Issue 846, 22 March 2022
In this issue:
Family Law (Superannuation) Amendment (2022 Measures No. 1) Regulations 2022
The government has made the Family Law (Superannuation) Amendment (2022 Measures No. 1) Regulations 2022.
The regulations amend the Family Law (Superannuation) Regulations 2001 (the FLS Regulations):
- to include definitions and update references and terminology in the FLS Regulations, as a result of the merger between QSuper and Sunsuper on 28 February 2022;
- to clarify that the Attorney-General has the power to make information determinations for hybrid superannuation funds, consistent with existing powers in the FLS Regulations to make information determinations for defined benefit and accumulation funds; and
- to make two other minor amendments to update an out-of-date cross-reference and to fix a typographical error.
Super Data Transformation: Updated FAQs
APRA has updated its frequently asked questions (FAQs) in relation to the reporting standards issued under Phase 1 of its Superannuation Data Transformation (SDT) project.
APRA has clarified Historical Data FAQ 1.0 to confirm reporting periods for investment options other than those underlying a MySuper product or a trustee-directed product.
APRA has also published two additional FAQs, including expectations around the reporting of withdrawn or closed insurance claims, to provide further guidance to RSE licensees on the reporting standards under the SDT project.
ATO client experience survey
The ATO is conducting its annual survey of the large superannuation fund community to help it understand how it can improve its services.
The survey is the opportunity for the industry to tell the ATO about your experiences and preferences when interacting with it and is part of the ATO’s routine research program.
Several new topics have been included in the Superannuation Funds Survey, including
- SuperStream Rollovers Version 3
- the Your Future, Your Super stapled super fund reforms; and
- the Small Business Superannuation Clearing House.
Responses are anonymous – unless you choose to identify yourself at the end of the survey – and the expected completion time is approximately 10 minutes.
The ATO would like to hear from as many individuals as possible, and so it encourages recipients to forward on the survey to colleagues and associates.
The survey closes at 5.00 p.m. on Tuesday 5 April 2022. Should you have any problems completing the survey, please email the FSE Governance mailbox.
House of Reps Committee: Report on common ownership and capital concentration in Australia
The House of Representatives Standing Committee on Economics has tabled a Report on the implications of common ownership and capital concentration in Australia.
Amongst other things, the report concluded that evidence made clear the strong presence of institutional investors—especially index and superannuation funds—in the Australian market.
The report made three recommendations:
- that the Australian government considers a requirement for portfolio managers whose assets surpass a particular threshold to report their shareholdings on a quarterly or annual basis, similar to the 13F disclosure rule introduced by the Securities and Exchange Commission in the United States
- that the Australian government considers measures, such as the publishing of shareholder voting decisions, to ensure asset managers do not use proxy advisors to collude in their voting decisions. Additionally, the committee recommends the Australian government considers mechanisms to ensure asset managers engage with their owners in making voting decisions. Further, the committee recommended that proxy advisors be required to hold a financial services licence for broader services, including proxy advice, that extends beyond general financial products
- the introduction of an explicit legislative requirement for the Australian Competition and Consumer Commission (ACCC) to actively monitor the extent of common ownership in Australian markets, and that the ACCC also be empowered to take common ownership implications into account when assessing merger applications.
Labor committee members also recommended that the government create a register of beneficial ownership.
House of Reps Committee: Report on inquiry into housing affordability and supply in Australia
The House of Representatives Standing Committee on Tax and Revenue has tabled a report: The Australian Dream – Inquiry into housing affordability and supply in Australia.
Recommendation 7 of the report is stated as follows:
- the Australian Government allow first home buyers to use their superannuation assets as security for home loans
- the Australian Government develop and implement policy allowing first home buyers to use their superannuation balance as collateral for a home, without using the funds themselves as a deposit, thereby expanding the opportunity for home buyers
- implementation of this policy should depend on also implementing policies to increase the supply of housing … Otherwise, an increase in households’ ability to borrow would likely increase property prices. This recommendation will therefore remove the largest barrier for home buyers; being the deposit.
ASFA REGULATORY WATCHLIST
ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations
and other regulatory announcements relevant to superannuation.
