Posts in superannuation
QMV Legal Monthly Regulatory Update - February 2024

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.

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QMV Legal Monthly Regulatory Update - January 2024

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.

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QMV Legal Monthly Regulatory Update - December 2023

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.

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QMV Legal Monthly Regulatory Update - November 2023

There was plenty of activity in Parliament this month with three new Bills introduced, including the long-awaited Bill to legislate the objective of super. Treasury released several significant consultations, including the Government’s Sustainable Finance Strategy which incorporates the introduction of mandatory climate-related financial disclosures and supporting taxonomy. Superannuation in Retirement and Delivering Better Financial Outcomes was also released. ASIC was also busy with its enforcement activities, announcing 2024 enforcement priorities, issuing several infringement notices and receiving a successful judgement in several Federal Court cases.

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QMV To Exhibit At ASFA 2023 - Adelaide Convention Centre

QMV and Investigate DQ are proud to exhibit at the upcoming ASFA Conference in Adelaide, Australia's flagship event for superannuation professionals and associated service providers. We can’t wait to see you all! Let’s take this opportunity to reconnect in person and share our stories. Get ready to indulge in some friendly competition, connect with industry peers, and explore the innovative solutions we have to offer.

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QMV Legal Monthly Regulatory Update - October 2023

There were several significant developments in October, with the Government released a much-anticipated consultation proposing to require employers to pay SG contributions at the same time as their employee’s wages. Additionally, the Australian Accounting Standards Board released an Exposure Draft outlining the proposed data collections for climate-related financial disclosures. This will be particularly significant for superannuation trustees as both disclosing entities and consumers of such reporting. Finally, ASIC introduced some minor exemptions for the reportable situations regime, whilst also releasing the second edition of key insights into the regime.

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Digital Transformation Maturity Model Superannuation

At the heart of a mature digital transformation effort is the customer, their experiences, and the journey to saving and preparing for retirement. Clear objectives for each digital transformation initiative link directly to the business strategy, the business model and of course the operating model.

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QMV Legal Monthly Regulatory Update - September 2023

Commonwealth Parliament will sit for one week in October from 16 - 19 October. Additionally, the Crimes Amendment (Corrupt Benefits for Trustees) Bill 2023 (NSW) passed NSW Parliament and received Royal Assent on 20 September 2023. This Bill introduced an element of corruption to the offence of corrupt benefits for trustees and provides more certainty when appointing a new trustee as part of a merger of successor fund transfer.

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QMV Legal Monthly Regulatory Update - August 2023

The Financial Accountability Regime legislation has finally passed both Houses of Parliament, but there are still several superannuation related bills before the Senate. APRA also released the final CPS 511 Remuneration Prudential Standard.

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QMV Legal Monthly Regulatory Update - July 2023

APRA finalised the long-awaited Operational Risk Management Prudential Standard (CPS 230) and released draft guidance (SPG 230), and also finalised SPG 530 Investment Governance guidance. Jointly, ASIC and APRA released findings into a review of trustee implementation of the Retirement Income Covenant and separately released draft Regulator Rules for the Financial Accountability Regime.

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QMV Legal Monthly Regulatory Update - June 2023

After several months of little activity, we finally saw several pieces of superannuation-related legislation progressing through Parliament, including with the Compensation Scheme of Last Resort and financial reporting and auditing requirements for superannuation trustees. Additionally, the much-anticipated response to the Quality of Advice Review was released by the Government, citing acceptance of many of the recommendations made within the Report.

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What Does CPS 230 Mean For Superannuation Funds

The Prudential Standard CPS 230 sets out stringent requirements for operational risk management in the superannuation industry. By implementing a robust framework and adhering to these requirements, APRA-regulated entities can effectively manage operational risks, maintain the continuity of critical operations, and enhance their resilience to disruptions. This, in turn, contributes to the stability and integrity of the superannuation industry, promoting trust and confidence from customers, stakeholders, and regulators alike

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QMV Legal Monthly Regulatory Update - May 2023

The Commonwealth budget came and went without any unexpected surprises for trustees of superannuation funds. There were, however, several important policy consultations initiated by Treasury. Two of these seek to legislate changes which would remedy “unintended consequences” of decisions in the Federal Court.

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QMV Legal Monthly Regulatory Update - April 2023

Parliament has been quiet in the lead up to the May Commonwealth Budget, but it was still a busy month of policy and regulatory change. Significantly, the Government announced their intention to require employer superannuation contributions to be made at the same time as the wages they relate to are paid.

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What Doesn’t Kill You Will Make You Stronger - A Deep Dive Into Data Remediation Execution

Data remediation activities in financial services will never cease. The best that can be achieved is significantly reducing the frequency and scope of remediations over time. Remediation does not always indicate a negative financial impact to a customer, but it does indicate a negative financial impact to the organisation.

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Case Study – Managing Annual Member Statements With Focus On Data Quality - Downloadable Case Study Investigate DQ

Often, large scale data activities like generating annual statements requires data being transferred between systems and external providers. This can leave superannuation administrators exposed if they are experiencing data quality issues leading to loss of reputation and increased rectification costs.

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QMV Legal Monthly Regulatory Update - March 2023

It was a busy month for Commonwealth Parliament with three full sitting weeks for both houses. A bill was introduced to legislate superannuation contributions as a workplace entitlement, whilst Treasury released a consultation on the proposal to increase the tax payable on superannuation balances above $3m.

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ASFA Conference 2023 recap – A proven opportunity for company growth

QMV was proud to exhibit at ASFA 2023. Australia's flagship event for superannuation professionals and associated service providers. This was an opportunity to reconnect in person and share our stories. Together we can make 2023 the year for greater business growth and transformation across the superannuation and financial services sector.

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Lost Members And Unclaimed Monies - Compliance And Member Retention Opportunities

Lost Member and Unclaimed Money processing requires superannuation trustees to identify members who meet specific criteria and either report or transfer the member account balances to the Australian Taxation Office (ATO) twice per year. The underlying intent of each regime is to provide the opportunity for members to be reunited with their superannuation in situations where there is a risk this may not otherwise occur.

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