The Super Brief

Off the back of a significant enforcement action, ASIC has called on trustees to uplift scam and fraud prevention practices. Echoing this theme, the Assistant Treasurer has announced long-awaited development of mandatory service standards across core aspects of service delivery. The ATO has released a helpful tool for calculating the deductibility of fees for advice, and APRA has reissued two key superannuation reporting standards after finalising its data transformation project. An important decision from the Federal Court clarifies the importance of trustees pursuing merit review processes outlined in the SIS Act before seeking judicial relief. The Senate has scheduled the Better Tax Concessions bill for debate on Thursday 6th February – indicating a deal with the crossbench may finally have been reached      

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2025 is upon us, and with it, a looming federal election. Tying-off loose ends while signposting future directions, the government has allocated $400 million to its payday super reform and released an information paper on the intended scope of the second Delivering Better Financial Outcomes package.

APRA has provided an update on the likely form of its imminent investments data reporting standard, and ASIC finalised its industry funding levies for FY23-24. Meanwhile, enforcement actions shed light on best-practice approaches to BFID obligations, and the effect of SIS covenants in the context of a SFT – especially regarding conflict management and use of discretionary trustee powers.

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Welcome to the first issue of The Super Brief. This monthly update seeks to provide a clear and concise summary of legislative, regulatory, and policy developments impacting trustees of APRA regulated superannuation funds.

There were two significant Bills introduced to Parliament, which seek to implement the first tranche of Quality of Advice Reforms and implement a Mandatory Climate-related Financial Disclosure regime.

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It’s the most wonderful time of the year; annual report season! APRA has emphasised its firm focus on intensifying fund expenditure supervision; releasing its inaugural expenditure data report late this month. Several regulatory resources have been issued; notably a material service provider registration template, guidance on relief and no-action letters, and amendments to SPS114 Operational Risk Financial Requirements. The ATO concluded a significant enforcement action against the operator of a fraudulent early release scheme, and issued its annual compassionate early superannuation access data; observing a significant upward trend.

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Plenty ado in Parliament this month, with super on parental leave and the climate risk disclosure framework passing both houses. The Economics References committee also returned its report into consumer experiences in retirement – recommending further consideration of using super for mortgage offset accounts.

APRA released annual performance test results and concluded an internal restructure. ASIC released its half-yearly enforcement update, with judgement handed down in several litigated matters. ASIC also adjusted wage inflation assumptions for calculators, issuing relief until December 31 this year.

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