Superannuation Alert 31.05.17

Financial Services eBulletin - 31 May 2017

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

Type Subject matter Source Description
Legislative updates Further budget reforms Bill introduced Treasury Laws Amendment (2017 Measures No. 2) Bill 2017

On 25 May 2017, the Treasury Laws Amendment (2017 Measures No 2) Bill 2017 was introduced in the House of Representatives.

According to the explanatory memorandum for the Bill, its purpose is to "make changes to measures enacted through the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 to support the integrity of the measures and ensure the law operates as intended".  The Bill specifically relates to the following aspects of the Act:

  • the transfer balance cap; 
  • changes to the concessional contribution rules;
  • changes to the non-concessional contribution rules;
  • objective of superannuation; 
  • changes to the transition to retirement income stream rules;
  • capital gains tax relief for superannuation funds; and
  • streamlining of administrative processes.

On 26 May 2017, the Bill was referred to the Senate Economics Committee for a report by 13 June 2017

Treasury update Proposed financial institutions supervisory levies for 2017- 2018 Discussion paper

On 26 May 2017, the Treasury (in conjunction with APRA) published a discussion paper to open consultations for the proposed financial institutions supervisory levies that will apply for the 2017-2018 financial year.

According to Treasury, the "financial industry levies are set to recover the operational costs of APRA and other specific costs incurred by certain Commonwealth agencies and departments, including the Australian Securities and Investments Commission, the Australian Taxation Office, and the Department of Human Services".

Submissions are due by 22 June 2017.

APRA APRA Quarterly Superannuation Performance Quarterly Superannuation Performance publication

On 23 May 2017, APRA released its Quarterly Superannuation Performance publication for the quarter ending March 2017.

According to APRA, "superannuation assets totalled $2.3 trillion at the end of the March 2017 quarter", which is an increase of 11.2% from the previous year.  More than $1.4 trillion of this amount is held in APRA-regulated funds.

 

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.

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