Superannuation Alert 14.06.18
Financial Services - 14 June 2018
Federal Parliament - First Home Super Saver Scheme and Financial Hardship: Regulations registered
On 8 June 2018, the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Regulations 2018 (Regulations) was registered on the Federal Register of Legislation.
According to the Explanatory Statement, an individual who has never owned their own home is eligible to have amounts released from superannuation under the First Home Super Saver Scheme (FHSSS). However, an individual "can still qualify for the [FHSSS] if the [ATO] determines that they have suffered a financial hardship". These Regulations "prescribe the circumstances in which the [ATO] is to make a determination that an individual has suffered a ‘financial hardship’ for the purposes of the [FHSSS]".
The date of effect is 1 July 2018.
ASIC - Shorter PDS regime for super platforms: ASIC relief extended
On 5 June 2018, the ASIC Corporations (Amendment) Instrument 2018/473 (Instrument) was registered on the Federal Register of Legislation. The Instrument amends ASIC Class Order [CO 12/749] by extending its operation.
According to the Explanatory Statement, "since 2012, ASIC has deferred the operation of the shorter PDS regime [established by the Corporations Amendment Regulations 2010 (No 5)] to superannuation platforms, multi-funds and hedge funds, by providing temporary relief in successive ASIC Class Orders".
This relief has now been extended again until 30 June 2022 by the Instrument.
ASIC - Publication of information about sub-plans: ASIC relief extended
On 5 June 2018, the ASIC Corporations (Amendment) Instrument 2018/474 (Instrument) was also registered on the Federal Register of Legislation, extending the operation of ASIC Superannuation (RSE Websites) Instrument 2017/570 (Principal Instrument) to 20 June 2024.
According to the Explanatory Statement, the Principal Instrument "provided temporary relief from section 29QB of the [Superannuation Industry (Supervision) Act 1993 (SIS Act)] Act to the extent it requires the publication of information about standard employer sub-plans". The deferral provided in the Instrument "will allow the Government time to consider the practical implications of applying section 29QB of the SIS Act to employer sub-plans, and settle its policy position. The deferral does not represent a policy view by ASIC in relation to the disclosure of information about employer sub-plans nor a view as to the time likely to be taken by the Government in settling a policy view".
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