Superannuation Alert - 20.02.14

Financial Services eBulletin - 20 February 2014

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

  • On 5 February 2014, the Association of Superannuation Funds of Australia (ASFA) released its pre-Budget submission. ASFA said that the key focus of the federal budget should be removing impediments that stall investment by superannuation funds in infrastructure assets. In a media release of the same date, ASFA CEO Ms Pauline Vamos said "the single most important way to facilitate super fund investment in infrastructure is to develop a pipeline of investable projects.".
  • On 10 February 2014, ASIC registered Class Order [CO 14/23]. It extends the relief in Class Order [CO 12/749] for multifunds, superannuation platforms and hedge funds from the shorter Product Disclosure Statement (PDS) regime from 22 June 2014 to 30 June 2015. The full PDS requirements under the Corporations Act 2001 apply to products that have been excluded from the shorter PDS regime. ASIC says that it has "extended the relief pending a future Australian Government decision on the application of the shorter PDS regime to superannuation platforms, multi-funds and hedge funds."
  • The ATO published the following documents and webpages for SMSF.
    • Introducing your super (7 February 2014), providing information on the changes the federal government is making to the superannuation system.
    • Accessing your super(dated 12 February 2014), providing information to SMSF trustees on the rules for accessing superannuation.
    • Laws, rules and consequences (dated 12 February 2014) advising SMSF trustees that they are obligated to act in accordance with the fund's trust deed and super and tax laws.
    • Ownership and protection of assets (dated 12 February 2014), advising SMSF trustees that one of their responsibilities is to ensure the assets of the fund are protected.
    • Record-keeping requirements (dated 12 February 2014), advising SMSF trustees that one of their responsibilities as a trustee is to keep proper and accurate tax and super records to manage the fund efficiently.
    • Restrictions on investments (dated 12 February 2014), advising SMSF trustees on the investment restrictions they are required to comply with. 
  • On 14 February 2014, the Fair Work Commission published the transcript of a hearing held on 13 February 2014 in relation to the 4 yearly review of default fund terms. Participants in the hearing commented on the draft application forms and timetable in relation to the processes for applying for funds to be included in either the Default Superannuation List or the Schedule of Approved Employer MySuper Products.

Further information

All information on this site is of a general nature only and is not intended to be relied upon as, nor to be a substitute for, specific legal professional advice. No responsibility for the loss occasioned to any person acting on or refraining from action as a result of any material published can be accepted.