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Issue 595, 4 March 2016 

In this issue: 

 

ASIC relief: intra-fund transfers, accrued default amounts and investment strategies 

As part of its ongoing process of reviewing class orders that are due to sunset (expire), ASIC has issued three new legislative instruments to continue—and in some cases expand—relief from requirements in the Corporations Act 2001 regarding application forms and cooling off for certain transfers of members’ interests, and provision of information about investment strategies. 

The instruments were all registered on 1 March 2016, and commenced on 2 March 2016. 

ASIC Corporations (Amendment and Repeal) Instrument 2016/66 repeals: 

ASIC Corporations (Superannuation – Accrued Default Amount and Intra-Fund Transfers) Instrument 2016/64 : 

ASIC Corporations (Superannuation – Investment Strategies) Instrument 2016/65 continues the relief previously provided by [CO 06/636], which addressed some difficulties that flowed from the operation of section 1012IA of the Corporations Act. Section 1012IA applies to certain custodial arrangements where, if the member instructs the superannuation fund trustee to follow a particular strategy, the trustee will acquire ‘accessible financial products’ on behalf of the member. [CO 06/636] provided trustees with options for giving disclosure material about accessible financial products, and modified the significant event notice requirements for such acquisitions. 

 

ATO indexed caps and thresholds 

The ATO has published an updated list of superannuation caps and thresholds for 2016/2017. 

Caps that have not been increased include: 

Caps and thresholds that have increased for 2016/2017 include: 

 

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