RegTracker 28 March 2022

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By Mark Bland, Partner, Stephen Putnins, Partner, Geoffrey McCarthy, Special Counsel and Vijay Adithya, Lawyer

This update is designed to help superannuation trustees track and manage regulatory change. We look ahead to forthcoming developments and look back at recent changes.

We have collaborated with Argos Reg-Tech to create Argos, an online platform where subscribers can find detailed analysis of regulatory reforms, updated on a daily basis. Contact us if you would like to learn how Argos can help your firm manage the risks of regulatory change.

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Key developments

The Government has indicated that there will be legislative changes from 1 July 2022, addressing the impact of the non-arm’s length expense rules as they affect the taxation of RSEs.  It may be hoped this will address uncertainty in relation to fees for trustees that do not aim for profit for shareholders.

The Issues Paper for the Quality of Advice review indicates that areas such as intra fund and consents required for payments to advisers will be reviewed (even if the provisions have only just been reformed).  Another area of particular interest to trustees that is discussed is digital advice.

NSW stamp duty changes under consideration could impact Trustee’s and their investment portfolios.

Last Week

21 March – ASIC published INFO 269 on discussing financial products and services online directed at influencers and licensee that use them.

21 March Australia’s National Plan’ to Combat Cybercrime comprising 15 pages was launched by the Government.

21 March – Treasury published a consultation paper on Crypto asset secondary service providers: Licensing and custody requirements.

21 March – The Government released the Terms of Reference for a Board of Taxation review into the taxation of digital assets and transactions in Australia.

21 March – A Consultation paper published by the International Organisation of Securities Commissions on retail market conduct issues.

21 March National Advice Solutions appeared to face charges of breaching anti-hawking offences following alleged superannuation sales cold calls.

21 March – Family Law (Superannuation) Amendment (2022 Measures No. 1) Regulations 2022 were registered.

22 March – The Legislative Instrument: Director Identification Number Laws (Other Government Bodies) Disclosure Framework 2022 was registered.

22 March – The Government announced it would make legislative changes to ensure the non-arm’s length expense provisions operate as envisaged.

23 March – ASIC said it would scrutinise marketing of managed fund performance and risks.

23 March – APRA published the International Organisation of Pension Supervisors’ (IOPS) announcement that outlines good industry practices when forecasting and communicating future retirement benefits.

24 March – Following on from the independent review of the insolvent trading safe harbour in November 2021, the Government tabled the statutory ‘Review of the Insolvent Trading Safe Harbour’ in Parliament.

24 March – The Legislative Instrument: Taxation Administration – Payment Summary Deferral: Employment Termination and Departing Australia Superannuation Payments Deferral 2022 was registered with commencement to be on 1 April 2022

25 March – ASIC published results of February 2022 adviser exam sittings.

25 March – The House of Representatives Standing Committee on Economics tabled its report titled ‘Uncharted Territory: Review of the Reserve Bank of Australia (RBA) Annual Reports 2019 and 2020‘.

25 March – The Advisory Report of the Parliamentary Joint Committee on Intelligence and Security on the Security Legislation Amendment (Critical Infrastructure Protection) Bill 2022 was published.

25 March – Treasury publishes an Issues Paper for the Quality of Advice review.

25 March – The Investment Funds Legislation Amendment Bill 2021 is scheduled to be debated in the Senate.

25 March – Expansion of stamp duty proposed in State Revenue and Fines Legislation Amendment (Miscellaneous) Bill 2022 (NSW).

26 March – Treasurer tweets Government policy to extend reduced superannuation pension drawdowns.

Upcoming soon

28 March – Consultations for CP 359 Financial Services and Credit Panel due.

29, 30 and 31 March – Parliament to sit for standard business.

29 March – Senate scheduled to consider Treasury Laws Amendment (Enhancing Tax Integrity and Supporting Business Investment) Bill 2022 with unfair contracts amendments.

30 MarchSenate Standing Committee on Economics Inquiry report due into unlawful underpayment of employees’ remuneration.

39 March – AML/CTF Inquiry Report from Senate Legal and Constitutional Affairs Committee due.

31 MarchPortfolio Holdings must be disclosed.

31 MarchAML/CTF Reporting entities’ compliance reports for 2021 due.

1 April – ASIC relief in ASIC Class Order [CO 11/1227] in relation to retirement estimates in periodic statements expires.

1 AprilSuperannuation (Government Co-contribution for Low Income Earners) Regulations 2022 commence.

1 April – Amendments for meetings scheduled under the Corporations Amendment (Meetings and Documents) Act 2022 take effect.

5 April – A DIN is required before a person who wasn’t a director before is appointed.

For further information, please do not hesitate to contact us.

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