Superannuation Alert - 09.09.2015
Financial Services eBulletin - 9 September 2015
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 28 August 2015, APRA released "APRA Corporate Plan 2015-2019", in which APRA explains that "over the next four years, APRA will maintain its emphasis on risk-based supervision … and will continue to strengthen the prudential framework."
- On 31 August 2015, ASIC released "ASIC's Corporate Plan 2015-2016 to 2018-2019". In its report, ASIC explains that to address the challenges arising from the "structural change in our financial system driven by growth in superannuation" ASIC will focus on (among other things) "proactive and reactive surveillance in the funds management sector, including responsible entities and super fund trustees on a risk-profile basis [and] where appropriate, taking enforcement or other regulatory action".
- On 4 September 2015, the ATO released a speech given by Kasey Macfarlane, Assistant Commissioner, titled "The new administrative penalty regime: the ATO's new stick" which noted the ATO's powers to make education directions, rectification directions and impose administrative penalties against SMSF trustees which fail to comply with the Superannuation Industry (Supervision) Act 1993 (Cth).
- On 7 September 2015, the Tax and Superannuation Laws Amendment (2015 Measures No. 2) Bill 2015 was passed by the Senate without amendment and is now awaiting Royal Assent. According to the Explanatory Memorandum, the Bill amends the Income Tax Assessment Act 1997 (Cth) to (among other things) provide "income tax look-through treatment for instalment warrants and instalment receipts, and other similar arrangements, and for certain limited recourse borrowing arrangements entered into by regulated superannuation funds".
- On 7 September 2015, the ATO published a reminder to large and medium employers that they must be SuperStream compliant by no later than 31 October 2015.
- On 7 September 2015, ASIC published a media release regarding its review of superannuation fund websites to "check industry compliance with the new executive officer remuneration and systemic transparency disclosure requirements introduced as part of the Stronger Super reforms." In the media release ASIC explains the findings of its survey and provides guidance on how superannuation trustees can improve disclosure on funds' websites.
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