The Super Brief | August 2024

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The backlog of superannuation related Bills in Canberra has eased, with passage of legislation for the first tranche of Quality of Advice Review reforms receiving royal assent. The Objective of Super, Climate-related Financial Disclosures, and DIV 296 Tax Bills remain before Commonwealth Parliament.

Regulators didn’t escape Parliamentary attention, with the Senate Economics Committee recommending that ASIC be split into two and depend on penalties from its enforcement action as a source of funding and incentive for being tougher.

Final joint guidance from APRA and ASIC in relation to the Financial Accountability Regime was released, and changes to trustee strategic planning requirements under SPS515 were finalised and formalised.

Jonathan Steffanoni
Managing Partner