The Senate Economics Committee is busy with several superannuation related bills currently being scrutinised. We expect committee reports on the Better Targeted Superannuation Concessions and Objective Bills in the coming months. The Bill which seeks to exempt trustees of APRA regulated superannuation funds from NALE tax and adjust AFCA’s jurisdiction remains in the Senate and wasn’t prioritised for debate during February, we hope to see passage soon. There was further consultation by APRA in relation to changes to the ORFR standard and guidance, and ASIC released findings concerning trustee oversight of investment performance of Choice products. There were also some interesting criminal law developments which are relevant to trustees of superannuation funds.

After a busy December, it was a quiet month in January with Parliament still on summer recess meaning no new legislation was introduced nor progressed.

However, the long-awaiting Final Report from the Australian Law Reform Commission was published, including 58 recommendations for reducing complexity with financial services legislation.

Additionally, Treasury moved us one step closer to mandating climate-related financial disclosures with an Exposure Draft into the regime released.

Finally, the Department of Home Affairs released a consultation into cyber-security regulation with the intention to strengthen the underlying legislation surrounding business practices.

There were also technical changes to keep policy wonks busy, with the ATO issuing guidance on taxation treatment of both adviser service fees and a draft determination on the deductibility of payments from a fund to the trustee to be used as a quasi-risk reserve. The long-standing deferral of the consistency requirement under s29QC of the SIS Act enters its second decade with a further two years relief.