KHQ Super Alert – 16 May 2025: ATO media release, APRA reporting standards
Welcome to the weekly KHQ Super Alert. We took a week off last week as there was very little to report while the Government was wrapping up caretaker mode. It looks like activity has picked up again. In this edition we note ASIC’s proposal to remake some financial advice-related legislative instruments, AFCA’s release of ‘Approach’ documents, the registration of various APRA reporting standards and a couple of ATO media releases.
ASIC – Financial advice legislative instruments proposed to be remade
On 15 May 2025, ASIC announced its proposal to remake three financial advice-related legislative instruments which are due to expire on 1 October 2025. The three instruments are:
- ASIC Corporations (Advertising by Product Issuers) Instrument 2015/539;
- ASIC Corporations (General Advice Warning) Instrument 2015/540; and
- ASIC Corporations (Financial Services Guides) Instrument 2015/541.
ASIC proposes to consolidate the above into one instrument and proposes only ‘minor changes’ be made. The consultation period closes on 12 June 2025.
Click here for details.
ATO – Warning in relation to false news about superannuation changes
On 14 May 2025, the ATO issued a media release containing a ‘warning’ about the ‘proliferation of dodgy websites sharing fake news about changes to the superannuation preservation rules and withdrawal rules starting on 1 June’. The ATO has warned individuals about sharing their personal information with any unverified third-party sources.
Click here for details.
ATO – Release authority errors
On 9 May 2025, the ATO issued a media release listing ‘some common issues with SuperStream release authority lodgments which can result in processing delays and have negative impacts on members’. The ATO has provided some tips to trustees and administrators such as:
- lodging release authority statements ‘within 10 business days of receiving a release authority from [the ATO]…[in order] to avoid penalties’;
- not overpaying or duplicating members ‘as this can lead to member refunds and an illegal early access to super’; and
- sending a successful release authority statement with each payment as otherwise the ATO cannot allocate payments to the member.
Click here for details.
AFCA – Final versions of superannuation guidance published
On 2 May 2025, AFCA released the final versions of the following ‘AFCA Approach’ documents:
- The AFCA Approach to delayed insurance claims in superannuation;
- The AFCA Approach to Superannuation Death Benefit Complaints; and
- The AFCA Approach to sections 29(6) and 29(7) of the Insurance Contracts Act 1984.
AFCA also released its feedback reports from the public consultation process relating to these documents which summarises the updates that have been made to each of the above documents.
Click here, here, here, here, here and here for details.
Legislation – APRA data collection instruments registered
On 1 May 2025, the following legislative instruments were registered on the Federal Register of Legislation relating to the collection of data from superannuation trustees:
- Financial Sector (Collection of Data) (reporting standard) determination No. 3 of 2025 (Cth) (which is SRS 101.0 Definitions for Superannuation Data Collections);
- Financial Sector (Collection of Data) (reporting standard) determination No. 4 of 2025 (Cth) (which is SRS 251.0 Insurance);
- Financial Sector (Collection of Data) (reporting standard) determination No. 5 of 2025 (Cth) (which is SRS 550.0 Asset Allocation);
- Financial Sector (Collection of Data) (reporting standard) determination No. 6 of 2025 (Cth) (which is SRS 551.0 Liquidity);
- Financial Sector (Collection of Data) (reporting standard) determination No. 7 of 2025 (Cth) (which is SRS 552.0 Securities Subject to Repurchase and Resale and Securities Lending and Borrowing);
- Financial Sector (Collection of Data) (reporting standard) determination No. 8 of 2025 (Cth) (which is SRS 553.0 Investment Exposure Concentrations and Valuations);
- Financial Sector (Collection of Data) (reporting standard) determination No. 9 of 2025 (Cth) (which is SRS 604.0 RSE Licensee Profile);
- Financial Sector (Collection of Data) (reporting standard) determination No. 10 of 2025 (Cth) (which is SRS 605.0 RSE Structure);
- Financial Sector (Collection of Data) (reporting standard) determination No. 11 of 2025 (Cth) (which is SRS 606.0 RSE Profile); and
- Financial Sector (Collection of Data) (reporting standard) determination No. 12 of 2025 (Cth) (which is SRS 607.0 RSE Business Model).
These instruments were released in draft form by APRA on 6 December 2024 and 19 March 2025 (see our Super Alerts of 13 December 2024 and 21 March 2025) and subject to public consultation prior to their finalisation.
Click the name of each instrument in the bullet list above to be taken to it on the Federal Register of Legislation.
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