Close this search box.
Issue 843, 1 March 2022 
In this issue: 


DASP payment summaries: draft ATO instrument 

The ATO has issued a draft legislative instrument proposing to remake an existing instrument regarding Departing Australia Superannuation Payments (DASPs) that is due to sunset (expire) on 1 April. 

Taxation Administration Act 1953 – PAYG Withholding – Payment summary deferral – Employment termination and departing Australia superannuation payments, registered in 2012, sets 14 August as the date by which superannuation funds must provide copies of payment summaries for DASPs made in the prior financial year to the Commissioner of Taxation. 

Once finalised, Draft Legislative Instrument LI 2022/D6 — Taxation Administration – Payment Summary Deferral: Employment Termination and Departing Australia Superannuation Payments Deferral 2022 will remake the lodgement deferral in the same terms and repeal the 2012 instrument. 

LI 2022/D6 also proposes the same variation of date for lodgment of payment summaries in relation to employment termination payments. 

The ATO is seeking feedback on the draft legislative instrument by close of business Monday 7 March.

Superannuation choice form: ATO questionnaire 

The ATO has asked ASFA to bring to our members’ attention a review it is conducting of the superannuation choice form. 

The ATO is seeking feedback from superannuation funds, employers and intermediaries in relation to the current choice form, in particular: 

The ATO is keen to hear from superannuation funds about their experience of employer behaviour in relation to the above matters. Responses should be sent directly to the ATO at by close of business Monday 7 March. 


Financial Regulator Assessment Authority review of ASIC: survey 

As reported in ASFA Action issue 835, the Financial Regulator Assessment Authority (FRAA) is currently undertaking its first review into the effectiveness and capacity of ASIC. 

The FRAA has asked ASFA to provide the following information to our members regarding a survey it is conducting as part of the review: 

The Financial Regulator Assessment Authority (FRAA) is an independent statutory body established by the Government in response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Its role is to undertake regular reviews of ASIC and APRA to assess the effectiveness and capability of the two regulators. 

The FRAA’s first review is of ASIC and covers ASIC’s effectiveness and capability, across three areas:  

The FRAA will provide its report to the Minister by the end of July 2022 and it will be tabled in Parliament. 

As part of the review, the FRAA is working with Boston Consulting Group to conduct a survey of relevant external stakeholders about their experiences with ASIC. The survey is a key input into the FRAA’s review of effectiveness and capability of ASIC. It is an opportunity for stakeholders to share their views and contribute to improving the effectiveness and capability of ASIC. 

Survey responses will be anonymous, unless you nominate to provide your organisation’s name. We collect some demographic information (for example, relationship to ASIC), but will not report on any segments with less than five responses to ensure that no response is identifiable. 

The survey will be open until 11 March 2022. You only need to complete the survey once. 

You can access the survey through the link 

Some verbatim comments may be used in reports prepared for the FRAA and the Minister, which may be made publicly available. 

We encourage you to participate and share your views. For any questions regarding the survey, please reach out to Sally Etherington from the Financial Regulator Assessment Authority ( 


Improving cyber security resilience in light of the heightened threat environment  

On 23 February 2022, the Australian Cyber Security Centre (ACSC) released an alert in response to the heightened threat environment arising from the Russia/Ukraine conflict. In particular, the alert noted that: 

Australian organisations are encouraged to urgently adopt an enhanced cyber security position. Organisations should act now and follow ACSC’s advice to improve their cyber security resilience in light of the heightened threat environment. 

The ACSC has subsequently updated this alert with guidance regarding mitigating actions. 


Outcomes assessment: APRA FAQs 

APRA has published new and updated frequently asked questions (FAQs) in relation to the outcomes assessment for registrable superannuation entities (RSEs) under subsection 52(9) of the Superannuation Industry (Supervision) Act 1993. 

The new and updated FAQs set out APRA’s expectation for RSE licensees to align their outcomes assessment and business performance review cycle. The appropriate alignment of the cycle is intended to ensure that an RSE licensee is using up-to-date assessments and optimising value from the process. 


Superannuation Bills update 

Several Bills relevant to superannuation received Royal Assent on 22 February, following their passage through Parliament earlier in the month: 


Family law superannuation splitting: valuation of particular super interests 

The Attorney General has registered a legislative instrument dealing with the valuation of certain superannuation interests under the family law superannuation splitting regime, as a result of the merger between QSuper and Sunsuper. The instrument does not have any wider application to other superannuation interests. 

TheFamily Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2022: 

The legislative instrument commenced on 28 February. 


ASFA Best Practice Papers 

From time to time, ASFA issues Best Practice Papers intended to provide superannuation funds and their service providers with information about a range of concepts, processes and methodologies to address relevant issues. 

ASFA members can access the three current Best Practice Papers through the member-only section of the website: 

ASFA would like to remind members that any Best Practice Papers that do not appear on the website are not considered current and should no longer be relied upon. 

If you have any questions regarding ASFA’s Best Practice Papers, please contact Julia Stannard. 




ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations

and other regulatory announcements relevant to superannuation.

Close this search box.
Close this search box.

Logged in as

Most recent