Search
Close this search box.
Issue 847, 29 March 2022 
In this issue: 

 

Government to ensure Non-Arm’s Length Expense (NALE) provisions operate as intended 

The Minister for Superannuation, Financial Services and Digital Economy, Jane Hume, has issued a Media Release that the Government intends to make legislative changes to ensure the Non-Arm’s Length Expense (NALE) provisions operate as envisaged. 

The NALE provisions are designed to prevent superannuation funds from circumventing contributions caps, and artificially inflating fund earnings through non-commercial dealings. The Government and Treasury will consult with relevant industry stakeholders on the appropriate operation of the Non-Arm’s Length Income (NALI) and NALE provisions, particularly with respect to APRA regulated superannuation funds. 

 

Quality of Advice Review – issues paper consultation 

Ms Michelle Levy, the independent reviewer leading the Quality of Advice Review, has released an issues paper seeking feedback on how the regulatory framework can better enable the provision of high quality, accessible and affordable financial advice for retail investors.  

The final terms of reference for the Quality of Advice Review were released on 11 March 2022. Consistent with the terms of reference, the consultation. 

 

Employment Termination and Departing Australia Superannuation Payments Deferral 2022 

The instrument defers the due date for providing the Australian Taxation Office (ATO) Commissioner with copies of payment summaries in respect of Employment Termination Payments (ETPs) and Departing Australia Superannuation Payments (DASPs). 

The due date has been moved to 14 August after the end of a financial year in which any payment is made. The copies would otherwise have to be provided to the Commissioner 14 days after the date of making the payment. 

 

Margaret Cole’s speech on sustainability in superannuation 

APRA has published a speech delivered by Executive Board Member Margaret Cole to the Investment Magazine Chair Forum in Victoria. In “Bridging the sustainability chasm”, Ms Cole warned of a growing sustainability gap between those funds that are well-placed to deliver strong member outcomes into the future, and those – often smaller – funds on a declining trajectory.  

 

 

ASFA REGULATORY WATCHLIST

ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations

and other regulatory announcements relevant to superannuation.

Search
Close this search box.
Search
Close this search box.

Logged in as

Most recent