Superannuation Alert 17.03.17
Financial Services eBulletin - 17 March 2017
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
|Legislative updates||Proclamation of start date Corporations Amendment (Professional Standards of Financial Advisers) Act 2017||Proclamation||
On 10 March, Federal Parliament registered the Corporations Amendment (Professional Standards of Financial Advisers) Commencement Proclamation 2017. The Proclamation fixes 15 March 2017 as the date on which the Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 will commence.
According to the Explanatory Memorandum, the Bill amends the Corporations Act 2001 to "raise the education, training and ethical standards of financial advisers by requiring relevant providers (that is, financial advisers providing personal advice to retail clients on more complex financial products) to hold a degree (or higher or equivalent) qualification, undertake a professional year, pass an exam, undertake continuous professional development (CPD) and comply with a Code of Ethics". It will also impose an obligation on an Australian financial services licensee to ensure that its financial advisers comply with the standards.
|ATO||ATO released Law Companion Guideline LCG 2016/8||Law Companion Guideline LCG 2016/8||
On 8 March 2017, the ATO released a final version of the Law Companion Guideline LCG 2016/8 which describes "how the Commissioner will apply the CGT relief reforms in Schedule 1, Part 3 of the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 to entities that rely on it in good faith".
The Guideline provides guidance on "the transitional CGT relief available for superannuation funds because of the transfer balance cap and transition-to-retirement reforms commencing on 1 July 2017".
The Guideline was released previously in draft form as Draft LCG 2016/D8 and now includes more examples to illustrate the operation of the proposed CGT relief where a fund uses the segregated method throughout the pre-commencement period (9 November 2016 to 30 June 2017).
|ATO||ATO released Law Companion Guideline LCG 2016/9||Law Companion Guideline LCG 2016/9||
On 10 March 2017 the ATO released the final version of the Law Companion Guideline LCG 2016/9 dealing with the new superannuation transfer balance cap. It was released in draft form in November 2016 as Draft LCG 2016/D9.
The Guideline provides guidance on "how the transfer balance cap (set at $1.6 million for the 2017-18 financial year) operates for account-based superannuation income stream products", with a particular focus on outlining the new concepts of:
|ASIC||No relevant items this week.|
|APRA||No relevant items this week.
|Case law update||No relevant items this week.|
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