Superannuation Alert 17.02.17

Financial Services eBulletin - 17 February 2017

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

Type Subject matter Source Description
Legislative updates Senate inquiry into the Superannuation (Objective) Bill 2016 (Cth) Senate Report into the Superannuation (Objective) Bill 2016
On 14 February 2017, the Senate Economics Legislation Committee tabled its report on the Superannuation (Objective) Bill 2016 (Cth) following its public inquiry referred to below. The Committee recommends that the Bill be passed by the Senate and "that the compliance of future superannuation reforms with the legislated objective be periodically assessed and reported on".
  Public inquiry into the Superannuation (Objective) Bill 2016 (Cth) Superannuation (Objective) Bill 2016 (Cth) On 6 February 2017, the Senate Economics Legislation Committee facilitated a public hearing in relation to its inquiry into the Superannuation (Objective) Bill 2016. Parliament published the program, the 43 submissions lodged by interested parties and a transcript of the hearing on the same day.
  Mandatory data breach reporting Privacy Amendment (Notifiable Data Breaches) Bill 2016 
On 13 February 2017, the Privacy Amendment (Notifiable Data Breaches) Bill 2016 was passed by the Senate and now awaits Royal Assent. The Bill introduces a new system of mandatory data breach reporting in Australia.
The new law will apply to government agencies and businesses with a turnover of more than $3 million per year, who fall under the regulation of the Privacy Act 1988
ATO Development of further advice and guidelines ATO announcement
On 8 February 2017, the ATO announced that it is developing advice and guidance on the following three areas of superannuation:
  • "Income tax deductions available to superannuation funds", as an addendum to Taxation Ruling 93/17;
  • "Superannuation guarantee and advances to former employees", to convert ATO IT 2015/13, ATO ID 2015/14 and ATO ID 2015/15 to Superannuation Guarantee Determinations; and
  • "Superannuation reform", "to provide public advice and guidance" for the Superannuation Reform Package.
  Draft Law Companion Guideline Draft Law Companion Guideline LCG 2017/D3
On 13 February 2017, the ATO published Draft Law Companion Guideline LCG 2017/D3. The draft guideline "clarifies how superannuation income streams that are superannuation death benefits are dealt with under the transfer balance cap provisions".  It makes specific reference to the different approaches to reversionary and non-reversionary death benefit income streams.
Interested parties are invited to comment on the draft guideline via email by 10 March 2017
ASIC No relevant items this week.    
APRA No relevant items this week.    
Case law update No relevant items this week.    

 

Further information

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