Superannuation Alert 22.02.17

Financial Services eBulletin - 22 February 2017

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

Type Subject matter Source Description
Legislative update Amending legislation passes both Houses of Parliament
On 9 February 2017, the Tax and Superannuation Laws Amendment (2016 Measures No. 2) Bill 2016 was passed by both Houses of Parliament and is now awaiting Royal assent.
Amongst other things, the Bill makes a number of minor amendments to clarify the tax and superannuation laws, and introduces a remedial power for the Commissioner of Taxation to enable unforeseen or unintended outcomes in the taxation and superannuation laws to be resolved on a timelier basis. 
Legislative update Bill to increase Commonwealth penalty unit introduced Crimes Amendment (Penalty Unit) Bill 2017 On 16 February 2017, the Crimes Amendment (Penalty Unit) Bill 2017 was introduced into the House of Representatives.  The Bill proposes to amend the Crimes Act 1914 to increase the Commonwealth penalty unit from $180 to $210, with effect from 1 July 2017. It also seeks to delay the first automatic CPI adjustment to the penalty unit from 1 July 2018 until 1 July 2020, to be indexed annually every 3 years thereafter.
RG97 Industry Working Group Guidance Note on completing the ASIC Form for RG97 compliance Guidance Note
On 17 February 2017, a Guidance Note prepared by an RG97 Industry Working Group was made available.

The Guidance Note provides information on how to complete the ASIC Form required to be submitted by trustees prior to 1 March 2017 in order to rely on the extended PDS transition period (until 30 September 2017). The Guidance Note contains a best practice approach to completing the ASIC form and is designed to assist in providing consistent information to ASIC.
APRA No relevant items this week.  
AUSTRAC No relevant items this week.  
ASIC No relevant items this week.  
ATO No relevant items this week.  
Case law update No relevant items this week.  


Further information

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