Superannuation Alert - 18.12.13
Financial Services eBulletin - 18 December 2013
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 9 December 2013, AUSTRAC released draft amendments to the following Chapters of the AML/CTF Rules following submissions received on the Consultation on possible enhancements on the requirements for customer due diligence discussion paper: Chapter 1; Chapter 4; Chapter 5; Chapter 8; Chapter 9; Chapter 15; and Chapter 30. Comments on the draft amendments close on 24 January 2014. An explanatory statement is also available.
- On 9 December 2013, APRA released the final version of its Prudential Practice Guide SPG 310 (Audit and Related Matters) which sets out the requirements in relation to the audit of an RSE licensee's business operations.
- On 10 December 2013, the ATO released a Decision Impact Statement regarding the Federal Court's decision in VN Railway Pty Ltd & Anor v FCT  FCA 265. The Statement outlines the ATO's view on the meaning of "employee" and "eligible employee" in the Income Tax Assessment Act 1936 (Cth) and also examines whether a contribution was made to a complying superannuation fund.
- On 12 December 2013, ASIC registered Class Order [CO 13/1534] to defer until 1 July 2014 the requirement that trustees of regulated superannuation funds disclose certain costs in PDSs and periodic statements. The Class Order also exempts a superannuation trustee, in certain circumstances, from the requirement to include the latest product dashboard for an investment option as part of a periodic statement.
- On 13 December 2013, APRA registered Australian Prudential Regulation Authority (Confidentiality) Determination No 24 of 2013 stating that information provided by superannuation trustees under Reporting Standards SRS 200.0, SRS 210.0, SRS 210.1, SRS 230.0, SRS 240.0 and SRS 250.0 is generally not confidential.
- On 13 December 2013, APRA released an updated version of Reporting Standard SRS 703.0 (Fees Disclosed) which revokes previous versions. It applies to each RSE licensee from 1 July 2014 to align with ASIC Class Order CO13/1534.
- On 13 December 2013, the ATO released a draft determination titled Self-Managed Superannuation Funds (Limited Recourse Borrowing Arrangements - In-House Asset Exclusion) regarding the application of the in-house asset exemption provided under section 71(8) of the Superannuation Industry (Supervision) Act 1993 (Cth). A draft explanatory statement is also available. Submissions are due by 31 January 2014.
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