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Issue 605, 7 July 2016 

In this issue: 

 

ASFA Thomson Geer regulatory update (June 2016 quarter) 

Delivered in partnership with Thomson Geer, the latest edition of the ASFA Thomson Geer regulatory update has been released and is now available for members to download from the regulatory update section of the ASFA Toolbox. 

This free ASFA member service seeks to keep you up to date with the changing superannuation environment, new legislation, developing policy and pertinent case law developments. The update is issued quarterly, and provides essential information for those wanting to stay abreast of the challenges and issues facing superannuation funds. 

The information will be of particular use to: 

For trustees, the update will provide an overview of key information, with more detailed information directed at senior managers and administrators. 

Members wishing to discuss the update can contact Julia Stannard. 

 

Super Booster Day 

ASFA and Money magazine have joined forces to create Super Booster Day, a campaign to encourage Australians increase their superannuation contributions. The campaign will run from 7 July to 15 September 2016, urging consumers to ‘make their pledge’ and top up their super by Super Booster Day on Thursday 15 September. 

The initiative aims to inform and encourage Australians to make additional contributions—either regular or one-off—to their super and to think about what lifestyle they want in retirement. 

In the lead up to Thursday 15 September, there will be advertising and editorial to build awareness of the benefits of topping up super. This will be in print in various Bauer Media titles reaching an audience of more than 1.3 million and also across other media via the campaign’s media ambassadors – Pauline Vamos, Effie Zahos, Paul Clitheroe, Ross Greenwood and Sam Henderson. 

For more information, visit the SuperGuru website and the Super Booster Day website. 

 

APRA supervisory levies for 2016/17 

The Treasurer has determined the annual supervisory levy that will be imposed on superannuation entities for 2016/17. 

The final levy amounts vary slightly from those proposed by Treasury in May (see ASFA Action issue 603): 

Type of entity  Minimum $  Maximum $  Restricted
component % 
Unrestricted
Component % 
Pooled superannuation trust  2,500  130,000  0.00162  0.001641 
Small APRA fund  590  590  0.00000  0.00000 
Other superannuation fund  2,500  260,000  0.00324  0.007075 

 

ASIC relief: financial product advice – exempt documents 

ASIC has issued a new legislative instrument: ASIC Corporations (Financial Product advice – Exempt Documents) Instrument 2016/356. This instrument has the same effect as relief that ASIC had granted by Class Order [CO 03/606] that is “sunsetting” (expiring) on 1 April 2017. 

The relief provides an exemption from the requirement to hold an Australian Financial Services License in order to issue an “exempt statement or document” pertaining to a financial product. 

To be an “exempt statement or document”, the requirements include that the document or statement: 

For superannuation funds, “exempt statements or documents” include a range of materials prepared in accordance with the Corporations Act and the Superannuation Industry (Supervision) Act 1993. 

 

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