Superannuation Alert - 30.04.15
Financial Services eBulletin - 30 April 2015
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 24 April 2015 the ASIC Superannuation (Amendment No 1) Instrument 2015 was registered, which amends ASIC Class Order [CO 14/509] to defer again the start date of Class Order [CO 14/509] until 1 July 2016, for certain disclosures required under section 29QB(1) of the Superannuation Industry (Supervision) Act 1993 (the start date of the Class Order had previously been deferred to 1 July 2015). According to the Explanatory Statement to the Instrument, this means that "in respect of standard employer-sponsored sub-plans, RSE documents such as product disclosure statements, trust deeds and governing rules, actuarial reports of defined benefit funds, annual reports and summaries of significant event notices do not have to be published on the RSE's website until 1 July 2016 or may be redacted if the document relates to both the sub-plan and the RSE more generally." The deferral of the start date of the Class Order is intended to allow more time for consultation.
- On 24 April 2015, ASIC registered the ASIC Corporations (Amendment No 2) Instrument 2015 which amends ASIC Class Orders [CO 13/1534] and [CO 14/443]. The Explanatory Statement states that the purpose of the Instrument is to:
- in respect of Class Order [CO 13/1534], which defers the requirement in Corporations Regulation 7.9.20(1)(o) that a product dashboard be included with periodic statements, "extend the exemption [in Class Order [CO 13/1534] for a further 12 months so that it now applies to periodic statements for reporting periods ending before 1 July 2006"; and
- in respect of Class Order [CO 14/443], "[defer] the commencement of the product dashboard provisions for choice products to 1 July 2016 and [defer] the first reporting day for the portfolio holdings disclosure provisions to 31 December 2016."
- On 27 April 2015, the ATO issued a Decision Impact Statement setting out its view of the decision of the Administrative Appeals Tribunal (AAT) in Ward and Commissioner of Taxation  AATA 138. In that case the AAT determined that it had jurisdiction to review a decision by the ATO not to make a determination to disregard or reallocate excess superannuation contributions. The Decision Impact Statement states that the ATO has not appealed the decision in Ward and sets out the ATO's views about the significance of the decision.
- On 28 April 2015, APRA issued a Discussion Paper titled 'Superannuation Reporting Standards'. The Discussion Paper explains that APRA is revising 31 of the 38 APRA reporting standards it has issued between 2013 and 2015. Of the 31 reporting standards being revised, 5 have been released for consultation (accessible from the APRA website), as the proposed changes in relation to those standards are material. The other 26 standards have been released as final, with the revisions made to those standards being "minor amendments…to incorporate material already released by APRA as frequently asked questions." The 5 reporting standards released for consultation are:
- SRS 532.0 Investment Exposure Concentration;
- SRS 533.1 Asset Allocation and Members’ Benefits Flows;
- SRS 534.0 Derivative Financial Instruments;
- SRS 702.0 Investment Performance and Reporting Standard; and
- SRS 703.0 Fees Disclosed.
- APRA invites comments on the proposals outlined in the Discussion Paper and the 5 draft revised reporting standards and requests that written submissions be provided by 19 June 2015.
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.