Super Alert – 17 May 2019

This week’s Super Alert covers an audit form update from APRA, ATO legal database updates and the release of ASIC’s IDR report.

APRA updates to audit report form

On 14 May 2019, APRA released an updated “Superannuation Approved Audit Report Form” for funds with reporting periods ending on or after 30 June 2019.

According to APRA, the form was updated to:

• “reflect language recommended by the Auditing and Assurance Standards Board”; and
• “include a greater focus on ‘controls’ in Part 3B of the Form, now titled ‘Controls and Compliance’”.

Please click here to read more.

ATO updates to guidance

On 15 May 2019, the ATO updated the following guidance notes to make minor changes to the wording used:

• GN 2017/1 – New transfer balance cap for retirement phase accounts; and
• GN 2017/8 – Total superannuation balance.

The ATO also withdrew two draft Law Companion Rulings as a result of the lapsing of the Treasury Laws Amendment (2018 Superannuation Measures No 1) Bill 2018, when the 2019 Federal election was called:

• Draft LCR 2018/D10 – Non-arm’s length income – expenditure incurred under a non-arm’s length arrangement; and
• Draft consolidation to LCR 2016/12 – Superannuation reform: total superannuation balance.

Please click here to read more.

ASIC consultation on internal dispute resolution

On 15 May 2019, ASIC released a Consultation Paper ‘CP 311 Internal dispute resolution’ which seeks feedback on ASIC’s proposal to update Regulatory Guide 165 on internal dispute resolution requirements that apply to Australian financial services licensees and trustees of regulated superannuation funds (among others).

The associated media release states that the consultation concerns ‘new standards about how financial firms handle consumer and small business complaints. The proposed standards, which include new mandatory data reporting, will improve the way that consumer complaints are dealt with across the financial system and make firms’ complaints handling performance transparent. Financial firms will be required by ASIC to meet the new standards when they deal with consumer complaints through their Internal Dispute Resolution (IDR) arrangements.’

The paper is open for consultation until 9 August 2019.

Please click here and here to read more.

This alert was written by Natalie Cambrell, Partner, Damian Tarulli, Special Counsel and Sanela Osmanovic, Associate.​