Welcome to the final issue of the KHQ Super Alert for 2023. It has been our pleasure to bring you the latest superannuation news each week direct to your inbox. We hope you have an enjoyable holiday season. We will commence our newsletters again on 2 February 2024.
APRA – Annual superannuation statistics released
On 13 December 2023, APRA published the annual fund level and MySuper statistics for 2023. The fund-level statistics contain information on fund ‘profile and structure, financial performance and financial position, conditions of release, fees and membership’ of individual funds and trustees. The MySuper statistics include information on each MySuper product’s ‘profile and structure, financial performance, fees and membership’.
Click here for details.
ATO – Increase in financial hardship and compassionate release requests
On 12 December 2023, the ATO advised that large volumes of calls are being received relating to accessing superannuation benefits under financial hardship or compassionate release grounds. The ATO has informed trustees that ‘members can self-assess their eligibility’ for compassionate release using the ATO’s online information materials and can ‘lodge [their application] without needing to contact’ the ATO.
Click here for details.
Treasury – Several financial services related consultations commenced
On 8 December 2023, Treasury released three sets of materials for consultation. These were:
- an exposure draft Bill called the Taxation Administration (Meaning of End Benefit) Instrument 2023 which proposes to remake the Taxation Administration Act 1953 (Meaning of End Benefit) Instrument 2013 (Cth) relating to family law superannuation payments;
- a consultation paper setting out the proposed ‘licensing framework for payment service providers’ to ‘ensure the regulation of payment services is fit-for-purpose and provides consistent regulation based on the activity a payment service provider performs’ – this is likely to apply to superannuation clearing houses; and
- a consultation paper explaining the Government’s intention ‘to wind down the cheques system in Australia by no later than 2030’.
The consultation for the first item closes on 22 December 2023, while the last two consultations close on 2 February 2024.
Click here, here, and here for details.
Parliament – Bills relating to tax rates on high account balances referred to Senate
On 7 December 2023, the Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 and Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2023 were referred to the Senate Economics Legislation Committee for review. As referred to in our Super Alert of 8 December 2023, these Bills were introduced to adjust the concessional tax rates for members with high superannuation balances.
The report from the Committee is due on 19 April 2024.
Click here and here for details.
APRA – Revocation of further superannuation reporting standards
On 8 December 2023, APRA issued a brief letter to RSE licensees informing them that on 1 December 2023 it revoked reporting standards SRS 530.0 Investments and SRS 702.0 Investment Performance. RSE licensees are no longer required to report on these forms.
Click here for details.
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