The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
ASIC Corporate Plan for 2017/18 to 2020/21
On 1 September, ASIC published its Corporate Plan 2017/18 to 2020/21 (Plan). According to ASIC's media release, the Plan outlines the key risks warranting ASIC's attention in 2017/18 and in the long-term.
In relation to the superannuation sector, ASIC outlines its view of "what good looks like", which includes that providers should:
|APRA||Letter to RSE licensees concerning assessment of member outcomes|| |
On 31 August, APRA wrote to all Registrable Superannuation Entities (RSE) licensees outlining its relevant metrics for assessing member outcomes and fund sustainability.
APRA stated that the metrics include:
|ATO||Large super fund compliance with reporting obligations||James O'Halloran, Deputy Commissioner, Superannuation Speech to The National Superannuation Conference|| |
On 24 and 25 August, the Deputy Commissioner, Superannuation, James O'Halloran, spoke at the Tax Institute National Superannuation Conference concerning, amongst other things, large super funds' performance in meeting their reporting obligations.
According to Mr O'Halloran, "the most recent feedback on the reports from fund executives has been overwhelmingly positive and 99 per cent of funds met their reporting obligations to a good or high standard in 2016".
Mr O'Halloran stated that "despite the stellar compliance figures, [the ATO] will remain vigilant", due to the high impact any incidence of non-compliance would have on the tax and super system, given the "large amount of assets held, income generated and tax paid." According to Mr O'Halloran, large funds currently hold around 62 per cent of the total superannuation assets.
|Case Law||Interpretation of trust deed definition of "salary" for hospital employees||FSS Trustee Corporation v Eastaugh  VSCA 218|| |
On 29 August 2017, the Victorian Court of Appeal handed down its judgment in FSS Trustee Corporation v Eastaugh  VSCA 218.
The case concerned the meaning of "salary" for the purposes of calculating defined benefits under a particular trust deed definition applicable to hospital employees. It was held that because of the breadth of the word "including", "recall payments" which were paid to doctors were within the definition of salary regardless of whether they were paid regularly and periodically.
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.