Superannuation law reform

We are still working with Treasury and our stakeholders to implement final reforms from the Governments Stronger Super program, principally Choice product dashboard and portfolio holdings disclosure.  Updates on the progress of implementation on these reforms will be available on this site.

Financial Systems Inquiry (FSI)

In December 2013 the Government  appointed a Committee charged with examining how the financial system could be positioned to best meet Australia’s evolving needs and support Australia’s economic growth.  The outcome was recommendations that foster an efficient, competitive and flexible financial system, consistent with financial stability, prudence, public confidence and capacity to meet the needs of users.

Some of the FSI recommendations (supported by the Government) impact on superannuation.  Read the Governments full response to the FSI - Improving Australia’s financial system: Government response to the Financial System Inquiry.  The superannuation measures are summarised on page 5 of the Report.

ASIC made two submissions to the FSI addressing a range of topics.

Key FSI recommendations regarding superannuation

'Objective of Super'

The Government announced that it would develop legislation to enshrine the objective of superannuation, and released a discussion paper (‘Objective of superannuation’in March 2016 providing background and questions for consultation on the proposed objective of the superannuation system. Submissions are now closed.

ASIC made a submission on the objectives of superannuation.

Productivity Commission Review

In addition, the Productivity Commission has released its draft report on the review of the efficiency and competitiveness of the superannuation system.

What's new

ASIC updates work on fee transparency for super and managed investment schemes

ASIC has extended beyond 30 September its facilitative compliance approach to fee and cost disclosure and will work with an external expert to conduct a review of the fees and costs disclosure under RG 97.

Read the media release

Innovative retirement income stream products

From 1 July 2017, the government will extend the tax exemption on earnings in the retirement phase to new innovative retirement income stream products. A new cross-agency process has been developed to help industry.

Find out more about this cross-agency initiative and how to apply


Releases

Superannuation member experience report

ASIC has released a report about our review of key aspects of consumer engagement with their super funds, focusing on the experience of less-engaged superannuation fund members. 17-217MR. 30 June

Shorter PDS relief extended

ASIC has extended to 30 June 2018 relief excluding multifunds, superannuation platforms and hedge funds from the shorter PDS regime. 17-216MR, 29 June

More releases on superannuation


ASIC Insights

ASIC Insights 2016 session video

Last updated: 19/10/2016 11:34