Superannuation Alert - 31.07.13
Financial Services eBulletin - 31 July 2013
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry and is in addition to our Superannuation Update, which analyses the main developments of interest in more detail.
- On 25 July 2013 the Assistant Treasurer issued a joint media release with the Minister for Small Business announcing that the Government will "expand the jurisdiction of the Superannuation Complaints Tribunal (SCT) to include complaints made by small business against superannuation funds" with the new measures providing "small business with similar access to the SCT as members and beneficiaries of APRA-regulated superannuation funds."
- Consequently "small businesses will now have greater access to dispute resolution for resolving complaints against APRA-regulated superannuation funds".
- The release did not provide any timeframes but confirmed stakeholders will be consulted on the legislative amendments to give effect to the measure.
- On 19 July 2013 APRA updated their website to include 41 new FAQs regarding the reporting framework for superannuation. The questions are based around the following Reporting Forms:
- Reporting Form SRF 001.0 Profile and Structure
- Reporting Form SRF 410.0 Accrued Default Amounts
- Reporting Form SRF 114.0 Operational Risk Financial Requirement
- Reporting Form SRF 114.1 Operational Risk Financial Requirement - RSE
- Reporting Form SRF 160.0 Defined Benefit Matters
- Reporting Form SRF 320.0 Statement of Financial Position
- Reporting Form SRF 520.0 Responsible Persons Information
- Reporting Form SRF 530.1 Investments and Investment Flows
- Reporting Form SRF 600.0 RSE Licensee Profile
- Reporting Form SRF 610.0 Membership Profile
- Reporting Form SRF 710.0 Conditions of Release
- On 24 July 2013 the ATO made the following website update:
- Super contributions - too much super can mean extra tax. "Explains the caps that apply to super contributions and the tax payable if you exceed those caps."
- On 23 July 2013 ASFA publically released their submission sent to APRA regarding the MySuper amendments made to Draft Superannuation Reporting Standards SRS 700.0 Product Dashboard, 702.0 Investment Performance and 703.0 Fees Disclosed.
According to the Summary, "ASFA considers it critical to ensure that data is reported on a consistent basis across funds, to ensure comparability when appropriate. As such, every effort should be made to minimise the risk of unintended outcomes."
- Common recommendations across all reporting standards related to:
- auditing requirements; and
- 'administration fees'
Recommendations for draft SRS 700.0 related to:
- 'reporting days' and due dates;
- units of measurement;
- 'return targets';
- 'representative members'; and
- the comparison between 'return target' and 'return';
Recommendations for draft SRS 702.0 related to:
- reporting periods and due dates;
- 'investment fees'; and
- 'investment fees, costs and taxes';
- Recommendations for draft SRS 703.0 related to:
- 'fees versus costs';
- 'fees disclosed';
- 'activity fees disclosed'; and;
- 'insurance premiums disclosed'
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.