Super Alert – 14 August 2020

Welcome to this week’s issue of the KHQ Super Alert. The most notable development was APRA’s announcement regarding its recommencement of policy reforms.

KHQ Lawyers - Super Alert

APRA – prudential policy program to recommence

On 10 August 2020, APRA announced that it will ‘recommence public consultations on select policy reforms and begin a phased resumption of the issuing of new licenses’, after suspending these activities in April. In relation to superannuation initiatives, APRA will recommence public consultation on:

  • ‘the cross-industry prudential standard for remuneration’; and
  • ‘the prudential standard for insurance in superannuation, and updated guidance on the sole purpose test’.

In relation to the assessment and issue of RSE licences, APRA announced that this ‘will occur in two phases, with phase one starting in September 2020 and phase two in March 2021’.

Click here for details.

ATO – SuperStream compliance deferral

On 10 August 2020, the ATO issued CRT Alert 041/2020 advising that it had written to APRA regulated funds ‘to advise of ATO and APRA support for an extension to the transition period that funds have to move to version 3 of the SuperStream rollover message from 31 March 2021 to 30 September 2021’.

The ATO noted that ‘[w]hile APRA encourages trustees to comply with the requirements as soon as possible, APRA does not expect failure to comply with these requirements to be reported as a breach prior to 30 September 2021’.

Click here for details.

ASIC – Senate statement

On 5 August 2020, ASIC tabled a statement before the House of Representatives Standing Committee on Economics. Although it does not deal with any superannuation-specific matters, it provides a useful overview of ASIC’s recent areas of focus.

Please click here for details.

KHQ Lawyers - Sanela Osmanovic

Sanela Osmanovic Senior Associate

Sanela is a Senior Associate in the superannuation and financial services team, and has a broad range of experience working with a range of superannuation fund trustees, superannuation administrators,... Read More

KHQ Lawyers - Natalie Cambrell

Natalie Cambrell Principal Solicitor

Natalie Cambrell leads our superannuation and financial services team.  With more than 20 years’ experience, she has an enviable reputation for her in-depth knowledge in these highly regulated and... Read More