Welcome to this week’s issue of the KHQ Super Alert. APRA has clarified the interaction of JobKeeper payments and the work test for personal contributions, and provided a reminder to trustees about SPS 515 compliance. ASIC has announced that Victorian-based financial advisers will obtain some small relief from non-compliance with certain obligations. APRA – work … Read more
Welcome to this week’s issue of the KHQ Super Alert. The Law Reform Commission has announced that it will review the regulation of financial services and provide its final report in 2023. Also, ASIC has provided suggested steps that trustees can take to be ready for the new fees and costs disclosure rules. Law Reform … Read more
Welcome to this week’s issue of the KHQ Super Alert. This week the Federal Court determined that documents produced in accordance with ASIC notices will not attract legal professional privilege in some circumstances, and the ATO updated its guidance in relation to wind-up obligations for APRA-regulated funds. Parliament – Economics Committee hearings On 10 September … Read more
Welcome to this week’s issue of the KHQ Super Alert. ASIC and APRA have released their long-term corporate plans and the Bill to increase the number of members in an SMSF was introduced in the Senate. The ATO also provided an update in relation to reporting for market linked pensions. Legislation – extension of early … Read more
Welcome to this week’s issue of the KHQ Super Alert. ASIC commenced several proceedings against AFS licensees this week, including an interesting proceeding alleging failure of duties because of inadequate cybersecurity. Also, the AAT determined a case concerning grandfathered account-based pensions. ASIC – Federal Court proceedings commenced On 21 August 2020, ASIC announced that it … Read more
Welcome to this week’s issue of the KHQ Super Alert. The most notable development was APRA’s announcement regarding its recommencement of policy reforms. APRA – prudential policy program to recommence On 10 August 2020, APRA announced that it will ‘recommence public consultations on select policy reforms and begin a phased resumption of the issuing of … Read more
Welcome to this week’s issue of the KHQ Super Alert. The main news items relate to updates from ASIC, including the new regulatory guide RG 271 which sets out changed internal dispute resolution standards for trustees. ASIC – Internal dispute resolution regulatory guide On 30 July 2020, ASIC issued RG 271: Internal Dispute Resolution (RG … Read more
Welcome to this week’s issue of the KHQ Super Alert. This week the Treasurer announced a number of superannuation measures in the Economic and Fiscal Update, ASIC registered the legislative instrument which gives effect to the deferral of the new fees and costs disclosure obligations and APRA reminded trustees of their SPS 515 responsibilities. Federal … Read more
Key Australian regulators have moved to establish new initiatives and scale-back some existing programs as the COVID-19 crisis deepens. Given the current crisis impacts both business and consumers alike, ASIC and the ACCC have prioritised their resources to ensure they are best placed to respond where necessary. The key take-outs for businesses to consider are: … Read more
