In the media
ASIC commences civil penalty proceedings against Dixon
Advisory for alleged conflicts, best interest failures and
inappropriate advice
ASIC has commenced proceedings in the Federal Court of
Australia against Dixon Advisory and Superannuation Services
Limited (Dixon Advisory), a subsidiary of
ASX-listed Evans Dixon Limited (Evans Dixon) (4
September 2020).
More...
FSC welcomes calls for technology neutral law and
measurers to drive business growth
The FSC welcomes the release of the Senate Select
Committee for Financial Technology and Regulatory Technology's
draft report into the sector. Support for these changes will enable
financial services businesses to meet the needs of consumers and
compliance obligations more efficiently while driving long-term
economic growth (2 September 2020).
More...
ASFA: Ballooning business profits support Superannuation
Guarantee increase
The ASFA says the National Accounts data released
re-enforces the need for the legislated increase in the
Superannuation Guarantee (SG) to go ahead. The SG
rate is scheduled to increase from its current 9.5% to 10% on 1
July 2021 (2 September 2020).
More...
Early release of super scheme leads to rising age
pension costs, analysis reveals
Without replenishing early release amounts total
retirement incomes will be significantly lower and the long-term
age pension costs borne by taxpayers could be more than twice the
present value of the withdrawn early release amounts, the analysis
shows (2 September 2020).
More...
APRA canvasses COVID-19 super fund exits
The extended period of the COVID-19 pandemic may hasten
the exit of some superannuation funds, according to the Australian
Prudential Regulation Authority (APRA) (1
September 2020).
More...
APRA takes next steps to expand its superannuation data
collection
The APRA has released the final consultation package for
Phase 1 of its project to expand the breadth, depth and consistency
of its superannuation data collection. APRA is now seeking feedback
from industry ahead of finalising the nine reporting standards
linked to Phase 1 early next year. Phase 2 (Depth) will commence
shortly thereafter (28 August 2020).
More...
ASIC names operations, risk leads
In announcing the organisational changes, ASIC also
released its Corporate Plan for 2020-24. ASIC warned superannuation
funds that it will closely monitor the impact of COVID-19 on
insurance offerings (31 August 2020).
More...
Handling complaints and paid representatives: ASIC
provides financial firms with guidance
ASIC recently published Regulatory Guide 271 Internal
Dispute Resolution (RG 271). Among other things,
RG 271 clarifies ASIC's expectations of financial firms in
their dealings with paid representatives – including
debt-management firms (27 August 2020).
More...
New law backs choice of fund
A new law is empowering employees to choose their own
superannuation fund, lifting restrictions that forced some members
into a super fund dictated by their employer, with the Treasury
Laws Amendment (Your Superannuation, Your Choice) Bill 2019
passed overnight (26 August 2020).
More...
AIST calls for top-ups for low-income ERS
recipients
Government should top up the superannuation balances of
Australians who make less than $39,837 a year and genuinely
accessed their superannuation under ERS, according to the
Australian Institute of Superannuation Trustees (24 August 2020).
More...
In practice and courts
ATO: COVID-19 early release of super
Information about the eligibility and application process
for the COVID-19 early release of super scheme until 30 June 2020
for the 2019–20 year and between 1 July 2020 and 24 September
2020, for the 2020–21.
More...
ATO: Proposed Superannuation Guarantee amnesty
The proposed Superannuation Guarantee
(SG) Amnesty (the proposed amnesty) and
re-introduced the associated legislation into Parliament. Until the
proposed amnesty law is enacted by Parliament, ATO will continue to
apply the existing law to the SGC statements you lodge.
More...
APRA publishes new frequently asked questions on MySuper
Product Heatmap
The APRA has published a new set of frequently asked
questions concerning the release of the 2020 MySuper Product
Heatmap in December 2020 (21 August 2020).
More...
APRA reminder: superannuation licensees on upcoming
legislative obligations
The APRA has written to registrable superannuation entity
(RSE) licensees reaffirming its expectations
regarding two key regulatory requirements - to undertake a Business
Performance Review by 31 December 2020, and an outcomes assessment
by 28 February 2021.
More...
ASIC Corporations, Superannuation and Credit (Amendment)
Instrument
Amends the ASIC Corporations and Credit (Internal Dispute
Resolution— Transitional) Instrument 2019/965
to preserve ASIC's existing internal dispute resolution policy
in relation to complaints received by financial firms before 5
October 2021. More...
Legislation
Commonwealth
Regulations
Treasury
Laws Amendment (Release of Superannuation on Compassionate Grounds)
Regulations (No. 3) 2020
03/09/2020 - This instrument amends the Retirement
Savings Accounts Regulations 1997 and Superannuation Industry
(Supervision) Regulations 1994 to extend the deadline by which
applications must be made for coronavirus related early release
from superannuation and retirement savings accounts to 31 December
2020.
ASIC
Corporations (Hardship Withdrawals Relief) Instrument
2020/778
27/08/2020 - This instrument provides responsible entities
of registered managed investment schemes relief from certain
provisions in Chapter 5C of the Corporations Act 2001 to facilitate
withdrawals by members suffering hardship while the scheme is
frozen.
Bills
Treasury Laws Amendment (Your Superannuation, Your Choice)
Bill 2019
Amends the Superannuation Guarantee (Administration) Act
1992 to provide that employees under workplace determinations or
enterprise agreements have the right to choose their superannuation
fund. Finally passed both Houses 25 August 2020.
Treasury Laws Amendment (2020 Measures No. 2) Bill
2020
Amends the: Income Tax Assessment Act 1997 to amend the
hybrid mismatch rules including International Finance Corporation
Act 1955 and International Monetary Agreements Act 1947 to
establish frameworks under which Australia may enter into
agreements with the International Bank for Reconstruction and
Development and the International Finance Corporation of the World
Bank Group to buy additional shares of their respective capital
stocks; and authorise appropriations from the Consolidated Revenue
Fund for the purposes of such payments. Senate Message from House
of Reps reported 24 August 2020. Consideration of House of Reps
message 25 August 2020.
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.