Superannuation Alert - 23.4.15
Financial Services eBulletin - 23 April 2015
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
On 17 April 2015 ASIC released Consultation Paper 229 Repealing redundant ASIC class orders. ASIC proposes to repeal 59 class orders that are due to expire between 2015 and 2022. ASIC stated that "where an instrument is deemed to no longer serve a regulatory purpose we will consult on repealing it. We will repeal instruments rather than allow them to sunset so that industry is certain of our intentions and confident that where instruments are removed, this was our intention". ASIC is inviting comment on the consultation paper by 17 June 2015. Some relevant repealed class orders for superannuation and financial entities include:
- Class Order [CO 03/485] Periodic statements under s1017D;
- Class Order [CO 03/1097] Deferral of s1012IA;
- Class Order [CO 05/1254] Transitional relief for certain superannuation periodic statements;
- Class Order [CO 06/538] Relief from enhanced disclosures in exit statements; and
- Class Order [CO 06/602] Transitional periodic statement relief for legacy superannuation products.
20 April 2015 ASIC advised that it will be amending a number of Class Orders to defer commencement dates in relation to requirements for portfolio holdings disclosure, product dashboards, and systemic transparency disclosure requirements until 1 July 2016. The amendments will be made via two legislative instruments being: ASIC Superannuation (Amendment No. 1) Instrument 2015 and ASIC Corporations (Amendment No. 2) Instrument 2015. The affected Class Orders are described below.
- ASIC Class Order [CO 14/443] which relates to the deferral of choice product dashboard and portfolio holdings disclosure regimes. ASIC has indicated that the look-through provisions for portfolio holdings will be deferred to 1 July 2016, to facilitate a first reporting date of 31 December 2016. In addition, the obligation to make a choice product dashboard publicly available on the fund's website will be deferred until 1 July 2016.
- ASIC Class Order [CO 13/1534] which relates to the deferral of the requirement to include product dashboard as part of the periodic statement disclosure. ASIC has indicated that the requirements will only apply to periodic statements for reporting periods after 1 July 2016.
- ASIC Class Order [CO 14/509] which relates to the deferral of disclosure requirements under section 29QB of the Superannuation Industry (Supervision) Act 1993 (Cth) and regulations 2.37 and 2.38 of the Superannuation Industry (Supervision) Regulations 1994 (Cth). ASIC has indicated that it will defer the start date for the application of certain disclosures required by section 29QB until 1 July 2016.
On 17 April 2015 the ATO issued Interpretative Decision ATO ID 2015/9 (Superannuation Guarantee Scheme: attributed personal services income). This decision overturns Interpretative Decision ATO ID 2002/774. ATO ID 2015/9 states that attributed personal services income does not attract superannuation guarantee obligations on the part of the relevant personal services entity except for "salary or wages that are paid in the year of income and reported as attributed personal services income because they were paid more than 14 days after the end of the Pay-As-You-Go (PAYG) payment period in which the amount was derived as income of the personal services entity".
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.