Superannuation Alert 2.12.15
Financial Services eBulletin - 2 December 2015
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 24 November 2015, the ASIC Corporations (Amendments and Repeal) Instrument 2015/876 was registered. According to the Explanatory Statement, the Instrument:
- amends ASIC Class Order [C014/1252], which modifies Schedule 10 to the Corporations Regulations 2001 (Cth) (Regulations), to (among other things) clarify the "definitions of the interposed vehicle and indirect cost concepts, and how derivative fees and costs need to be disclosed as part of indirect costs"; and
- "provides in Schedule 2 transitional arrangements in relation to Product Disclosure Statements and periodic statements that were prepared in accordance with Schedule 10 to the Regulations, as amended by [CO 14/1252]".
ASIC has also made the following related documents available:
- an updated Regulatory Guide 97 - Disclosing fees and costs in PDSs and periodic statements (RG 97); and
- Report 457 - Response to submissions on draft Regulatory Guide 97 - Disclosing fees and costs in PDSs and periodic statements.
- On 26 November 2015, the ATO updated its website explaining the administrative arrangements that will apply if Parliament passes law following the Government's announcement on 29 June 2015 that capital gains tax relief will be extended to MySuper transfers within a fund. In the interim, the ATO explains that "it will accept tax returns as lodged during the period up until the outcome of the proposed amendment is known. In addition, past year assessments will not be reviewed until the outcome of the proposed amendment is known. Once the outcome of the proposed amendment is known, taxpayers will need to review their positions back to their 2014-15 income year."
- On 26 November 2015, the ATO updated its website to make available the SuperTICK user guide, which explains how the SuperTICK service operates.
- On 27 November 2015, in an address at the ASFA conference, the Treasurer outlined the Government's approach to superannuation reform in line with the Government's response to the Financial System Inquiry.
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.