Super Alert – 6 June 2025: APRA licensing FAQs, ATO updates on SG rate, ASIC infringement notice

Welcome to the weekly KHQ Super Alert. This week APRA issued some updated FAQs on licensing and ASIC gave an infringement notice to a super fund trustee in relation to alleged misleading performance data. The ATO has also given various updates on SG, making reporting amendments and advice that is under development.

ATO – updates on SG rate and amendment protocol for reporting

On 5 June 2025, the ATO issued some superannuation-related updates on its website:

• For employers: ‘The super guarantee (SG) rate will increase to 12% on 1 July 2025. The 12% rate will need to be applied for all salary and wages paid to eligible workers on and after 1 July. This is even if some or all of the pay period it relates to is before 1 July. This is the final scheduled increase.’
• For super funds: There is an ‘amendments protocol’ which explains ‘[h]ow to amend transactions, balances and events for APRA super funds’. It states that ‘[i]f you discover any material errors or omissions in the balances, contributions, or events you have reported, you must amend your reporting within 30 days of becoming aware of these errors under Section 390-115 of Schedule 1 to the Taxation Administration Act 1953 (TAA).

In relation to mistakes, the ATO states that ‘[i]In limited circumstances, you may be required to amend your reporting when the retrospective operation of the law causes a transaction to be unwound or become void. This may occur when you return contributions credited to a member’s account in restitution of a legal mistake of law or mistake of fact. Contributions can’t be returned to a member because they regret making them or because they or their agents made an error in their decision to contribute.’

Click here and here for details.

ATO – Superannuation advice under development

On 4 June 2025, the ATO announced that it is developing advice and guidance on the following superannuation issues in relation to ‘[e]xpenditure incurred under a non-arm’s length arrangement and superannuation contributions’.

• The first is an ‘Addendum to Law Companion Ruling LCR 2021/2 Non-arm’s length income – expenditure incurred under a non-arm’s length arrangement’. Its purpose is stated to be as follows: ‘LCR 2021/2 is being updated to include the Commissioner’s view as to how the amendments in explanations of the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2024 apply in respect of the non-arm’s length expenditure and non-arm’s length component provisions.’
• The second is an ‘Addendum to Taxation Ruling TR 2010/1DC Income tax: superannuation contributions’. Its purpose is stated to be as follows: ‘TR 2010/1DC is being updated to include the Commissioner’s view about the amendments in explanations of the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2024. In addition to updates for the non-arm’s length expenditure amendments, TR 2010/1DC (which was previously issued for consultation on 28 July 2021) will also be updated with regard to issues such as in specie contributions, the maximum earnings test and the deductibility of contributions.’

Both are expected to be completed in mid 2025.

Click here for details.

APRA – Licensing FAQs

On 2 June 2025, APRA issued a media release stating that it has made some minor amendments to frequently asked questions for APRA’s licensing process. It is not clear from the APRA page what exactly has been updated, but the media release notes that the ‘updates incorporate changes from the introduction of the Financial Accountability Regime (FAR) and remove duplication of commentary reflected in APRA’s Information Paper ADIs: New entrants – a pathway to sustainability’.

Click here and here for details.

ASIC – Infringement notice

On 30 May 2025, ASIC issued a media release in relation to an infringement notice it has given a large superannuation fund. The media release states that the trustee ‘has paid $18,780 to comply with an infringement notice issued by ASIC over allegedly misleading performance data published on [the fund’s] website. Between July 2023 and July 2024, [the trustee] published out-of-date performance data about the performance of its default MySuper product’. Payment of an infringement notice is not an admission of liability.

ASIC maintains a public register of infringement notices it has issued.

Click here for details and here for the public register.

ASIC – Speech by Commissioner

On 29 May 2025, ASIC Commissioner, Simone Constant, gave a speech at the Responsible Investment Association Australasia conference regarding mandatory climate reporting.

Commissioner Constant provided an overview of the regime, and noted that ASIC will supervise, enforce, and assist compliance to ensure disclosures are high-quality, comparable, and comply  with the Corporations Act and the Australian Accounting Standards Board’s climate standard. She also noted that ASIC is processing applications for relief from reporting obligations and will share approaches to novel cases to aid market understanding. In addition, ASIC is developing educational materials to help reporting entities understand and meet the reporting requirements. ASIC will take a pragmatic and proportionate approach during the transition, focusing on serious misconduct and providing correction opportunities. (She also noted that, unlike the new climate disclosures, the law in relation to greenwashing is long-standing and will be enforced strictly.)

Click here for details.

Want KHQ Super Alerts delivered straight to your inbox each week? Click here to subscribe.