Publications

Super Alert – 9 August 2019

This week’s Super Alert considers news releases from APRA and the Treasurer in relation to their post-Royal Commission activities, and an update from the ATO about compassionate release letters.

APRA updates status of progress with Royal Commission recommendations

On 7 August 2019, APRA released a six-month update in relation to the status of the Royal Commission recommendations which were directed toward APRA.

According to APRA, it is “on track to meet all of the timelines” and has prepared a table which “provides an update on APRA’s progress on each of the recommendations assigned to it”.

Please click here to read more.

ATO issues advice in relation to compassionate release letters

On 5 August 2019, the ATO’s Client Relationship Team issued a notice to superannuation funds advising that “a number of funds are unable to release benefits to their members when presented with an ATO [compassionate release] approval letter due to the address details being different to the address on [the] fund’s system”. The ATO has advised that the “address doesn’t need to match the address on [the] fund’s system in order to release the super”, however each fund should complete its “own proof of identity processes to confirm the individual” and can also use the ATO’s “fund notification letter…to validate the approval letter”.

Please click here to read more.

Standing Committee on Economics inquiry into financial services industry

On 2 August 2019, the Treasurer announced that the Government had requested the “House of Representatives Standing Committee on Economics to inquire into progress made by relevant financial institutions in implementing the recommendations of the [Royal Commission]”. Although the inquiry was initially only reviewing the four major banks, the remit for this inquiry has now “been expanded to include other major relevant financial institutions and leading financial services associations”. According to the Treasurer, the inquiry will “commence as soon as possible”.

Please click here to read more.

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

Natalie Cambrell

P: + 61 3 8644 3754

E: ncambrell@hwle.com.au

Damian Tarulli

P: +61 7 3169 4832

E: dtarulli@hwle.com.au

Important Disclaimer: The material contained in this publication is of a general nature only and is based on the law as of the date of publication. It is not, nor is intended to be legal advice. If you wish to take any action based on the content of this publication we recommend that you seek professional advice.