Welcome to the latest issue of the KHQ Super Alert. It has been a quieter week in the industry this week. The main noteworthy news item relates to APRA’s release of new frequently asked questions for its superannuation data transformation project. Parliament – Bill for SCT closure On 28 October 2020, the TrSeasury Laws Amendment … Read more
By Alex Bevacqua, Biya Sun and Prath Balasubramaniam The Australian Taxation Office amnesty for unpaid superannuation ended on 7 September 2020. Based on the work Alex Bevacqua, Biya Sun and Prath Balasubramaniam have done with corporate clients, human resource managers, payroll officers and legal counsel still have a fundamental misunderstanding in relation to their superannuation obligations … Read more
Welcome to the latest issue of the KHQ Super Alert which is being sent out on a Monday due to the Victorian public holiday last week. The key news item from last week relates to the Treasury’s release of exposure draft legislation proposing a number of changes to the SIS Act and regulations in relation … Read more
Welcome to this week’s issue of the KHQ Super Alert. APRA has published a number of materials this week including its annual report, the latest speech from its Deputy Chair, and a reminder to trustees about the application of the controlling stake requirements in the SIS Act. APRA – Review of controlling stake requirements On … Read more
Welcome to this week’s issue of the KHQ Super Alert. APRA has clarified the interaction of JobKeeper payments and the work test for personal contributions, and provided a reminder to trustees about SPS 515 compliance. ASIC has announced that Victorian-based financial advisers will obtain some small relief from non-compliance with certain obligations. APRA – work … Read more
The recent Full Federal Court decision in Carter v FCT [2020] FCAFC 150 (Carter), reported at 2020 WTB 37 [[]], highlights the important issues to be considered in the management of trust distributions and where appropriate, disclaimers. These issues are generally brought into acute focus in ATO audits. In Carter, significant defects in the distribution … Read more
Welcome to this week’s issue of the KHQ Super Alert. The numerous updates this week seem to indicate that regulatory activity in the industry is picking up again. The key news for this week is that the government has extended the time limits for the operation of several COVID-related relief measures and ASIC has made … Read more
Welcome to this week’s issue of the KHQ Super Alert. The Law Reform Commission has announced that it will review the regulation of financial services and provide its final report in 2023. Also, ASIC has provided suggested steps that trustees can take to be ready for the new fees and costs disclosure rules. Law Reform … Read more
Welcome to this week’s issue of the KHQ Super Alert. This week the Federal Court determined that documents produced in accordance with ASIC notices will not attract legal professional privilege in some circumstances, and the ATO updated its guidance in relation to wind-up obligations for APRA-regulated funds. Parliament – Economics Committee hearings On 10 September … Read more
