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Superannuation Legislation and Regulatory Update

Media release - 11 May 2022

This update covers new legislation and regulatory developments for the first quarter of the 2022 calendar year.

Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 passes both Houses of Parliament

The passage of the Bill will provide more flexibility for families and individuals preparing for retirement by allowing individuals aged between 67 and 75 to make non-concessional superannuation contributions under the bring-forward rule.

The legislation also supports the repeal of the work test for non-concessional and salary sacrificed contributions made by individuals aged between 67 and 75.

The Bill also delivers on a key commitment in the 2021-22 Women's Budget Statement by removing the $450 per month income threshold under which employees do not have to be paid the superannuation guarantee by their employer.

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ASIC extends relief for retirement estimates

ASIC has extended the relief for superannuation trustees who give their members retirement estimates on a periodic statement.

The existing relief has been extended for a period of nine months. This will allow superannuation trustees to continue to use the relief when sending annual statements to members for the 2021-22 financial year.

Class Order [CO 11/1227] Relief for providers of retirement estimates gave conditional relief from the licensing, conduct and disclosure obligations relating to personal advice in the Corporations Act 2001 (the Act) that might otherwise apply to a superannuation trustee providing retirement estimates to its members. The relief in [CO 11/1227] has been extended by ASIC Corporations (Repeal and Transitional – Relief for Providers of Retirement Estimates) Instrument 2022/204.

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Taxation Administration – Payment Summary Deferral: Employment Termination and Departing Australia Superannuation Payments Deferral 2022

The effect of this Instrument is payers are not required to give copies of payment summaries to the Commissioner within 14 days of making employment termination payments or departing Australia superannuation payments where they have withheld amounts from payments in accordance with Subdivision 12-C, section 12-85 or Subdivision 12-FA, section 12-305 of the TAA 1953. They are however required to provide copies but within a timeframe aligned with their other reporting obligations.

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Family Law (Superannuation) Amendment (2022 Measures No. 1) Regulations 2022

This instrument amends the Family Law (Superannuation) Regulations 2001 (the FLS Regulations) to:

  • include definitions and update references and terminology in the FLS Regulations, as a result of the merger between QSuper and Sunsuper on 28 February 2022;
  • to clarify that the Attorney-General has the power to make information determinations for hybrid superannuation funds, consistent with existing powers in the FLS Regulations to make information determinations for defined benefit and accumulation funds; and
  • to make two other minor amendments to update an out-of-date cross-reference and to fix a typographical error.

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Superannuation Data Transformation Phase 2

The Australian Prudential Regulation Authority (APRA) has launched the second phase of its multi-year project to enhance the breadth, depth and quality of data collected from the superannuation industry.

Phase 2 of APRA’s Superannuation Data Transformation (Depth) will focus on lifting the granularity of the data APRA collects across all of the superannuation industry’s business operations.

It follows the completion in March 2021 of Phase 1 (Breadth), which addressed urgent data gaps and extended the collections to include choice products and investment options.

The Superannuation Data Transformation is a significant initiative launched in 2019 to drive better industry practices and improve outcomes for superannuation fund members through heightened transparency. The latest phase of the project will deliver more comprehensive data on:

  • retirement outcomes for superannuation members;
  • the performance and efficiency of the industry;
  • governance, risk management practices, fund operations and industry risks.

APRA will also identify and discontinue redundant data collections.

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Treasury Laws Amendment (Allowing Commutation of Certain Income Streams) Regulations 2022

Amendment of commutation rules to allow for commutations for recipients of life expectancy pensions, life expectancy annuities, market linked pensions and market linked annuities to make commutations to comply with the transfer balance cap rules.

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Anti-Money Laundering and Counter-Terrorism Financing (Increased Financial Transparency) Bill 2022 introduced to Parliament

This Bill would require the government to introduce legislation into the Parliament by 30 September 2022 to:

  • amend the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the Act) to include designated services provided by lawyers, conveyancers, accountants, high-value dealers, real estate agents, and trust and company service providers; and
  • establish a public register of the ultimate beneficial ownership (UBO) of companies and foreign companies registered in Australia, and of other legal persons and legal arrangements as the Minister considers appropriate, which may include foundations and trusts.

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Treasury Laws Amendment (Enhancing Superannuation Outcomes) Regulations 2022

The purpose of the Treasury Laws Amendment (Enhancing Superannuation Outcomes) Regulations 2022 (the Regulations) is to support the reduced eligibility age for downsizer contributions into superannuation from 65 to 60 years, and to repeal the work test for non-concessional and salary sacrificed contributions for individuals aged from 67 to 74 years (inclusive) are now law.

These Regulations amend the Income Tax Assessment (1997 Act) Regulations 2021, the Retirement Savings Accounts Regulations 1997 and the Superannuation Industry (Supervision) Regulations 1994 to support the amendments in Schedules 3 and 4 to the Treasury Laws Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses Invest) Act 2022 (the Act).

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APRA sets out initial risk management expectations and policy roadmap for crypto-assets

The Australian Prudential Regulation Authority (APRA) has set out in a letter its initial risk management expectations for all regulated entities that engage in activities associated with crypto-assets, and a policy roadmap for the period ahead.

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