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Issue 604, 24 June 2016 

In this issue: 


Family Law superannuation interest rate determination 

The Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2016 was registered on 22 June 2016 and will commence on 1 July 2016. The Determination sets the interest rate for adjusting the superannuation entitlements of separated and divorced spouses under splitting orders and agreements made under the Family Law Act 1975. 

The interest rate for the adjustment period that comprises the financial year beginning on 1 July 2016 is 4.1 per cent. The Determination also provides the method by which the interest rate is calculated for that purpose, for an adjustment period that includes a period within that financial year. 


Flexibility for small business to become SuperStream compliant 

The ATO has announced it will provide ‘compliance flexibility’ to small businesses that are not yet SuperStream ready, with an extension until 28 October 2016. The original compliance deadline for small businesses – those with less than 20 employees – when making contributions for employees, was 30 June 2016. 

The ATO has indicated that more than 450,000 small businesses have already implemented the required changes, with many more expected to be SuperStream compliant when they make their superannuation contributions for the June quarter. However, the ATO recognises that some small businesses may need extra time and help to implement SuperStream. As a result, the ATO will allow a further four months to make the changes and ensure businesses become SuperStream compliant. 


Dealing in financial products: ASIC licensing and disclosure relief continued 

As part of its program of reviewing class order relief that is due to expire, ASIC has remade existing relief from licensing and disclosure obligations in the Corporations Act 2001. This relief is in relation to dealing in financial products by superannuation trustees and responsible entities of registered schemes. 

Three existing class orders on this topic are due to sunset (expire) on 1 April 2017: 

ASIC has decided the relief is still needed and will be continued under a single legislative instrument, ASIC Corporations (Superannuation and Schemes: Underlying Investments) Instrument 2016/378. Instrument 2016/378 continues the substantive effect of the relief, subject to some minor and technical changes which refine the terms of the relief in order to clarify its operation. Instrument 2016/378 took effect from 17 May 2016. 

ASIC has also registered ASIC Corporations (Repeal) Instrument 2016/379 to repeal the three existing class orders. 


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