Issue 979

In this issue:

Miscellaneous amendments to Treasury portfolio laws: consultation

Treasury is undertaking a very brief consultation as part of its twice-yearly process of making miscellaneous and technical amendments to its portfolio legislation. The amendments are intended to correct technical or drafting defects, remove anomalies and address unintended outcomes. 

Of relevance to superannuation, the draft Treasury Laws Amendment Bill 2025: Miscellaneous and technical amendments (Autumn 2025) 

Of relevance to superannuation, the draft Treasury Laws Amendment Instrument 2025: Miscellaneous and technical amendments (Autumn 2025): 

If you have any feedback you would like ASFA to consider in relation to the consultation package, please forward it to Julia Stannard by midday Tuesday 28 January

Fees for personal advice paid from members’ super accounts: consultation

The ATO is consulting on a draft practical compliance guideline (PCG) dealing with the treatment of personal advice fees paid from a member’s superannuation account: PCG 2025/D1 Fees for personal financial advice paid from member accounts by superannuation funds – apportioning the deduction and pay as you go withholding obligations. 

It follows the recent passage of amendments to clarify the legal basis for the payment by a superannuation fund of financial advice fees which are paid from or charged to members’ superannuation interests, and the associated tax consequences (as part of tranche 1 of the ‘Delivering Better Financial Outcomes’ reforms). 

The draft PCG outlines: 

If you have any feedback you would like ASFA to consider in relation to the draft PCG, please forward it to Julia Stannard by close of business Monday 3 February. 

National Plan to End the Abuse and Mistreatment of Older People: consultation reminder

As reported in ASFA Action issue 977, the Government is consulting on a draft of the National Plan to End the Abuse and Mistreatment of Older People 2024-2034.  

The Plan is intended to provide the strategic architecture to unite action by governments, the sector and community over the next 10 years, to prevent, respond and ultimately end the abuse and mistreatment of older people.  

Of potential interest for superannuation, the draft Plan refers to superannuation:   

If you have any feedback you would like ASFA to consider in relation to the draft Plan, please forward it to Sebastian Reinehr by close of business Thursday 6 February. 

Cyber security / security of critical infrastructure: consultation on rules

The Department of Home Affairs is consulting on rules to support a recent package of legislative reforms regarding cyber security and security of critical infrastructure. 

As reported in ASFA Action issue 975, the Cyber Security Act 2024, the Intelligence Services and Other Legislation Amendment (Cyber Security) Act 2024 and the Security of Critical Infrastructure and Other Legislation Amendment (Enhanced Response and Prevention) Act 2024  (Enhance Response and Prevention Act) received Royal Assent in late November. On 15 January, the Government registered the Security of Critical Infrastructure and Other Legislation Amendment (Enhanced Response and Prevention) Commencement Proclamation 2024. This set the commencement date for parts of the Enhanced Response and Prevention Act as 20 December 2024.

The legislative package enacted seven initiatives under the Cyber Security Strategy. These new laws: 

The package also progresses reforms under the Security of Critical Infrastructure Act 2018 (SOCI Act) to: 

To give effect to some of the measures, The DHA is now consulting on six sets of Rules: 

  1. Cyber Security (Ransomware Reporting) Rules 2024 
  2. Cyber Security (Cyber Incident Review Board) Rules 2024 
  3. Security of Critical Infrastructure (Critical infrastructure risk management program) Amendment (Data Storage Systems) Rules 2024 
  4. Cyber Security (Security Standards for Smart Devices) Rules 2024 
  5. Security of Critical Infrastructure (Telecommunications Security and Risk Management Program) Rules 2024  
  6. Security of Critical Infrastructure (Application) Amendment (Critical Telecommunications Assets) Rules 2024  

If you have any feedback you would like ASFA to consider in relation to the draft Rules, please forward it to Sebastian Reinehr by close of business Friday 7 February.

Use of legal professional privilege in Commonwealth investigations: consultation

The Attorney-General’s Department and Treasury have released a discussion paper as part of a joint review into the use of legal professional privilege in Commonwealth investigations.  

The purpose of the review is to present options for Government to respond to concerns that some claims of privilege are being used to obstruct or frustrate investigations undertaken by Commonwealth agencies. This is a general review, not targeted in any way toward superannuation funds, but may be of interest to fund trustees. 

If you have any feedback you would like ASFA to consider in relation to the discussion paper, please forward it to Sebastian Reinehr by close of business Friday 21 February.

APRA reporting standards

APRA has determined two of the reporting standards it recently finalised as part of phase 2 of its multi-year Superannuation Data Transformation project. 

As reported in ASFA Action 976, APRA finalised its consultation on phase 2 ‘Depth’ in December, following consultation commencing in November 2023 and a partial response in September 2024. 

APRA has now registered two determinations from the September 2024 response: 

Lodgement of the associated reporting forms will be required for financial years ending on or after 30 June 2025.  

Other reporting standards finalised as part of the December 2024 response are yet to be determined. 

 


 

ASFA REGULATORY WATCHLIST

ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations
and other regulatory announcements relevant to superannuation.

 

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