In this edition:
Government and regulator interaction
Prior to the recent election the Coalition Government announced that it would, in response to industry advocacy, reconsider the scope of the non-arm’s length income/expenditure (NALI/NALE) rules and their impact on large APRA regulated superannuation funds.
In May ASFA advocated directly to the ATO Commissioner of Taxation seeking an extension of its no-action position, with the ATO acknowledging the need to deal with the matter expeditiously post-election, including a potential extension to relief in advance of legislative certainty.
Research and submissions
ASFA has provided a submission to APRA in response to the recent discussion paper on the Superannuation Data Transformation Project. ASFA acknowledges the value that additional data can provide however has called out the need for the data to be ‘fit for purpose’. ASFA has also called out the need for a Phase 1 Post Implementation Review and for sufficient time for funds to bed down processes. The submission recommended commons data standards, taxonomies, and definitions to apply when reporting to different agencies to help keep compliance costs to a minimum.
Media
ASFA’s average super balance by age and gender table was featured in an article in The Australian and the Daily Mail.
The ASFA Retirement Standard was featured in an article in the SMH on
two occasions.
ASFA’s response to the proposed policy around accessing superannuation for housing deposits was mentioned in Investment Magazine, The Australian, NT News, The West Australian, The Canberra Times, Financial Standard, and
Money Management.
ASFA’s submission to APRA in response to the Superannuation Data Transformation Project Phase 2 was referenced in an article in Financial Newswire citing the rising costs expected to be incurred by the industry to meet these requirements.
Events and Learning
The ASFA Learning team will be delivering the following workshops in June:
- RG 146 Superannuation Virtual Workshop
- Superannuation Governance Masterclass Workshop
- RG 146 Superannuation Refresher Workshop
View our new professional development calendar to see what learning workshops and events are scheduled for the next financial year. Check out the course content, dates and locations and map out your professional development journey for 2022-23.
