Super Alert – 12 September 2025: remake of financial advice instruments, revocation of reporting standard, quarterly super statistics
Welcome to the weekly KHQ Super Alert. A variety of legislative instruments were registered this week which make minor amendments to financial services laws administered by ASIC and APRA. APRA also published its latest quarterly superannuation industry publication.
ASIC – Remake of financial advice instruments
On 11 September 2025, the ASIC Corporations (Financial Services Guide, General Advice Warning and Advertising Related Relief) Instrument 2025/234 was registered on the Federal Register of Legislation. According to ASIC, this instrument consolidates and continues the relief currently provided by the following three instruments:
- 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.
The ASIC Corporations and Credit (Amendment and Repeal) Instrument 2025/590 is the instrument which repeals the three instruments mentioned above.
As referred to in our Super Alert of 16 May 2025, ASIC consulted with the industry earlier this year about this proposal. ASIC explains that ‘[a]ll submissions were supportive of the relief being extended and ASIC’s proposal to remake the instruments into one’.
Click here and here for details.
APRA – Reporting standard linked to SPS 231 revoked
On 11 September 2025, the Financial Sector (Collection of Data) (reporting standard) determination No. 17 of 2025 was registered on the Federal Register of Legislation. The purpose of the determination is to revoke APRA superannuation reporting standard SRS 331.0 Services.
This reporting standard was linked to SPS 231 Outsourcing. As that prudential standard no longer applies, the related reporting to APRA is no longer required. Instead, reporting is required to be provided in relation to CPS 230 Operational Risk Management.
Click here for details.
Legislation – 2015 tax regulations remade
On 9 September 2025, the following regulations were registered on the Federal Register of Legislation:
- Income Tax Assessment (1936 Act) Regulations 2025; and
- Treasury Laws Amendment (Income Tax Assessment Repeal and Consequential Amendments) Regulations 2025.
The first-named regulations remake the Income Tax Assessment (1936 Act) Regulation 2015, with some amendments to repeal redundant provisions and simplifying the drafting. The second-named regulations make consequential updates to the SIS Regulations to remove references to the 2015 regulations and replace them with the name of the 2025 regulations.
Click here and here for details.
APRA – Quarterly superannuation statistics released
On 9 September 2025, APRA released the latest quarterly superannuation industry publication, quarterly superannuation product statistics and the quarterly fund-level statistics. These materials contain ‘data on superannuation products, investment options, member demographics’.
Click here for details.
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