Superannuation Alert - 29.5.14

Financial Services eBulletin - 29 May 2014

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

  • On 19 May 2014, the Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2014 (No 3) was registered. This Instrument amends Chapters 1, 4, 5, 8, 9, 15 and 30 of the Anti-Money Laundering/Counter Terrorism Financing Rules to address Customer Due Diligence deficiencies identified by the Financial Action Task Force.

  • On 19 May 2014 ASIC released the results of a review of rules changes affecting 'dark trading' and their impact on market quality. The 'meaningful price improvement rule' and changes to block tier thresholds were introduced in May 2013.

  • On 22 May 2014, the Senate Economics Legislation Committee released a transcript from a public hearing as part of its inquiry into the Corporations Amendment (Streamlining of Future Financial Advice) Bill 2014. Submissions made to the Committee are available on the Committee's website. The Committee is due to report on 16 June 2014.

  • On 22 May 2014, ASIC issued further guidance to superannuation trustees regarding their obligations to produce a product dashboard for MySuper products, following a review of existing MySuper product dashboards.

  • On 22 May 2014, in response to the Federal Government's announcement that it would defer the start date for the choice product dashboard and the introduction of a portfolio holdings disclosure regime until 1 July 2015, ASIC registered Class Order [CO 14/443]. As set out in the Explanatory Statement, the Class Order defers the commencement of the product dashboard provisions for choice products to 1 July 2015 and defers the first reporting day for the portfolio holdings disclosure provisions to 31 December 2015.

  • On 22 May 2014, APRA released its March 2014 Quarterly Superannuation Performance (interim edition) publication. The Quarterly Superannuation Performance provides key industry aggregate summaries of financial performance, financial position and key ratios. The publication noted that superannuation assets totalled $1.84 trillion at the end of the March 2014 quarter, with a 16.8 per cent increase in total superannuation assets over the 12 months prior to March 2014.
  • On 22 May 2014, in the decision of Re XVQY and FCT [2014] AATA 319, the AAT held that plumbers engaged by a plumbing services sub-contractor were not employees for the purposes of the Superannuation Guarantee (Administration) Act 1992.

  • On 23 May 2014, the ATO released an overview of the Division 293 tax and how it applies to the trustees of superannuation funds.

  • On 26 May 2014, the Government released a discussion paper regarding ways to improve the unclaimed money provisions, including in relation to unclaimed bank accounts, unclaimed life insurance money, unclaimed first home saver accounts, lost superannuation and unclaimed company moneys.

  • On 26 May 2014, the Government announced that it will provide greater flexibility for superannuation funds in receiving contributions as it continues to make necessary changes to implement the SuperStream contributions data standards.

Further information

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