The document provides a summary of recent regulatory updates in the pensions and superannuation industry in Australia. Key developments include legislation passing to implement recommendations from the Hayne Royal Commission regarding treating of employers, ending grandfathered commissions, and imposing penalties on trustees. Other updates include reforms to protecting superannuation, member outcomes requirements, and the consumer data right framework. The summary highlights impacts and recommendations for superannuation trustees.
Yet another busy month with five major superannuation reforms introduced to Parliament. The Bills relate to promoting Member Outcomes, Housing Affordability, Independent Directors on Trustee Boards, Complaints or Dispute Resolution, and extending Choice of Fund.
Yet another busy month with five major superannuation reforms introduced to Parliament. The Bills relate to promoting Member Outcomes, Housing Affordability, Independent Directors on Trustee Boards, Complaints or Dispute Resolution, and extending Choice of Fund.
The Companies Act, 2013 has been in force for about a year now. The law while ushering in a new era for corporate regulation in India has introduced massive changes in the way companies govern themselves.
CII has been instrumental in ensuring that industry voices were heeded during each stage of evolution of the Act. Our advocacy still continues with formal submissions on implementation of the legislation which has now thrown up newer issues and challenges. This is being done through various mediums including consolidated CII Representations; closed-door meetings with industry captains; one-to-one meetings with concerned Ministers and other key officials at the MCA.
Based on these submissions and interactions, many concerns highlighted by CII post notification of the Act and Rules have been clarified / notified by MCA. The remaining issues cover provisions relating to onerous requirements for private companies and closely-held unlisted public companies; related party transactions; CSR; amounts treated as deposits; certification of internal financial controls instead of internal control over financial reporting; consolidation of accounts; alignment with SEBI regulations, etc amongst others. These provisions require reconsideration either due to their extended reach or complexity in drafting the regulation or practical difficultly in compliance.
2020 Georgia General Assembly Legislative Report (by bill number)Beth B. Moore
A list of all the bills that passed both chambers of the Georgia Legislature and are now heading to Governor Brian Kemp's desk. He now has 40 days to either sign the bills into law or veto them. If he chooses to do nothing with a particular bill, that bill will automatically become law.
CBIZ Manufacturing & Distribution Quarterly Newsletter - Feb 2020CBIZ, Inc.
Timely articles on topics of interest to manufacturers and distributors including - the expansive SECURE Act (retirement legislation), Benefits Renewal (six questions to ask), Risk (rethinking your profile for the new decade), the Hardening Insurance Market (what to expect, how to prepare) and the NAM Talks Trade - plus quick links to complimentary guides and webinars.
Payroll Webinar: The Essentials for Third Party Sick Pay in 2020Ascentis
This webinar discusses the proper taxation and reporting of the fringe benefit known as third party sick pay. It discusses what is and is not third party sick pay, how the taxation is affected by the status of the provider (is or is not the employer’s agent), when this type of payment is taxable and/or reportable and who is responsible for this taxation and reporting.
This session will outline current Federal and state tax topics, best practices and practical recommendations for integrated healthcare delivery systems, hospitals and other healthcare organizations.
Learning Objectives
• Describe:
o Internal Revenue Service updates
o An overview of IRS Code Section 501(r) financial assistance policy and non-compliance issues
o Electronic medical records and associated tax issues
• Identify Employment Tax matters, including:
o W-2 and 1099 updates
o Employee retention tax credit update
o Compensation and FMV considerations, and Code Section 4960 excise tax >$1M
• Interpret Corporate structure planning from a tax perspective
o For-profit consolidations
o Joint ventures
o Limited liability companies
o Group exemptions
o State sales/use tax considerations
• Explain Form 990 community benefit tax-exempt hospital Schedule H updates
The Impact of the New Tax Law on Real Estate InvestmentCBIZ, Inc.
Generally speaking, real estate fared well under the Tax Cuts and Jobs Act (TCJA). This document provides a recap of the key areas of real estate that were impacted by the new tax law. www.cbiz.com
HR Webinar: The New Consolidated Appropriations Act of 2021: What HR Pros Mus...Ascentis
On December 27, 2020, the President signed H.R. 133, the "Consolidated Appropriations Act of 2021". This omnibus law includes the much anticipated and long-awaited COVID Relief Bill, with many of the new provisions taking effect immediately. Weighing in at a "mere" 5,593 pages, the new law renews or extends most of the tax relief programs available to employers under both the FFCRA and the CARES Act. The renewed Paycheck Protection Program, funded with $284.45 billion in new federal spending, is expected to see new lending the week of January 11, 2021, with a number of changes in response to prior program criticisms. Join us at this webinar to review the many provisions of CAA'21 which will impact Human Capital Management.
Payroll Webinar: The A to Z of Payroll Garnishments Part 2Ascentis
Tax levies and creditor garnishments can be some of the most complex tasks required of any payroll department. Payroll must understand all the laws that apply towards processing these types of garnishments backwards and forwards. It is sometimes even up to the payroll department to catch and correct any errors that have been made by anyone else along the way!
Precise and accurate compliance with garnishment regulation can help to reduce or eliminate the emotional and financial toll that can result from these unfortunate situations as well stave off any penalties that may result if processed incorrectly.
This webinar concentrates on processing garnishments, other than child support, in the payroll department. We’ll cover the federal rules for creditor garnishments, the IRS rules for federal tax levies, the various aspects of state tax levies, the key points for processing state creditor garnishments, how to handle voluntary wage assignments like payday loans and student loans. And that’s not all – we’ll also review the IRS Form 668-W.
The Companies Act, 2013 has been in force for about a year now. The law while ushering in a new era for corporate regulation in India has introduced massive changes in the way companies govern themselves.
CII has been instrumental in ensuring that industry voices were heeded during each stage of evolution of the Act. Our advocacy still continues with formal submissions on implementation of the legislation which has now thrown up newer issues and challenges. This is being done through various mediums including consolidated CII Representations; closed-door meetings with industry captains; one-to-one meetings with concerned Ministers and other key officials at the MCA.
Based on these submissions and interactions, many concerns highlighted by CII post notification of the Act and Rules have been clarified / notified by MCA. The remaining issues cover provisions relating to onerous requirements for private companies and closely-held unlisted public companies; related party transactions; CSR; amounts treated as deposits; certification of internal financial controls instead of internal control over financial reporting; consolidation of accounts; alignment with SEBI regulations, etc amongst others. These provisions require reconsideration either due to their extended reach or complexity in drafting the regulation or practical difficultly in compliance.
2020 Georgia General Assembly Legislative Report (by bill number)Beth B. Moore
A list of all the bills that passed both chambers of the Georgia Legislature and are now heading to Governor Brian Kemp's desk. He now has 40 days to either sign the bills into law or veto them. If he chooses to do nothing with a particular bill, that bill will automatically become law.
CBIZ Manufacturing & Distribution Quarterly Newsletter - Feb 2020CBIZ, Inc.
Timely articles on topics of interest to manufacturers and distributors including - the expansive SECURE Act (retirement legislation), Benefits Renewal (six questions to ask), Risk (rethinking your profile for the new decade), the Hardening Insurance Market (what to expect, how to prepare) and the NAM Talks Trade - plus quick links to complimentary guides and webinars.
Payroll Webinar: The Essentials for Third Party Sick Pay in 2020Ascentis
This webinar discusses the proper taxation and reporting of the fringe benefit known as third party sick pay. It discusses what is and is not third party sick pay, how the taxation is affected by the status of the provider (is or is not the employer’s agent), when this type of payment is taxable and/or reportable and who is responsible for this taxation and reporting.
This session will outline current Federal and state tax topics, best practices and practical recommendations for integrated healthcare delivery systems, hospitals and other healthcare organizations.
Learning Objectives
• Describe:
o Internal Revenue Service updates
o An overview of IRS Code Section 501(r) financial assistance policy and non-compliance issues
o Electronic medical records and associated tax issues
• Identify Employment Tax matters, including:
o W-2 and 1099 updates
o Employee retention tax credit update
o Compensation and FMV considerations, and Code Section 4960 excise tax >$1M
• Interpret Corporate structure planning from a tax perspective
o For-profit consolidations
o Joint ventures
o Limited liability companies
o Group exemptions
o State sales/use tax considerations
• Explain Form 990 community benefit tax-exempt hospital Schedule H updates
The Impact of the New Tax Law on Real Estate InvestmentCBIZ, Inc.
Generally speaking, real estate fared well under the Tax Cuts and Jobs Act (TCJA). This document provides a recap of the key areas of real estate that were impacted by the new tax law. www.cbiz.com
HR Webinar: The New Consolidated Appropriations Act of 2021: What HR Pros Mus...Ascentis
On December 27, 2020, the President signed H.R. 133, the "Consolidated Appropriations Act of 2021". This omnibus law includes the much anticipated and long-awaited COVID Relief Bill, with many of the new provisions taking effect immediately. Weighing in at a "mere" 5,593 pages, the new law renews or extends most of the tax relief programs available to employers under both the FFCRA and the CARES Act. The renewed Paycheck Protection Program, funded with $284.45 billion in new federal spending, is expected to see new lending the week of January 11, 2021, with a number of changes in response to prior program criticisms. Join us at this webinar to review the many provisions of CAA'21 which will impact Human Capital Management.
Payroll Webinar: The A to Z of Payroll Garnishments Part 2Ascentis
Tax levies and creditor garnishments can be some of the most complex tasks required of any payroll department. Payroll must understand all the laws that apply towards processing these types of garnishments backwards and forwards. It is sometimes even up to the payroll department to catch and correct any errors that have been made by anyone else along the way!
Precise and accurate compliance with garnishment regulation can help to reduce or eliminate the emotional and financial toll that can result from these unfortunate situations as well stave off any penalties that may result if processed incorrectly.
This webinar concentrates on processing garnishments, other than child support, in the payroll department. We’ll cover the federal rules for creditor garnishments, the IRS rules for federal tax levies, the various aspects of state tax levies, the key points for processing state creditor garnishments, how to handle voluntary wage assignments like payday loans and student loans. And that’s not all – we’ll also review the IRS Form 668-W.
This proposal starts from the premise that the States must be fundamentally accountable for any pandemic business income coverage program because:
• The orders triggering pandemic business income loss originate and terminate as decisions made by the individual States; and
• The responsibility to manage the economic consequences of those individual State decisions should likewise reside with the respective States.
Business Continuity Protection ProgramJasonSchupp1
On May 21 the National Association of Mutual Insurance Companies (NAMIC), the American Property Casualty Insurance Association (APCIA), and the Independent Insurance Agents & Brokers of America, Inc. (Big “I") released their proposal to address future pandemics: The Business Continuity Protection Program (BCPP).
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law by President Trump on March 27, 2020, provides various forms of relief for the economic impact of the Coronavirus crisis.
Staffscapes, Inc. is a Human Resources Outsourcing firm that specializes in HR, Payroll & Benefits. We recently presented this slide show to a group of Colorado Small Business Owners and Managers and are sharing it with the general public today.
This year’s guide has a particular focus on the United Kingdom, and featured topics include automatic enrolment, pension flexibility and the rise of defined contribution pensions.
Leveraging Federal Financial Assistance Programs During COVID-19Kareo
Bill Finerfrock, HBMA Director of Government Affairs, will break down the CARES Act and its associated programs to provide you with key takeaways to help ease financial burdens and maintain current staff levels.
In this webinar, Bill will discuss:
-New Paycheck Protection Program
-Other SBA (Small Business Association) programs
-Medicare Advanced Payment Options
-Provider Lost Revenue Program
It is paramount that retirement income systems and the advisers, trustees and other fiduciaries responsible for their management strike a fine balance between individual freedom and subtle nudges or paternalistic interventions.
Fifty-three per cent of Australian households are expected to have enough for a comfortable retirement from their combined superannuation savings, personal assets and the Age Pension, according to the latest CommBank Retire Ready Index
The responsibility of superannuation trustees is greater than that of typical businesses - holding an important economic and public policy role to Australian society to provide income in retirement. What duty or responsibility do superannuation trustees have towards environmental, risk, and governance factors?
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...
QMV Legal & Regulatory Update - February 2019
1. While all care has been taken in the preparation of this information, QMV Solutions Pty Ltd takes no responsibility for any
loss or damage suffered from relying on this information. This information is not intended to be financial, tax or legal advice.
1
FEBRUARY 2019 | PENSIONS AND SUPERANNUATION REGULATORY UPDATE
Jonathan Steffanoni
Principal Consultant
Legal and Risk
IN BRIEF
It didn’t take long for the legislative machinery to rumble into action to address some
recommendations from the Hayne Royal Commission. Legislation was introduced to
prohibit treating of employers, ending grandfathered commissions, and imposing
civil liability penalties on trustees for breaches of certain covenants and duties under
the SIS Act.
The Protecting Your Superannuation Package has passed into law following
amendments to remove most on the insurance related aspects of the original Bill
(most but not all). The Member Outcomes Bill has also passed, placing heightened
emphasis on trustees of MySuper products.
There were also plenty of important developments that weren’t in the headlines, but
remain important, including the introduction of the Consumer Data Right legislation
and changes to the means testing as part of the Retirement Income Framework.
QMV
REGULATORY
UPDATE
PENSIONS AND SUPERANNUATION
MAJOR REFORM UPDATES
Member Outcomes
15 February 2019
Passed Senate
The Member Outcomes Bill has passed the Senate with amendments and moves
to the House of Representatives. The Treasury Laws Amendment (Improving
Accountability and Member Outcomes in Superannuation Measures No. 1) Bill
2017:
▪ creates obligations on superannuation trustees to annually consider the
appropriateness of their MySuper product offering;
▪ give APRA an enhanced capacity to refuse an RSE licensee a new authority to
offer a MySuper product or to cancel an existing product;
▪ amends the expense reporting requirements on superannuation trustees
under the Superannuation Reporting Standards; and
▪ requires RSE licensees to hold annual members’ meetings.
These obligations operate alongside the recent new Strategic Planning Member
Outcomes Prudential Standard and Strategic Planning and Outcomes
Assessment Prudential Guidance.
QMV recommends that all superannuation trustees holding a MySuper product
licence assess the impact of the changes on strategic planning and performance
monitoring and reporting activities.
🔗LINK TO DETAILS
🔗SUBSCRIBE
INSIDE THIS EDITION
• Protecting Your Super Package
• Member Outcomes
• Consumer Data Right
• Ending grandfathered commissions
• Treating Employers
• Financial Sector Penalties
FEBRUARY 2019
2. While all care has been taken in the preparation of this information, QMV Solutions Pty Ltd takes no responsibility for any
loss or damage suffered from relying on this information. This information is not intended to be financial, tax or legal advice.
2
FEBRUARY 2019 | PENSIONS AND SUPERANNUATION REGULATORY UPDATE
Protecting Your
Super
22 February 2019
Awaiting Assent and
Draft Regulations
The Protecting Your Super Package Bill has been passed by Parliament with
significant amendments to the insurance opt-in aspects of the package. The
Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018
has passed both houses of parliament and is now awaiting assent.
The key aspects of the Bill require that:
▪ trustees of superannuation funds are prevented from charging certain fees
and costs exceeding 3% of the balance of a MySuper or choice product
annually where the balance of the account is below $6,000;
▪ trustees are prevented from providing insured benefits to inactive members
with balances below $6,000 unless a member has directed otherwise; and
▪ measures to increase the rate of consolidation of unintended duplicate
superannuation accounts.
The draft for Treasury Laws Amendment (Protecting Your Superannuation
Package) Regulations 2018 were released by Treasury, and details:
▪ when and the form of notices a trustee must provide a member; and
▪ rules to direct the Commissioner about how to consolidate accounts.
The commencement date of the reforms is 1 July 2019.
QMV recommends that all superannuation trustees prioritise engagement of
internal resources and service providers to ensure that business systems,
procedures and assurance is in place by the commencement date. Trustees should
model the impact of the reforms on member fees and insurance premiums.
Trustees should also consider the impact of low residual balances after partial
payments and obligations to refund certain fees.
SG Compliance Bill
12 February 2019
Enacted
Parliament has passed Treasury Laws Amendment (2018 Measures No. 4) Bill
2018 and is now awaiting royal assent. The Bill includes measures which will
target employer non-compliance with SG obligations, including:
▪ enabling the Commissioner to issue non-compliant employers with
directions to pay unpaid superannuation guarantee and to undertake
superannuation guarantee education courses; and
▪ allowing the Commissioner to disclose more information about
superannuation guarantee non-compliance to affected employees.
QMV recommends that superannuation trustees ensure that employer and
member services functions are aware of the changes and are prepared to assist
employers in understanding their SG obligations.
Civil Penalties for
SIS Duty Breaches
15 February 2019
Passed by Senate
Last minute amendments were made to the Member Outcomes Bill, to include
previously unannounced reforms to create civil liabilities for breaches of certain
SIS covenants and duties.
The amendments create civil and criminal penalties on trustee directors and
trustee entities of RSEs who fail to act in the best interests of members.
While there was no prior industry consultation, the reforms implement the
recommendations of the Hayne Royal Commission.
QMV recommends that superannuation trustees ensure that all trustee directors
are made aware of the changes and consider the impact on any indemnity
insurance policies and the severity of related risks identified in the RSE risk profile.
🔗LINK TO DETAILS
🔗LINK TO DETAILS
🔗LINK TO DETAILS
3. While all care has been taken in the preparation of this information, QMV Solutions Pty Ltd takes no responsibility for any
loss or damage suffered from relying on this information. This information is not intended to be financial, tax or legal advice.
3
FEBRUARY 2019 | PENSIONS AND SUPERANNUATION REGULATORY UPDATE
Treating Employers
15 February 2019
Passes Senate
Amendments to the Member Outcomes Bill also included the previously
unannounced reform to the law concerning inducement of employers without
consultation.
The amendments prohibit trustees from “treating” employers where the action
may reasonably influence the employer to nominate the fund as a default fund
or having one or more of their employees apply or agree to become a member
of the fund.
The application of the Bill has some uncertainty, with no clarity provided in the
Bill as to the kinds of activities which might reasonably influence employers.
QMV recommends that superannuation trustees engage with regulators in
seeking further guidance on the intended application of the Bill. In the interim,
superannuation trustees should actively engage business development and
employer relationship staff in adopting a risk-based approach to compliance.
Insurance opt-in
20 February 2019
Bill Introduced
The Treasurer has introduced to Parliament Treasury Laws Amendment (Putting
Members’ Interests First) Bill 2019 which intends to prevent trustees from
providing insured benefits to certain members on an opt-out basis.
The Bill substantially reflects the aspects of the Protecting your Super Bill which
were carved out by amendments in order to secure passage. The Bill would
prevent trustees from providing insured benefits on an opt-out basis to
members who:
▪ are under 25 years old and begin to hold a new product on or after 1
October 2019; or
▪ who hold products with balances under $6,000.
The provisions would generally apply on or after 1 October 2019. The bill
implements aspects of the Protecting Your Super Package that were not passed
under the Treasury Laws Amendment.
QMV does not expect that the Bill will pass the current Parliament before the
Commonwealth election, however recommends that superannuation trustees
remain attentive to possible changes to automatic acceptance group insurance.
Ending
Grandfathered
Commissions
22 February 2019
Consultation
Treasury has released an exposure draft for a bill designed to end
grandfathering arrangements for conflicted remuneration in relation to financial
advice provided to retail clients. This is consistent with the recommendation
made in the Hayne Royal Commission regarding grandfathered conflicted
remuneration.
The exposure draft removes the grandfathering arrangements for conflicted
remuneration and other banned remuneration from 1 January 2021. The draft
would also enable the regulations to provide for a scheme where amounts that
would otherwise have been paid as conflicted remuneration were instead
rebated to affected clients.
The consultation is open until 22 March.
QMV recommends that superannuation trustees that allow for such grandfathered
remuneration arrangements to be deducted from member benefits assess the
impact of the change on operations and administration systems used to calculate.
Consideration of the impact of the cost and accessibility of financial advice to
members may be warranted.
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loss or damage suffered from relying on this information. This information is not intended to be financial, tax or legal advice.
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FEBRUARY 2019 | PENSIONS AND SUPERANNUATION REGULATORY UPDATE
Financial Sector
Penalties
18 February 2019
Awaiting Assent
Treasury Laws Amendment (Strengthening Corporate and Financial Sector
Penalties) Bill 2018 has passed both houses of Parliament and is now awaiting
assent.
This bill implements recommendations of the ASIC Enforcement Review
Taskforce by amending multiple existing acts to introduce a stronger penalty
framework for corporate or financial sector misconduct, and other minor
amendments.
The Taskforce recommended simplifying access to, and the operation of, several
civil penalty and criminal offence provisions.
QMV recommends that superannuation trustees consider the impact of the
increased penalties on the severity of regulatory and compliance risks.
Retirement Income
Framework
14 February 2019
Awaiting Assent
Parliament has passed the Social Services and Other Legislation Amendment
(Supporting Retirement Incomes) Bill 2018, which amends the Social Security Act
1991 and Veterans’ Entitlements Act 1986 as part of the Retirement Incomes
Framework reforms. Specifically, the Bill:
▪ establishes new means test rules to accommodate development of new
income stream products (such as CIPRs);
▪ amends the rules for the treatment of lifetime income streams in means
testing; and
▪ increases the Work Bonus from $250 to $300 per fortnight and extends its
application to income earned from remunerative work involving personal
exertion, including self-employment.
QMV recommends that superannuation trustees engage with staff and service
providers engaged in the provision of financial advice (including intra fund
advice) to ensure that the changes are implemented, in guidance and systems
utilised in advising members. Consideration should also be given to configuration
of any technology which applies the means testing rules.
Consumer Data
Right
13 February 2019
Bill Introduced
The Treasury Laws Amendment (Consumer Data Right) Bill 2019 has been
introduced into the House of Representatives. This bill establishes the legislative
framework for the Consumer Data Right, and Open Banking as the first iteration
of the new right.
The Consumer Data Right is an economy wide competition policy which
provides consumers with control over the sharing and use of data related to
them.
The Bill also creates privacy safeguards to complement existing protections
under Privacy Law, empower the ACCC to make rules, and CSIRO Data61 to
create technical and data standards. Open Banking and Open Super are
expected to be key implementations of this right.
QMV recommends that superannuation trustees identify and consider the
strategic opportunities which may be presented by the implementation of Open
Banking, and the strategic risks which the future designation of superannuation
funds as data holders under the regime may present.
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5. While all care has been taken in the preparation of this information, QMV Solutions Pty Ltd takes no responsibility for any
loss or damage suffered from relying on this information. This information is not intended to be financial, tax or legal advice.
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FEBRUARY 2019 | PENSIONS AND SUPERANNUATION REGULATORY UPDATE
TECHNICAL CHANGES AND UPDATES
Superannuation
Contributions Tax
Regulations
5 February 2019
Draft Regulations
Treasury has released draft regulations regarding superannuation contributions
tax, with existing Contributions Tax (Assessment and Collection) Regulations 1997,
and the Superannuation Contributions Tax (Members of Constitutionally Protected
Superannuation Funds) Assessment and Collection Regulations 1997 scheduled to
sunset on 1 April 2019.
The draft intends to ensure ongoing operation of superannuation contributions
tax and doesn’t alter anything substantial within the existing regulations. Minor
changes have been made to remove redundant references and omit provisions
that are no longer operative. The draft also includes transitional provisions to
preserve existing regulations for financial years preceding 1 July 2005.
QMV recommends that superannuation trustees note the change and update any
references in compliance assurance systems and procedures to reflect to intended
technical change.
MySuper Transition
28 February 2019
Legislative Instrument
APRA has registered a legislative instrument revoking superannuation prudential
standard SPS 410, which sets out the minimum processes for superannuation
entity licensees in relation to attribution of accrued default amounts to a
suitable MySuper product before 1 July 2017.
Since the transition period has now passed, the standard is now redundant.
No action recommended.
SMSF Membership
Limit
13 February 2019
Bill Introduced
The Treasury Laws Amendment (2019 Measures No. 1) Bill 2019 includes reforms
to the maximum number of members permitted within a SMSF to six.
It also amends provisions that relate to SMSFs and smaller APRA funds to ensure
continued regulatory alignment with the increased maximum number of
members.
This Bill is consistent with measures included within the 2018/19 budget and
includes unrelated reforms to reduce the import tariffs applied to small batch
craft beer being imported to Australia.
QMV recommends that superannuation trustees consider the impact of the change
on strategic risks of member outflows to self-managed superannuation funds. We
also suggest it might be a good time to get imported small batch craft beers at a
cheaper price.
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6. While all care has been taken in the preparation of this information, QMV Solutions Pty Ltd takes no responsibility for any
loss or damage suffered from relying on this information. This information is not intended to be financial, tax or legal advice.
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FEBRUARY 2019 | PENSIONS AND SUPERANNUATION REGULATORY UPDATE
Director Register
13 February 2019
Bill Introduced
The Treasury Laws Amendment (Registries Modernisation and Other Measures)
Bill 2019 Bill was introduced to Parliament. The Bill seeks to introduce a director
identification number (DIN) requirement for businesses and has been referred to
the Senate Economics Legislative Committee for report by 26 March 2019.
This is through Sch 2 of the Treasury Laws Amendment (Registries Modernisation
and Other Measures) Bill 2019. As a partial result of this amendment, legislation
relating to tax and superannuation will also be amended.
QMV recommends that superannuation trustees monitor the passage of the Bill,
noting that trustee directors may need to be registered if the reforms pass into law.
Minor
Superannuation
Tax Reform
27 February 2019
Draft Legislation
Draft legislation and regulations have been released for consultation by
Treasury, dealing with minor technical amendments to super tax legislation, and
correcting for unintended outcomes that relate to the Treasury Laws
Amendment (Fair and Sustainable Superannuation) Bill 2016.
The Bill addresses the following issues:
▪ corrects an error in the way that a transfer balance debit is calculated for the
purposes of the transfer balance cap when market linked pensions and
annuities, and life expectancy pensions and annuities, that are capped
defined benefit income streams are commuted; and
▪ ensures the untaxed element of a lump sum superannuation death benefit
derived under section 307-290 of the ITAA 1997 (in circumstances where a
deduction has been claimed with respect to insurance) is not included in the
assessable income of the receiving superannuation fund if the death benefit
is rolled over by a dependant of the deceased.
The draft legislation also includes amendments that will permit the
Commissioner to account for additional tax debts in running balance accounts.
The consultation is now open and will close on 27 March 2019.
QMV recommends that trustees of superannuation funds with market-linked
pensions or annuities or capped defined benefit income streams review systems to
ensure that transfer balance cap calculations and treatment of untaxed death
benefits in tax returns are correct.
FASEA Code of
Ethics
11 February 2019
Legislative Instrument
FASEA has released a legislative instrument which amends the Code of Ethics.
This was informed through a consultation process. The instrument and
accompanying explanatory memo clarify aspects of the Code, including:
▪ the values underlying the Code;
▪ amends standards around conflicts;
▪ amends standards about the best interests of the client;
▪ amends standards concerning the effects of advice on the client; and
▪ updated adviser record-keeping requirements.
The obligation for financial advisors to comply with the Code applies on and
from 1 January 2020.
QMV recommends that superannuation trustees involved in the provision of
financial advice to members check that measures are in place to ensure business
practices which are consistent with the code from 1 January 2020.
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7. While all care has been taken in the preparation of this information, QMV Solutions Pty Ltd takes no responsibility for any
loss or damage suffered from relying on this information. This information is not intended to be financial, tax or legal advice.
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FEBRUARY 2019 | PENSIONS AND SUPERANNUATION REGULATORY UPDATE
GUIDANCE AND POLICY
APRA Policy
Priorities
28 February 2019
Media Release
APRA has released its annual Policy Priorities document for 2019, outlining its
areas of intended policy focus for the next 12 to 18 months.
Primarily, their policy agenda will be heavily shaped by its response to the
Hayne Commission, as well as continuing to build on substantial pieces of
work started last year.
APRA is also taking into account major developments, such as the Banking
Executive Accountability Regime (BEAR), and important industry trends.
QMV recommends that superannuation trustees review the submissions from
the hearings that have occurred when they are released and attend any future
public hearings if you wish to provide comment.
AFCA to accept
legacy financial
complaints
20 February 2019
Announcement
The Government has announced that it intends to extend AFCA’s remit to
review eligible financial complaints dating back to 1 January 2008.
AFCA will commence accepting legacy complaints starting 1 July 2019, and
this remit will stay expanded for a period of 12 months.
QMV recommends that superannuation trustees assess the impact that the
extension of the retrospective review period may have of complaint volumes.
Superannuation trustees should also consider ensuring that records are available
to enable the efficient handling of any such legacy complaints.
ATO Website
Updates
February 2019
The ATO has released several guidance articles regarding superannuation.
These include:
▪ information on release authorities, and changes from 1 July 2018 that
affect certain release authorities;
▪ guidance for super providers who will be reporting member contributions;
▪ pension standards for SMSFS; and
▪ contributions splitting for members.
QMV recommends that superannuation trustees review these changes to the
ATOs published material.
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8. While all care has been taken in the preparation of this information, QMV Solutions Pty Ltd takes no responsibility for any
loss or damage suffered from relying on this information. This information is not intended to be financial, tax or legal advice.
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FEBRUARY 2019 | PENSIONS AND SUPERANNUATION REGULATORY UPDATE
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