Super Alert – 30 May 2025: New ASIC podcast series, ATO Practical Compliance Guideline, quarterly super statistics

Welcome to the weekly KHQ Super Alert. This week, quarterly statistics reveal the continuing increase in superannuation assets to over $4 trillion and ASIC launched a new podcast series, with the first episode focussing on trust in superannuation.

ATO – Practical Compliance Guideline – Personal financial advice fees

On 29 May 2025, the ATO released its finalised Practical Compliance Guideline PCG 2025/1 in relation to ‘Fees for personal financial advice paid from member accounts by superannuation funds – apportioning the deduction and pay as you go withholding obligations’.

As mentioned in our Super Alert of 31 January 2025, the ATO launched a consultation in relation to draft guidance. The consultation has now concluded. The finalised Guideline is in substantially the same form as the draft.

The purpose of the guideline is to address amendments made to the Income Tax Assessment Act 1997 and sets out a ‘methodology superannuation funds can use to determine the extent to which payments of financial advice fees satisfy paragraph (d) of table item 5 of subsection 295-490(1) of the ITAA 1997’. It also explains the ATO’s ‘compliance approach in relation to a superannuation fund’s obligation to withhold from these payments for personal financial advice fees in the income years prior to 1 July 2019’.

Click here for details.

APRA – Quarterly superannuation statistics

On 28 May 2025, APRA released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the March 2025 quarter. Key statistics for the superannuation industry as at 31 March 2025 include a 5.9% increase in total superannuation assets over the previous 12 months to $4,129.0 billion.

Click here and here for details.

ASIC – Launch of new podcast series: Inside ASIC

On 28 May 2025, ASIC issued a media release in relation to the new series of the ASIC podcast ‘Inside ASIC’, which is now live. According to ASIC, ‘It pulls back the curtain on the work the agency is doing on everything from scams to greenwashing, public and private markets regulation, insurance and natural disasters, holding super funds to account, ASIC’s Indigenous Outreach Program, and much else besides. The podcast gives listeners an insight into the workings of ASIC, Australia’s corporate, markets and financial services regulator, and the people involved. Each episode showcases a different area of ASIC’s work as told by our people, plus interviews with Commissioners and external guests.’

Episode 1 of the new series which was released this week is called ‘Not so Super’ and deals with trust in superannuation.

Click here for details.

ATO – Upcoming personal transfer balance cap changes

On 28 May 2025, the ATO issued a news release in relation to personal transfer balance cap (TBC) changes. The ATO has advised that ‘The general TBC will be indexed on 1 July 2025, increasing from $1.9 million to $2 million. This increase will impact members with a personal TBC. Members who have commenced a pension prior to 1 July 2025 and haven’t previously reached or exceeded their personal cap will be eligible for a proportional increase, based on their highest ever transfer balance and the amount of unused cap space. Members starting a pension for the first time on or after 1 July 2025 will be entitled to a personal TBC of $2 million.’

Click here for details.

ASIC – Keynote address by Commissioner

On 27 May 2025, ASIC Commissioner, Simone Constant gave a keynote address at the Consumer Rights Forum. The key points included:

• ‘Superannuation is one of Australia’s greatest success stories but bigger has not necessarily meant better when it comes to the way trustees treat their members.
• Governance failures are the golden thread connecting many issues within superannuation member services at the moment.
• We will continue to follow up and follow through to ensure trustees do what they have said they will do and deliver the step-change that was promised.’

Click here for details.

ASIC and APRA – Superannuation CEO Roundtables on FAR

On 23 May 2025, ASIC and APRA issued media releases in relation to the recent Superannuation CEO Roundtables, held on 1 April 2025 and 10 April 2025. According to ASIC and APRA, public notes from the Roundtables have been published, 16 superannuation CEO’s were in attendance and the theme of these roundtables were key issues related to the Financial Accountability Regime.

Click here, here, and here for details.

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