Superannuation Alert 12.07.18
Financial Services - 12 July 2018
Federal Parliament - Superannuation Supervisory Levy Imposition Determination 2018
On 3 July 2018, the Superannuation Supervisory Levy Imposition Determination 2018 (Determination) was registered. The Determination sets out the levy to be imposed on superannuation entities by the Superannuation Supervisory Levy Imposition Act 1998.
According to the Explanatory Statement, "the restricted component of the 2018 19 levy [for superannuation funds] will be calculated at 0.00274 per cent of assets held by the entity, subject to a minimum of $5,000 and a maximum of $325,000. The unrestricted component of the 2018 19 levy will be calculated at 0.003911 per cent of assets held by the entity". In 2018-19, pooled superannuation trusts will be levied separately to other superannuation funds.
APRA - APRA review of super prudential framework - Short topic papers released
On 4 July 2018, APRA released the following further short topic papers in respect of its post-implementation review of the superannuation prudential framework:
- Short topic paper three: Financial requirements, operational risk and outsourcing; and
- Short topic paper four: Investments.
While formal submissions on all consultation papers are due by 26 September 2018, APRA invites "written submissions (formal or informal) on any aspect of the review… at any time throughout the review process".
APRA - APRA Insight Issue Two released
Source: APRA Insight Issue Two 2018
On 5 July 2018, APRA released Issue 2 of its APRA Insight publication, which "provides information on APRA’s main policy initiatives and on key developments in the financial industries that APRA supervises".
This issue contains one article specific to the superannuation industry: "Thematic reviews point to better super practice".
All information on this site is of a general nature only and is not intended to be relied upon as, nor to be a substitute for, specific legal professional advice. No responsibility for the loss occasioned to any person acting on or refraining from action as a result of any material published can be accepted.