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Debate on Your Future Your Super legislation in the House of Representatives has been pushed out until late May at the earliest.
Returning to the House of Representatives for a second round of debate following the release of the Senate Committee report, the legislation was listed for debate yesterday, but other matters took precedence.
The next opportunity for debate is when the Lower House sits again between 24 to 27 May, and 1 to 3 June. Even if the legislation was to pass, this leaves very little time for industry and employers to implement the changes.
AIST has welcomed the removal of the $450 monthly income threshold for super contributions announced in this week’s Federal Budget.
Our media release on Budget night noted that the removal of this threshold was an important first step on the long journey of closing the gender super savings gap. It is estimated that this change could benefit more than 300,000 low income workers, most of whom are women working part-time, sometimes in multiple jobs.
While the Budget made no mention of the legislated timetable to increase the SG to 12%, the scheduled rise to 10% is legislated to increase on 1 July, this year. However, with the Government showing no signs of a firm commitment to further incremental rises, AIST will continue to highlight the importance of 12% by 2025, noting that this is critical for the retirement security of women and low-income Australians.
AIST will also step up our advocacy around super on paid parental leave, a measure that was unfortunately absent from this year’s budget despite earlier media speculation that it was a likely inclusion.
The budget also removed requirements for older Australians to meet a work test before making voluntary superannuation contributions. It is worth noting that both these changes will disproportionately benefit wealthier Australians, who have a greater capacity to make voluntary contributions to their super.
It was disappointing that the budget did not include any measures to compensate vulnerable Australians who withdrew $36 billion from their superannuation funds during the pandemic. These members now face an uphill battle in saving for their retirement.
AIST’s budget commentary was widely covered across the News Ltd outlets including The Australian, and by ABC radio and TV.
Our more detailed analysis of the measures can be found in our special edition of policy news
APRA has published additional frequently asked questions (FAQs) for funds to provide further guidance on meeting the Reporting Standards for Phase 1 of the Superannuation Data Transformation.
APRA is releasing FAQs on a regular schedule (fortnightly) in the lead up to the first collection of data under the new Reporting Standards on 30 September 2021.
ASIC have issued an alert about scams targeting Australians to establish self-managed superannuation funds (SMSFs).
ASIC issued an alert on 13 May warning investors who are contacted by any person or company encouraging them to open an SMSF and move funds, to undertake independent enquires to ensure that the scheme is legitimate. People are being cold called or emailed and asked to transfer funds from an existing super account to a new SMSF. The super balances are instead transferred to bank accounts controlled by scammers.
ASIC have produced a standard letter that it sends to funds that are considering a merger.
The letter covers:
ASIC have updated its information on insurance claims handling, following new Government regulation in response to the Hayne Royal Commission that excludes certain individuals from being ‘claimant intermediaries’:
ASIC updated INFO 253 is for anyone who provides claims handling and settling services for insurance products regulated by ASIC. Please note APRA-regulated superannuation trustees do not need to hold an AFS licence with a claims handling authorisation to provide claims handling and settling services.
These services were previously excluded from the definition of ‘financial service’ in the Corporations Act 2001 and persons who provided these services were not required to hold an Australian financial services (AFS) licence. This exclusion has now been removed.
This information sheet explains:
Changes are proposed to the Superannuation (Unclaimed Money and Lost Members) Act 1999 in relation to the recovery of overpayments from super funds, and its operation in relation to KiwiSaver accounts (the New Zealand equivalent of Australian superannuation funds).
This is part of the draft Miscellaneous amendments to Treasury portfolio laws 2021.
As outlined in Tuesday’s budget, the Government will provide $11 million over four years from 2021-22 (and $1 million per year ongoing) to the ATO to administer the transfer of unclaimed superannuation money directly to KiwiSaver accounts.
Submissions on these changes are open until 25 May.
Eligible South Australian public sector workers will be able to choose their preferred superannuation fund under new laws that have passed the SA State Parliament.
Currently, membership of the state's Triple S superannuation scheme administered through Super SA has been mandatory for public servants.
The changes follow the passage of the Government's Statutes Amendment (Fund Selection and Other Superannuation Matters) Bill 2020.
Stay up-to-date on the current status of superannuation Bills currently before Parliament here.
14 May 2021