The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
|Quarterly update on superannuation performance and MySuper|| |
On 22 August 2017, APRA released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the June 2017 quarter.
Superannuation assets totalled $2.324 trillion at the end of the June 2017 quarter. This represents a 10% increase from the June 2016 quarter of $2.113 trillion. MySuper assets totalled $594.7 billion at the end of the June 2017 quarter. This represents a 25.5% increase from the June 2016 quarter of $473.8 billion.
A summary of the available superannuation statistics for the June 2017 quarter is available here.
|ASIC||Enforcement outcomes report|| |
On 22 August 2017, ASIC released a report on its enforcement outcomes for the period January 2017 to June 2017. Amongst other things, ASIC said its enforcement teams have been focusing on culture and conduct in financial services and markets, credit, digital disruption, cyber threats, misalignment of retail product design and distribution with consumer understanding and cross-border businesses, services and transactions.
|ASIC||Fee and cost disclosure||Media release|| |
On 25 August 2017, ASIC issued a media release stating that it will extend the deadline to 30 September 2018, for the disclosure of property operating costs which are required to be disclosed in the investment fee or indirect costs. ASIC will also extend the deadline for certain disclosures in periodic statements that require changes to the internal systems of funds. These changes will be effective for annual statements for the year ending 30 June 2018.
For a summary of key changes announced to Class Order [CO 14/1252] please see the ASIC release available here.
|Australian Centre for Financial Studies||MySuper product dashboards||MySuper dashboards: Not so super|| |
On 22 August 2017, the Australian Centre for Financial Studies (ACFS) released a financial policy brief cautioning that MySuper product dashboards are potentially misleading consumers. Amongst other things, the report suggests that 'APRA should, if it is not already doing so, be investigating the apparent anomalies across MySuper providers in their target return and projected risk figures'.
|Federal Parliament||Asset roll-over relief for transfers within super fund||Treasury Laws Amendment (2017) Measures No. 4) Act 2017|| |
On 23 August 2017, the Treasury Laws Amendment (2017 Measures No. 4) Act 2017 received Royal Assent. Schedule 2 of the Act amends the Income Tax Assessment Act 1997 (Cth) to provide asset roll-over relief for mandatory transfers within a superannuation fund in the transition to a MySuper product. The amendments will apply to mandatory transfers which have been made between 29 June 2015 to 1 July 2017. The Explanatory Memorandum is available here.
|Ministerial announcement||Superannuation Guarantee reforms||Media release|| |
On 29 August 2017, the Minister for Revenue and Financial Services, the Hon. Kelly O'Dwyer, made available a media release stating that the Federal Government would provide the ATO with additional funding for a 'Superannuation Guarantee Taskforce to crackdown on employer non-compliance'.
The package of reforms is intended to give the ATO near 'real-time visibility over superannuation guarantee compliance by employers'.
Amongst other things, the reforms will require more frequent reporting by superannuation funds, improve oversight of the payroll reporting by means of a Single Touch Payroll system, promote the efficiency of the ATO's recovery powers and provide the ATO with the ability to seek court-ordered penalties for non-compliance.
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.