Superannuation Alert - 1.08.12
Financial Services eBulletin - 1 August 2012
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry and is in addition to our Superannuation Update, which analyses the main developments of interest in more detail.
- On 24 July 2012, Treasury released for public consultation and comment exposure draft amendments to theSuperanuation (Unclaimed Money and Lost Members) Regulations 1999. According to the explanatory memorandum, the purpose of the amendments is to 'allow certain public sector schemes to be able to pay unclaimed superannuation money, lost member accounts and superannuation of former temporary residents to the Commissioner of Taxation if they choose to do so'. Submissions are due 22 August 2012.
On 26 July 2012 ASIC announced initiatives to help industry better understand its obligations under the Stronger Super reforms.
On 27 July 2012, Treasury released for public consultation exposure draft legislation 'for the provision of better information for employees regarding their superannuation entitlements'. The measure will require superannuation funds and retirement savings account providers to 'notify active members quarterly…that they have either 'received' or 'not received' contributions during the quarter, and maintain a web-based portal for members to consult; or alternatively to issue six monthly notices which show contributions made'. According to the explanatory material, under the current law, funds are 'only required to report regular employer contributions to members in their annual statements, which can be up to eighteen months after a transaction'.
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