Superannuation Alert - 18.08.15

Financial Services eBulletin - 18 August 2015

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

  • On 10 August 2015, the ATO updated its Public Rulings Program, which states that draft topics under development include a draft ruling in relation to income tax when expenses are incurred by a superannuation entity in complying with superannuation laws.

  • On 11 August 2015, the Senate Economics Legislation Committee made available its Report on the Inquiry into the provisions of the Corporations Amendment (Financial Advice) Bill 2014 (Cth). The Committee stated that it considered that the Senate Economics References Committee's inquiry into the Scrutiny of Financial Advice (investigating the implications of financial advice reforms) was the appropriate mechanism through which to explore the issues raised by the Bill, and that the inquiry 'should explore how to enhance the clarity of the terminology used in the legislation (for example, in section 766B of the Corporations Act) to improve consumer understanding and consumer confidence in financial advice'.

  • On 12 August 2015, APRA released the 11 submissions it received in response to its January 2015 consultation package on superannuation data collection for the Australian Bureau of Statistics.

  • On 14 August 2015, the ATO issued ATO ID 2015/24 Superannuation Guarantee: work done outside Australia, which states that work done at sea in certain specified conditions falls within the definition of 'work done outside Australia' for the purpose of section 27(1) of the Superannuation Guarantee (Administration) Act 1992 (Cth). The ATO also withdrew ATO ID 2012/75 Superannuation Guarantee: work done outside Australia on the basis that it deals with a provision of the Act that does not apply after the 2014-15 financial year.

  • On 14 August 2015, the ATO announced that from 31 August 2015, it will start delivering electronic portability form (EPF) messages via gateways using standard business reporting 2 as part of its SuperStream program of work. According to the ATO, the EPF is an electronic facility that 'makes it easier and simpler for fund members to initiate rollovers and consolidate their super accounts.'

  • On 21 August 2015, submissions to the Royal Commission into Trade Union governance and corruption on its Discussion Paper - Options for Law Reform will close. The Discussion Paper seeks submissions in relation to (among other issues) why provisions of the Superannuation Guarantee (Administration) Act 1992 (Cth) should not be repealed so that employees under collective agreements, enterprise agreements or State awards or agreements are able to make a choice as to their superannuation fund and whether unions should be able to negotiate for an enterprise agreement which specifies a specific default superannuation fund with financial links with the union negotiating the agreement.

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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