Close this search box.
Issue 874, 25 October 2022 
In this issue: 


Increased penalties for serious data breaches: Government announcement   

The Government has indicated that it will, this week, introduce a Bill into Parliament to significantly increase penalties for repeated or serious privacy breaches. The announcement follows a number of widely reported cyber-attacks and data breaches in recent weeks.  

The Attorney-General, Mark Dreyfus MP said the Government’s Privacy Legislation Amendment (Enforcement and Other Measures) Bill 2022 will:  

This Bill is in addition to a comprehensive review of the Privacy Act by the Attorney-General’s Department that will be completed this year, with recommendations expected for further reform (see ASFA Action issue 833for background).  


Medibank data breach: APRA warning to regulated entities 

Following the widely-reported cyber-attack on Medibank that resulted in a data breach, APRA has issued a message to its regulated entities about:  


FAR and CSLR Bills: Senate Committee report  

As reported in ASFA Action issue 871, the Senate Economics Legislation Committee has been considering the package of Bills to establish the Financial Accountability Regime (FAR) and Compensation Scheme of Last Resort (CSLR), comprising the:  

The Committee delivered its report yesterday, after receiving a short extension of time from 21 to 24 October. The Committee majority recommended the Bills be passed, with the Coalition and Greens senators separately recommending some amendments, including:  


New APRA statistical publication on superannuation industry 

APRA has released the first in a series of new statistical publications to improve the transparency of the superannuation industry.   

The Quarterly Superannuation Industry Publication includes new and expanded data collected as part of APRA’s recently introduced Superannuation Data Transformation reporting standards. In particular, it includes:  

APRA announced the launch of a new series of quarterly and annual superannuation publications in July, after industry consultation (see ASFA Action issue 861).  


WA de facto family law superannuation splitting: veterans’ entitlements instrument  

As reported in ASFA Action issue 870, amendments to Commonwealth and Western Australian (WA) legislation commenced on 28 September to extend the family law superannuation splitting regime to separating WA de facto couples.   

The Government has now registered the Veterans’ Entitlements Legislation Amendment (Western Australia Superannuation Splitting) Instrument 2022. This amends several existing instruments to reflect the reforms and follows the recent registration of a Determination making similar amendments for social security means test purposes (see ASFA Action issue 872).  


Superannuation Data Transformation: FAQs and revocation of superseded standards 

APRA has updated its frequently asked questions (FAQs) on the reporting standards issued under phase 1 of its Superannuation Data Transformation (SDT) project:  

As reported in ASFA Action issue 873, APRA recently wrote to registrable superannuation entity licensees to advise it would be revoking some older reporting standards that overlap with standards issued under phase 1 of the SDT project. 

APRA has now registered legislative instruments formally revoking three reporting standards: 

The revocation instruments commence on 28 October.   


ASIC industry funding model: cost recovery implementation statement 

ASIC has published the cost recovery implementation statement (CRIS) for 2021-22 under its industry funding model, after consultation on a draft version in June (see ASFA Action issue 855).  

The CRIS includes:  


Superannuation Guarantee rulings and determinations: updates 

The ATO has made some updates to its suite of Superannuation Guarantee (SG) rulings and determinations to reflect recent legislative changes:  

An addendum has been issued to SGR 2009/2 Superannuation guarantee: meaning of the terms ‘ordinary time earnings’ and ‘salary and wages’ to reflect:  

The ATO has also withdrawn SGD 2003/5 Superannuation guarantee: how do the exclusions under sections 27 and 28 of the Superannuation Guarantee (Administration) Act 1992 interact? This reflects the removal of the $450 per month earnings threshold for SG contributions.  




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