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Issue 883, 20 December 2022 
In this issue: 

 

Housing Australia Future Fund: consultation 

Treasury has released a consultation package  of draft legislation to establish the Housing Australia Future Fund, Housing Australia and the National Housing Supply and Affordability Council. The package is designed to progress implementation of the Government’s commitments, prior to the Election and arising from the Jobs + Skills Summit, in relation to housing. These include facilitating institutional investment (including by superannuation funds) in social and affordable housing. 

Program delivery will be guided by a package of reforms, including:  

 Amongst other things, Housing Australia will have primary responsibility for delivering on the Government’s commitment to deliver 30,000 new social and affordable homes over five years, leveraging its existing capability and relationships with the community housing sector, institutional investors and state and territory housing authorities. 

If you have any feedback you would like ASFA to consider in relation to the consultation package, please forward it to Julian Cabarrus  by close of business Monday 9 January. 

 

Determining who is an ‘employee’: draft ATO ruling and compliance guided 

The ATO has issued for consultation a draft taxation ruling and practical compliance guideline (PCG) considering when a person is an ‘employee’. 

If you have any feedback you would like ASFA to consider in relation to the drafts, please forward it to Harvey Russell by close of business Friday 27 January. 

 

APRA MySuper Heatmap 

APRA has published its 2022 MySuper Heatmap, evaluating every MySuper superannuation product’s performance in the areas of investment returns, fees and costs and long-term sustainability of member outcomes. To further enhance industry transparency and product comparison, the Heatmap includes each product’s result under the Annual Performance Test. 

APRA’s key findings from this year’s heatmap include:  

APRA Deputy Chair Margaret Cole said: “APRA expects that trustees with underperforming products will consider options to transfer members or otherwise restructure their businesses, particularly where sustainability pressures are significant”.  

APRA had been expected to also publish a heatmap for choice products, but this has been deferred until early 2023. APRA has indicated it is “committed to the publication of the Choice Heatmap, which is being updated using data submitted through the new APRA Connect system for the first time”.  

In addition to the MySuper Heatmap, APRA has published an insights paper and a methodology paper as well as updates to frequently asked questions on its heatmaps. 

 

APRA Superannuation Data Transformation: updated FAQs 

APRA has updated its frequently asked questions (FAQs) in relation to its Superannuation Data Transformation (SDT) project. 

In this most recent update, APRA has: 

 

Amendments to financial services laws: regulations 

The Government has registered regulations amending financial services laws, consequential to measures currently before Parliament in the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Bill 2022 (see ASFA Action issue 880 in relation to this Bill). 

The amendments, set out in the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Regulations 2022:  

The amendments were released separately for consultation in August-September this year -see ASFA Action issue 866 for background. 

 

Financial adviser registration requirement deferred 

The Government has amended the Corporations Regulations 2001 to delay the requirement for financial services licensees to register financial advisers on the Financial Advisers Register until 1 July 2023. 

The Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 introduced a central registration requirement for financial advisers, in line with Recommendation 2.10 of the Financial Services Royal Commission. Registration was proposed to occur in two stages – stage one being a oneoff registration process administered by the ASIC using the Financial Advisers Register. 

In early November ASIC and the Government announced that the stage one registration requirement would be delayed, to give ASIC time to implement improvements to the operation of the registration process (see ASFA Action issues 877 and 876).  

The Government has now registered the Corporations Amendment (Registration of Relevant Providers) Regulations 2022 to give effect to this announcement. The Regulations amend the Corporations Regulations 2001 to delay the requirement for financial services licensees to register financial advisers on the Financial Advisers Register for six months to 1 July 2023. 

 

 

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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