Welcome to the latest issue of the KHQ Super Alert. This week the ATO issued reminders to superannuation trustees about unclaimed money reporting and illegal access to superannuation (given the increase in rollover scams recently). APRA also released new FAQs in relation to its data transformation project.
APRA – Updated data project FAQs
On 18 April 2024, APRA released two new frequently asked questions (FAQs) in relation to its Superannuation Data Transformation Project. These questions are:
- SRS 332.0 y: ‘Can an RSE licensee report payments made on behalf of the entity by a related connected entity where these expenses do not form part of the expenses of the fund?’; and
- SRS 332.0 z: ‘Can an RSE licensee report a loss in respect of the expense contribution to service provider profit in SRF 332.0 Table 4?’.
One FAQ was also updated (SRS 605.0g: ‘Can APRA clarify what should be reported under SRS 605.0 and SRS 606.0 where the RSE offers MySuper as an investment option within one or more products?’) and numerous FAQs were archived.
Click here for details.
ATO – Warnings about illegal access to super
On 15 April 2024, the ATO issued a media release for superannuation professionals called ‘Illegal early access to super’. The ATO has developed a fact sheet which aims to help ‘members recognise the warning signs’. The ATO has requested trustee to remind members that superannuation is for retirement and if third parties have sufficient personal information about members, they can ‘steal their identity and use it to access their super for themselves’.
This particular fact scenario was discussed last year in the Federal Court case of Braz v Host-Plus Pty Ltd [2023] FCA 1454. See our Super Alert of 24 November 2023 for further information.
Click here for details.
Treasury – Draft legislation in relation to payment times reporting scheme
On 15 April 2024, Treasury released draft legislation called the ‘Payment Times Reporting Amendment Bill 2024’ which proposes various amendments to the Payment Times Reporting Act 2020 (Cth). As referred to in our Super Alert of 8 December 2023, this Act was reviewed last year and the Government agreed to all the recommendations made. According to Treasury, the draft legislation will:
- ‘reduce regulatory burdens for reporting entities with obligations under the Act’ (noting that the reference to reporting entities extends to superannuation funds);
- ‘introduce additional incentives for large businesses to improve payment times to small businesses’; and
- ‘streamline processes and remove inefficiencies in the current version of the Act’.
The consultation period closes on 29 April 2024. Consultation in relation to the Payment Times Reporting Rules 2020 will also follow.
Click here for details.
ATO – Unclaimed money reporting due shortly
On 12 April 2024, the ATO issued a media release called ‘Unclaimed super money and lost member reporting due’ as a reminder that this reporting is due to the ATO by 30 April 2024. The ATO has included information about what steps trustees should take if they are unable to meet their obligations (such as requesting a deferral).
Click here for details.
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