The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
|APRA consults on superannuation operational governance proposals|| |
On 11 August, APRA released a letter to RSE licensees outlining proposed changes to the superannuation prudential framework to "lift operational governance practices of RSE licensees". According to the letter, the term operational governance "relates to how an RSE licensee determines its strategic objectives, undertakes business planning, and runs its business operations on a day-to-day basis".
According to APRA's associated media release, APRA will consult over the coming months on proposed changes to the prudential framework, including:
APRA intends to release a detailed package of draft prudential standards for further consultation in late 2017.
|ATO||ATO runs visa checks for DASP applications|| |
On 14 August, the ATO advised tax professionals that it will hold online applications for their clients' Departing Australia Superannuation Payments (DASP) for 14 days before sending them to super funds for processing. This process will be followed to validate visa information with the Department of Immigration and Border Protection and ensure that super funds apply the appropriate DASP tax rates to member payments.
From 1 July 2017, a higher tax rate applies to DASP for members on Working Holiday (417) visas.
|SCT||SCT Quarterly - Q2 2017||SCT Quarterly - Q2 2017|| |
The SCT has published its second newsletter for the year, which focuses on the deduction of insurance premiums.
In the April to June quarter, 8.6% of complaints received related to the deduction of insurance premiums, a portion of which the SCT cannot deal with or provide a remedy for. This adds to the existing confusion about insurance offerings within superannuation.
The SCT advises that trustees can do the following to avoid complaints in the first instance:
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