Government and Regulator update
On 17 May the secretariat met with Minister Jones and discussed a range of issues including:
- Federal Budget – NALE carve-out for large APRA regulated funds, payday super and SG compliance measures
- The Your Future, Your Super performance test
- The Government’s response to the Levy Review
- Member identification and fraud risk
- The objective of super
- Successor Fund Transfers
- The Low Income Super Tax Offset (LISTO)
- Payday Super – consultation / governance
Research and submissions
ASFA made a submission to Treasury in response to the Treasury Laws Amendment (Measures for Consultation) Regulations 2023: Financial reporting and auditing of registrable superannuation entities (Draft Regulations). ASFA was generally supportive of the Draft Regulations, however, it did call out that reducing the timeframe for providing fund information from six months after the end of the reporting period to three months may result in increased risk and costs to meet the deadline. ASFA has proposed reducing to four months after the end of the reporting period instead.
ASFA made a submission in response to APRA’s consultation on the proposed technical determination (the Determination) for combining MySuper product performance histories. In the submission ASFA has sought clarity around the scope of the proposed determination and the definition of a ‘change event’. ASFA has also requested that worked examples be provided.
ASFA made a submission in response to APRA’s consultation on a proposed class exemption regarding approval to own or control a registrable superannuation entity (RSE) licensee. ASFA supports the proposed limited exemption from the requirement on an RSE licensee director to obtain approval from APRA to own or control an RSE licensee, however recommended two changes to the ’conditions for exemption’.
ASFA made a submission to Treasury in response to the Treasury Laws Amendment (Measures for Consultation) Regulations 2023: Military superannuation benefits. ASFA supports the amendments in Schedule 9 of the Treasury Laws Amendment (2022 Measures No 4) Bill 2023 – and in these draft supporting regulations. ASFA is however calling for a transition period and a facilitative compliance approach.
ASFA made a submission to AFCA in response to proposed amendments to AFCA’s Rules and Operational Guidelines. ASFA was supportive of the proposed amendments to AFCA’s Rules and Operational Guidelines, calling for additional clarification in some areas.
ASFA was quoted on the amount needed to retire in an article in Money Management.
Events and Learning
The ASFA team will be delivering the following events, discussion groups and learning workshops in July: