Superannuation Alert - 14.3.14
Financial Services eBulletin - 14 March 2014
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 3 March 2014, ASIC registered new Class Order [CO 14/55] to extend the scope of the exemption under Class Order [CO 13/1534] to a trustee of an approved deposit fund and a pooled superannuation trust. Class Order [CO 13/1534] was registered in December 2013 to defer until 1 July 2014 the requirement for trustees of regulated superannuation funds to disclose certain fees and costs in Product Disclosure Statements and periodic statements pursuant to section 1017D of the Corporations Act 2001. Therefore, this exemption will now also apply to a trustee of an approved deposit fund and a pooled superannuation trust.
- On 3 March 2104, ASIC released its updated Regulatory Guide 107 - Fundraising: Facilitating electronic offers of securities (March 2014). This Guide provides updated guidance on using the internet and other interactive media to make offers of securities under chapter 6D of the Corporations Act 2001. Relevantly, it also includes good practice guidance for using electronic disclosure documents and electronic application forms more generally.
- On 6 March 2013, the ATO updated its website for Self-Managed Super Funds - Accepting Contributions and Rollovers to include information for SMSFs regarding allowable contributions, in-specie contributions, and rollovers and transfers.
- The ATO has released the following publications:
- Employers super - When to pay (5 March 2014), which provides information on when employers have to pay super for eligible employees;
- Self-managed super funds - Accepting contributions and rollovers (5 March 2014), which provides information to SMSF trustees on the rules regarding allowable contributions, in specie contributions and rollovers;
- Employers super - Introducing your super (4 March 2014), which provides information on the superannuation system in Australia for individuals, employers and SMSF trustees;
- Self-managed super funds - Rollovers and Transfers (3 March 2014), which outlines the rules around rolling over or transferring benefits to another superannuation fund;
- Self-managed super funds - in specie contributions (3 March 2014), which explains the meaning of and rules for making in specie contributions;
- Forms - End benefit notice - superannuation provider Division 293 tax (27 February 2014); and
- Forms - End benefit notice - individual Division 293 tax (27 February 2014).
- On 11 March 2014, the Fair Work Commission (FWC) released a statement and associated explanations and forms regarding its 2014 Review of default fund terms pursuant to section 156A of the Fair Work Act 2009 (FW Act). Following this Review, the FWC has invited superannuation funds offering MySuper products to apply to the FWC to have their MySuper product listed on the Default Superannuation List or the Schedule of Approved Employer MySuper Products. Applications for inclusion on the lists must be lodged with the FWC by 28 April 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.