Super Alert – 4 July 2025: finalised industry levies for APRA, estimated industry levies for ASIC, superannuation contributions on Government-funded Paid Parental Leave
Welcome to the weekly KHQ Super Alert and to the new financial year! We have had a brand refresh at KHQ Lawyers so we are pleased to present our newly styled Super Alerts. This week the estimated industry levies for ASIC were released while the finalised industry levies for APRA were registered. The Government also registered further regulations to give effect to various administrative matters for the introduction of superannuation contributions on Government-funded Paid Parental Leave.
ASIC – Sales tactics encouraging risk super switching
On 3 July 2025, ASIC issued a media release warning that it has ‘increasing concerns’ about recent news of sales approaches using ‘high-pressure sales tactics, click bait advertising and promises of unrealistic returns which encourage people to switch superannuation into risky investments’. ASIC has encouraged people to ‘always ask questions about salespeople’s connections to funds, particularly in circumstances where a particular fund appears in the pitch, as there may be a commission arrangement’.
Click here for details.
ASIC – Cost Recovery Implementation Statement
On 3 July 2025, ASIC published its 2024-25 Cost Recovery Implementation Statement which sets out how its regulatory costs will be recovered from the industry. ASIC estimates that there will be a 6% increase to its costs compared to the previous financial year. For superannuation trustees, the estimated levy is noted to be a ‘[m]inimum levy of $18,000 plus $10.37 per $1m of assets above the $250m threshold’.
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Treasury – Minor amendments to tax and superannuation laws proposed
On 2 July 2025, Treasury released the following draft regulations for public consultations:
- Income Tax Assessment (1936 Act) Regulations 2025 (Cth); and
- Treasury Laws Amendment (Income Tax Assessment Repeal and Consequential Amendments) Regulations 2025 (Cth).
Some minor changes are proposed to superannuation laws relating to life tables for annuities and pensions (so that the most recent tables published by the Australian Government Actuary are referred to in the legislation).
The consultation period closes on 15 July 2025.
Click here for details.
APRA – CPS 230 comes into effect
On 1 July 2025, APRA issued a media release reminding APRA-regulated entities that CPS 230 Operational Risk Management came into effect on 1 July. Comments made by APRA Member Therese McCarthy Hockey include that:
- ‘[i]n an environment where one crashed server or ransomware attack could leave millions without access to these essential services, effective operational risk management is vital for financial stability and community wellbeing’; and
- ‘CPS 230 requires entities to have a detailed level of understanding and mitigation planning in relation to their most critical third-party service providers. This will require an entirely new mindset about where the boundaries of responsibility sit’.
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Legislation – Superannuation rules for paid parental leave
On 30 June 2025, the Paid Parental Leave Amendment (Adding Superannuation for a More Secure Retirement) Rules 2025 (Cth) were registered on the Federal Register of Legislation. According to the Explanatory Statement, the purpose of the rules is to amend the existing Paid Parental Leave Rules 2021 (Cth) to prescribe various administrative matters to give effect to the introduction of superannuation contributions on Government-funded Paid Parental Leave on and from 1 July 2025.
Click here for details.
Parliament – Final report in retirement system Senate enquiry
On 30 June 2025, the Senate Economics References Committee tabled its final report in relation to its enquiry called ‘Improving consumer experiences, choice, and outcomes in Australia’s retirement system’. The report notes that ‘the committee considers there is further work to do for this inquiry’, however this is the committee’s final report because the change in Government has resulted in committee members changing roles and now being ineligible to continue the inquiry.
The focus of this particular report is ‘on the adequacy of responses to questions on notice provided by certain inquiry participants and the difficulties the committee has faced in trying to complete its inquiries due to these lack of responses’. The sole recommendation is ‘that the Senate establish an inquiry into the sanctions available to the Senate where witnesses fail to act in good faith or do not answer questions’.
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ASIC – Updates to regulatory guides for managed investment schemes
On 30 June 2025, ASIC issued a media release announcing that it has updated the following two regulatory guides applicable to managed investment schemes:
- Regulatory Guide 132 Funds management: Compliance and oversight; and
- Regulatory Guide 136 Funds management: Discretionary powers.
ASIC advised that it ‘did not consult externally on the changes as they are consequential and administrative in nature’.
Click here for details.
Legislation – APRA supervisory levies determined
On 27 June 2025, the Australian Prudential Regulation Authority Supervisory Levies Determination 2025 (Cth) was registered on the Federal Register of Legislation. The purpose of the instrument is to determine the levies payable by APRA-regulated entities for the 2025/26 financial year.
As referred to in our Super Alert of 28 March 2025, Treasury undertook a public consultation process earlier this year in relation to the amount of these levies.
Annual restricted amount levies for regulated superannuation entities are between $12,500 and $950,000, depending on the size of the entity. The unrestricted levy percentage is 0.0025% of assets (rounded).
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