Superannuation Alert - 12.12.13
Financial Services eBulletin - 12 December 2013
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- The Fair Work Commission made available its 27 November 2013 statement: Superannuation - 2013 Review  FWCFB 9350 regarding the proposed changes in respect of the superannuation clause in modern awards.
- On 4 December 21013, APRA released Reporting Standard - SRS 711.0 SuperStream Benchmarking Measures and its response to stakeholder consultations on the Standard.
- On 4 December 2013, a review of Australia's anti-money laundering and counter-terrorism financing laws was announced by Justice Minister Michael Keenan. Terms of Reference and an Issues Paper have been released. Submissions are due by 28 February 2014.
- On 5 December 2013, the Taxation Administration Act 1953 (Meaning of End Benefit) Instrument 2013 was registered. The instrument ensures that family law superannuation payments are not "end benefits" under section 133-130 in Schedule 1 of the Taxation Administration Act 1953 (Cth) and consequently an individual's liability to pay Division 293 tax (that has been deferred to a debt account) is not triggered. It does not exclude permanent incapacity payments (as in the original Draft released for public consultation in June 2013).
- On 6 December 2013, ASIC released superannuation reforms guidance, including the following:
- Information Sheet 170 MySuper product dashboard requirements for superannuation trusteesand an example dashboard to assist the superannuation industry with the product dashboard requirements for MySuper products, effective from 31 December 2013.
- Report 378 Consumer testing of the MySuper product dashboard.
- FAQ guidance regarding how the Superannuation Legislation (MySuper Measures) Regulations 2013 changed the existing superannuation and managed investment fee disclosure requirements under the Corporations Regulations 2001.
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.