Superannuation Alert 29.06.17

Financial Services eBulletin - 29 June 2017

The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.

Type Subject matter Source Description
Legislative updates Budget reforms regulations are registered Treasury Laws Amendment (2017 Measures No. 1) Regulations 2017

On 21 June 2017, the Treasury Laws Amendment (2017 Measures No. 1) Regulations 2017 (Regulations) were registered.

Amongst other things, the Explanatory Statement provides that:

  • Schedule 1 to the Regulations "amends a number of superannuation regulations to enable new innovative retirement income stream products to be offered from 1 July 2017"; and
  • Schedule 2 to the Regulations "expands the definition of capped defined benefit income stream to cover additional defined benefit pensions that permit commutation or are subject to other restrictions that fall outside the scope of subregulation 1.06(2) of the Superannuation Industry Supervisory Regulations 1994".

All changes set out in the Regulations have effect from 1 July 2017.

Legislative updates Further budget reforms Bill introduced to the House of Representatives Treasury Laws Amendment (2017 Measures No. 4) Bill 2017

On 22 June 2017, the Treasury Laws Amendment (2017 Measures No. 4) Bill 2017 (Bill) was introduced to the House of Representatives.

The Explanatory Memorandum provides that "Schedule 2 to the Bill amends the Income Tax Assessment Act 1997…to provide asset roll-over relief for mandatory transfers within a superannuation fund in the transition to a MySuper product". The asset-rollover relief will be available for transfers of accrued default amounts within a superannuation fund.

Legislative updates Instrument
2017/0530
registered
ASIC Corporations (Urgent Superannuation Advice) Instrument 2017/0530

On 23 June 2017, the ASIC Corporations (Urgent Superannuation Advice) Instrument 2017/530 (Instrument) was registered.

The Explanatory Statement provides that the Instrument is intended to facilitate the advice-giving process during this unusually busy period by giving entities additional time to provide Statements of Advice (SOAs)." The Instrument allows an SOA to be given within 30 days after providing advice to a client if the client expressly requests the advice to be provided before 1 July 2017 and the advice is given before that date.

 APRA Reporting standards updated for super reforms Minor amendments to Prudential Practice guide SPG 280

On 26 June 2017, APRA wrote to all RSE licensees stating that Prudential Practice Guide SPG 280 (Payment Standards) and seven superannuation reporting standards have been updated.

For the SPG 280 (Payment Standards), an RSE licensee is no longer permitted to claim a tax deduction in circumstances where "an anti-detriment payment is made as a component of a death benefit".

 

Further information

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.

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