Superannuation Alert 20.11.15
Financial Services eBulletin - 20 November 2015
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 12 November 2015, the Treasury Legislation Amendment (Repeal Day 2015) Bill 2015 was introduced to the House of Representatives. According to its Explanatory Memorandum the Bill:
- simplifies the superannuation guarantee (SG) charge and makes the SG charge and penalty more proportionate to the non-compliance. The SG charge will be simplified by aligning the earnings base for calculating the SG charge (currently salary or wages) with the earnings base for calculating SG contributions (ordinary time earnings). The changes will also align the interest component of any SG shortfall with the period over which the contributions are actually outstanding. In addition, the changes will remove the additional penalties under the Superannuation Guarantee (Administration) Act 1992 which can be significant and align them with administrative penalties under the Taxation Administration Act 1953; and
- amends the Superannuation (Unclaimed Money and Lost Members) Act 1999, and other superannuation laws to enable the Commissioner of Taxation (Commissioner) to pay certain superannuation amounts directly to individuals with a terminal medical condition and to remove the requirement for superannuation funds to lodge a separate biannual lost members statement with the Commissioner.
- On 13 November 2015, APRA registered Financial Sector (Collection of Data) reporting standard) determination No. 29 of 2015 which revokes Financial Sector (Collection of Data) (reporting standard) determination No. 83 of 2013, including Reporting Standard SRS 534.0 Derivative Financial Instruments made under that Determination. According to the Explanatory Statement a revised reporting standard will apply from 1 July 2016.
- On 19 November 2015 APRA issued its Quarterly Superannuation Performance statistics for the September 2015 quarter, and the related Superannuation Statistics Selected Feature - Accrued Default Amounts. APRA's quarterly statistics aim to provide information to interested parties to assess the overall performance of the superannuation system by providing data on earnings performance, expenses, taxes and investment.
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.