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.
|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:
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.
|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".
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