Super Alert – 28 January 2022

Welcome to the latest issue of the KHQ Super Alert. It is a quieter week of news with only a few updates. The ATO has made changes to unclaimed superannuation money reporting, and ASIC is warning of scams targeting rollovers to SMSFs.

ATO – Updated industry changes roadmap

On 27 January 2022, the ATO released an updated roadmap which ‘details the changes affecting the super industry up until the end of December 2022. This information will be updated every quarter or when there are major changes or announcements’.

Click here for details.

ATO – Updates to the unclaimed superannuation money statement

On 20 January 2022, the ATO issued a media release in relation to updated procedures for unclaimed superannuation money. The ATO noted that ‘[the] Unclaimed superannuation money (USM) paper statement has been updated’ to reflect recent legislative changes. According to the ATO, the changes to the statement, are ‘only relevant to super providers who accept KiwiSaver accounts’, and include:

  • ‘USM reported to [the ATO] containing New Zealand sourced amounts must be shown separately’;
  • ‘[relevant super providers] need to use the USM paper statement to report New Zealand sourced amounts’; and
  • ‘a new field has been added to the USM paper statement to capture the New Zealand sourced amount’.

The ATO will also be ‘updating ato.gov with further information regarding KiwiSaver over the coming weeks’.

Click here for details.

ASIC – Scams in relation to rollovers to SMSFs

On 17 January 2022, ASIC issued a media release highlighting the increase in scam activity relating to rollovers to SMSFs. According to ASIC, it ‘has noticed an increase in marketing recommending Australians switch from retail and industry superannuation funds to [SMSFs] so they can invest in a “high return” portfolio’ relating to cryptocurrencies. Members are being reminded by ASIC that ‘it is best practice to seek advice from a licensed financial adviser before agreeing to transfer superannuation out of a regulated fund into an SMSF’.

Click here for details.

KHQ Lawyers - Jordan Diamantopoulos

Jordan Diamantopoulos Lawyer

Jordan is a graduate lawyer and is currently working in our Litigation team. Prior to joining KHQ Lawyers, Jordan worked as a Barrister’s research assistant and more recently at the Australian Competition... Read More

KHQ Lawyers - Sanela Osmanovic

Sanela Osmanovic Senior Associate

Sanela is a Senior Associate in the superannuation & 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 Director

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