Superannuation Alert 31.03.16

Financial Services eBulletin - 31 March 2016

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

  • On 22 March 2016 the ATO issued a media release 'SuperStream research-employers and APRA funds' reporting that over 70% of members' super contributions to APRA-regulated funds are being sent electronically via the new SuperStream format. The release also notes that the majority of large and medium sized employers are now compliant with SuperStream and more than half of all small businesses are "SuperStream ready" ahead of the 30 June 2016 deadline.

  • On 23 March 2016 ASIC released Consultation Paper CP255 - Remaking ASIC class orders on financial services disclosure requirements. According to the related ASIC media release, class orders relating to specific financial services disclosure requirements are nearing their sunset date under the Legislation Act 2003. ASIC proposes to remake, without significant changes, the following class orders:
    • CO 02/1072 Product Disclosure Statements: Top-up relief for managed investment schemes;

    • CO 07/10 Technical disclosure relief for reconstructions and capital reductions (paragraph 9);

    • CO 03/237 Updated information in Product Disclosure Statements; and

    • Feedback in relation to the proposed changes is due by 26 April 2016.

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.