Welcome to the latest issue of the KHQ Super Alert. There are only two items to report this week. ASIC published an important speech about the proposed mandatory climate reporting regime and the ATO released new materials to assist the industry with understanding release authorities.
ASIC – Speech in relation to mandatory climate reporting
On 23 April 2024, ASIC published a speech delivered by its Chair, Joe Longo, in relation to the proposed upcoming mandatory climate reporting regime (which will apply to superannuation trustees). The key points made by Mr Longo include the following:
- ‘entities should start putting into place the systems, processes and governance practices that will be required to meet new climate reporting requirements’;
- ‘ASIC will take a pragmatic approach to the supervision and enforcement of the regime, and…will develop and issue guidance to help entities meet their new obligations’; and
- ‘the legislation [has been introduced] alongside modified liability settings which will restrict private actions against certain protected statements for a period of three years’.
Click here for details.
ATO – New materials published for release authorities
On 23 April 2024, the ATO issued a media release advising the industry that it had updated its online materials relating to release authorities. According to the ATO, the updated materials include information about:
- ‘timing of responses and negative consequences that could occur for…members if inaccurate information is reported’;
- ‘the different types of release authorities and tax treatments’; and
- ‘determinations and notices of assessment, including what [the ATO] can’t disclose…due to privacy restrictions’.
In particular, the ATO has advised that during a successor fund transfer it cannot suppress the ‘issuing of release authorities’. Funds that will not be able to action release authorities in time because they enter a limited services period before a successor fund transfer should contact the ATO for advice.
Click here for details.
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