The Super Brief | July 2024

In Brief.

Important superannuation reforms were passed by both houses of Parliament, providing trustees with much needed certainty that Non-Arms’ Length Expenditure rules don’t apply to general expenditure. AFCA’s superannuation jurisdiction was also tweaked so that it isn’t exclusive.

The first tranche of the quality of advice reforms passed after some debate over whether trustee oversight obligations inferred a requirement to analyse each statement of advice in detail.

Treasury released its sustainable finance roadmap, APRA released several revised prudential standards (and finalised its CPG230 Operational Risk guidance), and the Federal Court handed down its judgement in a greenwashing case involving a superannuation fund, a decision that has important application to many trustees.

Jonathan Steffanoni
Managing Partner