Superannuation Alert 08.06.17

Financial Services eBulletin

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

Type Subject matter Source Description
ASIC Choice products and portfolio holdings reporting requirements start date deferral Announcement

On 1 June 2017, ASIC released an update on "the start dates for key superannuation reforms relating to the choice products and the portfolio holdings reporting requirements under the Corporations Act."

According to ASIC, the start date for product dashboard requirements for choice products will be deferred until 1 July 2019 and the start date for portfolio holdings disclosure requirements will be deferred until 31 December 2019.

ASIC noted that the start dates have been deferred in order to enable ASIC time to finalise the legislation and regulations to effect the choice products and portfolio holding reporting requirements.

In addition, ASIC stated that it will be extending the relief granted to registrable superannuation entities (RSE) licensees "to provide a product dashboard with a periodic statement by including a website address for the latest product dashboard, rather than requiring a hard copy of the dashboard to be included with the periodic statement."

ATO Electing to become a non-deductible fund ATO webpage

The ATO has provided an information page on its website to inform funds that provide a defined benefit interest (excluding Commonwealth public sector superannuation schemes) that they are able to "elect to be a non-deductible fund, or to treat the defined benefit interest within [their] fund as non-deductible."

According to the ATO, members of non-deductible funds will not be able to claim a deduction for contributions made to the fund. 

Australian Government Actuary Proposed actuarial income efficiency test Report

On 29 May 2017, the Government released a report, prepared by the Australian Government Actuary (AGA),  which seeks feedback on a proposed actuarial income efficiency test prepared by the AGA in consultation with an Actuarial Technical Expert Group.

According to the AGA, the proposed five stage actuarial income efficiency test "could be used to certify that a retirement income product meets the standard required to be a Comprehensive Income Product for Retirement (CIPR)."

Submissions are due by 9 June 2017.

Legislation passed ASIC's supervisory cost recovery levy legislation ASIC Supervisory Cost Recovery Levy Bill 2017
 
ASIC Supervisory Cost Recovery Levy (Collection) Bill 2017
 
ASIC Supervisory Cost Recovery Levy (Consequential Amendments) Bill 2017

On 30 May 2017, the House of Representatives passed, without amendment, the following three Bills that propose to "enable the recovery of the regulatory costs of ASIC" by imposing a levy on ASIC regulated persons.

The Bills will now move to the Senate for consideration.

OAIC Guidelines on the new Notifiable Data Breaches scheme OAIC webpage

The Office of the Australian Information Commissioner (OAIC) has released the following four guidelines in relation to the new Notifiable Data Breaches (NDB) scheme in the Privacy Act 1988 (Cth) for public consultation:  

Submissions are due by 14 July 2017.

Senate Economics Legislation Committee Treasury Laws Amendment (2017 Measures No 2) Bill 2017 Report

On 30 May 2017, the Senate Economics Legislation Committee (Committee) released a report in relation to the Treasury Laws Amendment (2017 Measures No 2) Bill 2017 (Bill). The Bill relates to (amongst other things):

  • the transfer balance cap;
  • changes to the transition to retirement income stream rules;
  • capital gains tax relief for superannuation funds; and
  • objective of superannuation.

After considering the provisions of the Bill, the Committee stated that there were "no substantive matters that require examination".

Treasury External dispute resolution and complaints framework Supplementary issues paper

On 31 May 2017, the Treasury released a Supplementary Issues Paper which continues the Panel's review of the proposed financial system's external dispute resolution (EDR) and complaints framework.

The Supplementary Issues Paper seeks submissions on matters related to a compensation scheme of last resort and access to redress for past disputes.

Submissions are due by 28 June 2017.

 

Further information

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