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Some recent legislative and regulatory updates around super may impact you, your organisation or employees.
We’ve pulled together a summary of some of the recent changes and updates that might affect you:
The Australian Taxation Office has clarified the definition of “employee” for “work test” eligibility for personal super contribution deductions.
The modification to tax legislation makes sure that people aged 67 to 75 years, who are employees under the expanded definition of “employee and employer” in section 15A of the Superannuation Industry Supervision Act 1993, remain eligible to claim a deduction for their personal superannuation contributions if they meet all other relevant criteria.
Find out more about the work test here.
The Australian Government has put a pause on expanding Consumer Data Right measures into super, insurance and telecommunications. The measures are still going ahead in banking.
The Consumer Data Right (CDR) allows consumers to safely share the data that businesses hold about them. It can help consumers to compare products and services. Consumers can already share banking data.
Under the roll out, energy data will come next after banking. Other sectors including super, will follow. The Government said the pause aims to allow time to make sure the CDR is working as effectively as possible in the banking sector.
Find out more about the pause in these Consumer Data Right updates.
The Australian Prudential Regulation Authority (APRA) has completed a one-off review into how Your Super, Your Choice amendments to super were working.
The review aimed to identify any unintended consequences for defined benefit schemes, including the ongoing viability and profitability of DB schemes.
The APRA review didn’t find any unintended consequences on the operation or ongoing viability and profitability of defined benefit schemes that could be attributed to the amendments.
As a result, APRA said no further changes to the various Acts were needed.
Find out more about the APRA review into any impacts on defined benefits schemes here.
AFCA has released its latest report on systemic issues that have come out of complaints to regulators across the financial services industry, including super.
The report is AFCA’s second edition of the Systemic Issues Insights Report Systemic Issues Insights Report and covers the first two quarters of 2022-23.
AFCA reported that:
The AFCA report showed five systemic issues in super. It detailed two case studies dealing with systemic issues in super, both relating to the administration of insurance benefits.
Find out more in the AFCA Systemic Issues Insights Report
If you have any questions about the updates or super arrangements, please contact our Employer Solutions team
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