Relief for trustees regarding reporting of Low Income Superannuation Contributions (LISC)

14 November 2013

ASIC has issued a Class Order exempting a trustee of a regulated superannuation fund from having to provide a periodic statement to its members that includes the separate reporting of Low Income Superannuation Contribution (LISC) under regulation 7.9.20(2A). The class order will only apply to reporting periods that end on or before 31 December 2014.

The relief is conditional on the trustee meeting one of two conditions; the first is referring in the periodic statement to the aggregate amount of the Government co-contribution and LISC received in a reporting period as 'Government Contribution', and the second is referring to this aggregate amount as 'co-contribution'.

Both conditions require that certain statements are made either in the periodic statement or in a document accompanying the periodic statement to explain to members exactly what has been reported in the periodic statement and to give members the opportunity to contact the fund for further details.

The second condition imposes a higher standard of disclosure in terms of prominence of the statements to avoid members being misled. For full detail of the exemption and conditions attaching to it see [CO 13/1420].

What's new

Compliance time period extended for ASIC Class Order [CO 14/1252]

Due to the expert review of RG 97 that is currently underway, ASIC has decided to preserve the status quo at law by extending the time periods for compliance with certain aspects of ASIC Class Order [CO 14/1252] in relation to periodic statements and superannuation PDSs by one year. Accordingly ASIC has modified [CO 14/1252]. 

The modifications were made after ASIC received a request from representative industry bodies in the superannuation and managed investments industry. The modifications address concerns about industry incurring costs to prepare to implement new disclosure requirements while the outcome of expert review is unknown.

The modifications to [CO 14/1252] were made on 21 December 2017 and can be found on the Federal Register of Legislation.

ASIC appoints expert to review fees and costs disclosure settings

ASIC has appointed Darren McShane, who has extensive experience in the superannuation and managed investments industry, to conduct a review of the fees and costs disclosure requirements under RG 97. The review is expected to be completed in the first half of 2018.

Read the media release | Find out more


Superannuation member experience report

ASIC has released a report about our review of key aspects of consumer engagement with their super funds, focusing on the experience of less-engaged superannuation fund members. 17-217MR. 30 June

Shorter PDS relief extended

ASIC has extended to 30 June 2018 relief excluding multifunds, superannuation platforms and hedge funds from the shorter PDS regime. 17-216MR, 29 June

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Last updated: 18/11/2013 12:00