Spotlight on Super - May 2016

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Welcome to the May edition of Spotlight on Super! 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…

  • The ATO and APRA remind trustees of their upcoming SuperStream obligations.
  • ASIC releases updated regulatory guidance concerning relief for generic financial calculators.
  • ASIC updates guidance on the requirements that apply to trustees who offer a choice of investment strategies to members.
  • ASIC deferrs each of the SIS section 29QB standard employer-sponsored sub-plan disclosure, Superannuation Choice Product Dashboard, and Portfolio Holdings Disclosure requirements.
  • APRA confirms its view on whether non-written consent is sufficient for rolling over or transferring benefits.
  • The SIS Regulations are amended in order to facilitate the giving of security in respect of derivatives and to allow eligible rollover fund trustees to transfer member account balances to active accounts in other superannuation funds without a member’s consent.
  • The AAT analyses the interdependency requirements under the Income Tax Assessment Act 1997 (Cth) and Income Tax Assessment Regulations 1997 (Cth).
  • The Government releases its review of retirement income stream regulation.
  • Treasury releases a Discussion Paper on the proposed financial institutions supervisory levies that will apply for the 2017 Financial Year.
  • The Federal Budget was delivered on Tuesday 3 May.

To read the full publication, please click here.

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