Superannuation Alert - 14.3.14

Financial Services eBulletin - 14 March 2014

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

  • On 3 March 2014, ASIC registered new Class Order [CO 14/55] to extend the scope of the exemption under Class Order [CO 13/1534] to a trustee of an approved deposit fund and a pooled superannuation trust.  Class Order [CO 13/1534] was registered in December 2013 to defer until 1 July 2014 the requirement for trustees of regulated superannuation funds to disclose certain fees and costs in Product Disclosure Statements and periodic statements pursuant to section 1017D of the Corporations Act 2001. Therefore, this exemption will now also apply to a trustee of an approved deposit fund and a pooled superannuation trust.

  • On 3 March 2104, ASIC released its updated Regulatory Guide 107 - Fundraising: Facilitating electronic offers of securities (March 2014). This Guide provides updated guidance on using the internet and other interactive media to make offers of securities under chapter 6D of the Corporations Act 2001. Relevantly, it also includes good practice guidance for using electronic disclosure documents and electronic application forms more generally.

  • On 6 March 2013, the ATO updated its website for Self-Managed Super Funds - Accepting Contributions and Rollovers to include information for SMSFs regarding allowable contributions, in-specie contributions, and rollovers and transfers.

  • The ATO has released the following publications:
  • On 11 March 2014, the Fair Work Commission (FWC) released a statement and associated explanations and forms regarding its 2014 Review of default fund terms pursuant to section 156A of the Fair Work Act 2009 (FW Act).  Following this Review, the FWC has invited superannuation funds offering MySuper products to apply to the FWC to have their MySuper product listed on the Default Superannuation List or the Schedule of Approved Employer MySuper Products.  Applications for inclusion on the lists must be lodged with the FWC by 28 April 2014.

Further information

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