Super Alert – 28 July 2023: ATO first home super saver scheme statistics; AFCA updated trust deeds fact sheet


Posted By and on 28/07/23 at 12:05 PM

Welcome to the latest issue of the KHQ Super Alert. This week, the ATO released data showing the uptake of the first home super saver scheme since its commencement in 2018 and AFCA updated its factsheet regarding the submission of trust deeds by superannuation funds. 

ATO – First home super saver scheme statistics released

On 25 July 2023, the ATO released data on the first home super saver scheme (FHSSS) showing various statistics in relation to the uptake of the FHSSS for the period since its commencement on 1 July 2018 to 30 June 2022. The data released includes age, location and income demographics as well as the average FHSSS processing time.

According to the ATO, in its commencement year (2018-19) there were 4,200 release requests and a total amount of $38.9m was released to individuals, and by 2021-22 there were 12,500 release requests and a total amount of $141.7m was released to individuals.

Click here for details.

AFCA – Updated factsheet relating to trust deeds

On 17 July 2023, AFCA released an updated version of its factsheet relating to ‘what AFCA needs from superannuation trustees when [AFCA] request[s] a copy of the relevant trust deed’. Among other things, the factsheet explains that AFCA needs an executed trust deed because there is a risk that ‘an unexecuted consolidation or working copy of a trust deed…does not accurately incorporate the relevant amendments to the trust deed and does not represent the ‘correct’ trust deed’. The factsheet also explains the certification required from certain key persons if the signatures are redacted in an executed document.

Click here for details.

This alert was written by Kiara Leslie (Lawyer), Sanela Osmanovic (Senior Associate), and Natalie Cambrell (Director).

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KHQ Lawyers - Sanela Osmanovic

Sanela Osmanovic Senior Associate

Sanela is a Senior Associate in our Superannuation & Financial Services team, and has a broad range of experience working with a range of superannuation fund trustees... Read More

KHQ Lawyers - Natalie Cambrell

Natalie Cambrell Director

Natalie leads our Superannuation & Financial Services team. With more than 25 years’ experience, she has an enviable reputation for her in-depth knowledge in these highly regulated and complex... Read More