Superannuation alert 03.06.2015
Financial Services eBulletin - 3 June 2015
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 15 May 2015, the Australian Prudential Regulation Authority (confidentiality) determination No. 8 of 2015 was registered. The determination provides that certain information given to APRA, under the reporting standards which are listed in the determination, will now be considered as non-confidential and therefore may be published by APRA under subsection 56(5C) of the Australian Prudential Regulation Authority Act 1988.
- On 27 May 2015, the Tax and Superannuation Laws Amendment (2015 Measures No 1) Bill 2015 was introduced in the House of Representatives. The Explanatory Memorandum outlines that the Bill makes "a number of miscellaneous amendments to the taxation, superannuation and other laws…[which] include style and formatting changes, the repeal of redundant provisions, the correction of anomalous outcomes and corrections to previous amending Acts."
- On 27 May 2015, the Crimes Legislation Amendment (Penalty Unit) Bill 2015 was introduced in the House of Representatives. According to the Explanatory Memorandum, the Bill "amends the Crimes Act 1914 to increase the value of the penalty unit for Commonwealth criminal offences from $170 to $180." This amendment comes into force on 31 July 2015.
- On 28 May 2015, the Superannuation Guarantee (Administration) Amendment Bill 2015 was introduced in the House of Representatives. According to the Explanatory Memorandum, the Bill "amends the Superannuation Guarantee (Administration) Act 1992 to remove the obligation for employers to offer a choice of superannuation fund to temporary resident employees, or when superannuation funds merge" and these amendments will apply from 1 July 2015.
- On 28 May 2015, APRA released the discussion paper titled "Publication of annual superannuation statistics and confidentiality of superannuation data." In a media release issued by APRA on the same day, APRA explains that the discussion paper "provides RSE licensees and interested parties with the opportunity to provide feedback and suggestions on APRA’s proposed changes to annual superannuation statistics, and to make representations about APRA’s proposal to determine certain data to be non-confidential." Submissions are due by 9 July 2015.
- On 1 June 2015, the Tax and Superannuation Laws Amendment (Release Conditions for Non-concessional Contributions) Regulation 2015 was registered. According to the Explanatory Statement, the purpose of the Regulation is to, among other things "amend the release authority provisions in the Superannuation Industry (Supervision) Regulations 1994 and the Retirement Savings Accounts Regulations 1997 to enable amounts to be paid from an individual’s superannuation or income stream to meet tax liabilities arising from certain superannuation contributions" and "amend the Income Tax Regulations 1936 to extend the amendment period for assessments of income tax for individuals who make an election in respect of excess non-concessional contributions." Most amendments in the Regulation commenced on 2 June 2015.
- On 1 June 2015, ASIC issued a media release announcing that it has launched the second stage of the Financial Advisers Register. ASIC explains that the register now includes "information about advisers’ qualifications, training and memberships of professional bodies."
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.