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Issue 860, 19 July 2022 
In this issue: 

 

Annual members’ meeting notices: consultation on amending regulations 

Treasury has released for consultation draft Regulations  outlining proposed changes to the disclosure requirements for superannuation annual members’ meeting notices. 

Amendments to the Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations) last August prescribed that certain information must be provided with a notice for an annual members’ meeting (see ASFA Action issue 817). The amendments were made as part of the Your Future, Your Super reforms and the earlier ‘member outcomes’ reforms. 

On 7 July, the Minister for Financial Services announced that the Government would shortly release draft regulations for amendments to these annual members’ meeting disclosure requirements (see ASFA Action issue 859). 

The draft Regulations, now released by Treasury for a very brief consultation, contain proposed changes to: 

Once finalised, the Regulations will commence seven days after the day they are registered, and the amendments will apply to annual members’ meeting notices given after the commencement of the regulations for a year of income ending on or after 30 June 2022. The effect is that the amendments will apply retrospectively to any notices that relate to each year of income that ends on or after 30 June 2022, but only notices given after commencement of the Regulations will be subject to the new requirements. All notices given up until commencement of the Regulations must comply with the existing requirements. 

If you have any feedback you would like ASFA to consider in relation to the draft Regulations, please forward it to Helena Gibsonby midday, Monday 25 July. 

 

Viewing superannuation contribution cap information 

The ATO has launched new online functionality, accessible via MyGov, for individuals to view information about their superannuation contributions and caps. 

Individuals can now view their remaining non-concessional contributions cap amount for the financial year, and whether they are close to exceeding the cap. If the individual has exceeded their cap, this will be clearly shown using labels and coloured indicators. The concessional contributions and unused concessional contribution information display has also been enhanced, to include coloured indicators and clear labels such as ‘eligible’ or ‘not eligible’. 

Superannuation funds may wish to make their members aware that they can now access this information via MyGov. 

 

 

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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