Superannuation Alert 11.02.15
Financial Services eBulletin - 11 February 2015
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 30 January 2015, ASIC issued Report 421 ASIC enforcement outcomes: July to December 2014. In its media release, ASIC describes that it has achieved 348 enforcement outcomes across the areas of financial services, market integrity, corporate governance and small business for the period between 1 July 2014 and 31 December 2014. ASIC states that the 'report highlights ASIC's ongoing focus on tackling serious corporate fraud and loan fraud and ASIC's use of civil penalty proceedings to enforce the law'. ASIC notes in the report that it closely monitors financial advisers who provide advice to SMSFs.
- On 3 February 2015, the ATO released a publication on lost super data by postcode. The publication provides a list of lost superannuation by postcode as at 31 December 2014.
- On 3 February 2015, the ATO released an overview of super accounts data. The overview looks at recent trends in the number of super accounts held by Australians and values for lost and ATO-held super. According to the ATO, as at 31 December 2014:
- approximately 14 million Australians held superannuation accounts, and 45% of these persons had more than one super account; and
- there were over six million lost and ATO-held super accounts with a combined value of just under $16 billion.
- On 5 February 2015, APRA released the Prudential Standard SPS 310 Audit and Related Matters - Approved Form for superannuation funds. The form relates to APRA's requirements in relation to the audit of an RSE licensee’s business and operations. Guidance for users of the form can be found in Prudential Practice Guide SPG 310 Audit and Related Matters. The form applies to reporting periods commencing on or after 1 July 2014.
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.