By Luke Hooper, Special Counsel
Welcome to the April edition of MOving Ahead! This publication is filled with legal and regulatory developments designed to help super trustees meet the challenge of minimising the impact and maximising strategic opportunities arising from regulatory change.
In this edition…
- ASIC releases consultation papers in respect of self-reporting of contraventions by financial services and credit licensees and its proposal to establish a Financial Services Panel
- Bills were introduced into Parliament proposing to impose a levy on ASIC-regulated entities to recover ASIC’s regulatory costs
- Draft regulations have been released, proposing to expand the range of capped defined benefit income streams under the transfer balance cap rules, and to provide tax relief to superannuation funds when mandatorily transferring assets as part of the transition to the MySuper rules
- The New South Wales Supreme Court has ordered that the trustee of a public offer superannuation fund was not compelled to pay a death benefit to the nominated beneficiary under a “non-lapsing” death benefit nomination
- The Productivity Commission released its Draft Report into Superannuation Alternative Default Models
- The ATO released guidelines outlining its compliance approach in respect of recent legislative amendments affecting various TRIS, and clarifying how the defined benefit income cap applies to superannuation income stream benefits that are paid from a non-commutable lifetime pensions or lifetime annuities
- The Insurance in Superannuation Working Group released a discussion paper examining group insurance claims handling
- The Commissioner of Taxation has determined that an advance paid under the Fair Entitlements Guarantee Act 2012 (Cth) to a former employee is “salary or wages” for the purposes of working out a liability for the superannuation guarantee charge
To read the full publication, please click here.
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