September 2013, dismissing the Applicant's appeal from the Superannuation Complaints Tribunal. 
  • The Administrative Appeals Tribunal handed down its decision in The Trustee for the SR & K Hall Family Trust v Commissioner of Taxation AATA 681 on 25 September 2013 in relation to whether any of the Applicant's workers were employees for the purposes of superannuation guarantee.
     

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Further information

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