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Showing 1 - 10 of 26 results for %22SIS Regulations%22

AFCA secures $40m in refunds

ELIZA BAVIN  |  THURSDAY, 14 MAR 2024
... three reports and life insurance with one. In superannuation, the issues included breaches of the SIS Act and SIS Regulations, incorrect cancellation of insurance policies and inadequate claims handling. In investments and advice the issue was that a ...

Potential reporting relief for trustees: ASIC

CHLOE WALKER  |  TUESDAY, 7 NOV 2023
... and efficiently and/or whether any amendments are required. Currently, section 29QC of the Superannuation Industry Act 1993 (SIS Act) requires that information given to the public by trustees must align with information provided to the Australian Prudential ...

APRA consults on approach to combining product histories

JAMIE WILLIAMSON  |  THURSDAY, 20 APR 2023
... draft technical determination that modifies certain return formulae for the performance test contained in the SIS regulations. "This technical determination will operate in limited circumstances by adapting the performance test to reflect a product's ...

Super reform "takes away the right to be tax exempt"

ANDREW MCKEAN  |  TUESDAY, 28 MAR 2023
... unrealised capital gains tax, has drawn criticism from a top AFSL. Under the existing Superannuation Industry Supervision (SIS) regulations, retirees must draw a minimum pension amount based on their age when they start an income stream. This minimum ...

Draft SMSF auditor registration regulations to update fees, language

ANDREW MCKEAN  |  MONDAY, 17 OCT 2022
... regime. According to Holding Redlich partner Luke Hooper, Section 128L of the Superannuation Industry (Supervision) Act 1993 (SIS Act) prescribes the matters that those fees are payable for, in respect of approved SMSF auditors including, applying for ...

Focus on providing 'good advice': QAR draft proposals

JAMIE WILLIAMSON, CASSANDRA BALDINI  |  MONDAY, 29 AUG 2022
... for personal advice provided on their interest in the fund, if the member allows it. To enable this change, Levy says the SIS Act would need to be amended to provide trustees permission to provide personal advice to members about their interests in a ...

No change of mind for ERS

ELIZA BAVIN  |  THURSDAY, 7 MAY 2020
... the ATO, APRA will not take any regulatory action for any breach of the payment standards in the SIS Act or the SIS Regulations in relation to that payment." AUSTRAC has also confirmed that where there was a valid determination at the time of payment ...

APRA responds to industry concerns

ELIZA BAVIN  |  THURSDAY, 28 NOV 2019
... would limit scrutiny on the performance of choice products," APRA said. "APRA's view is that absent the final SIS Regulations defining a comparable choice product, it is not possible for an RSE licensee to undertake the required comparison component ...

Associations raise member outcomes concern

KARREN VERGARA  |  FRIDAY, 21 JUN 2019
... financial needs are being met, AIST said. Industry Superannuation Australia echoed the AIST's concerns. Amendments to the SIS Act means the "pre-emptive release" of draft SPS 515 does not accurately reflect the new law and requires revision; it also ...

Amendments to retirement income law assent

HARRISON WORLEY  |  MONDAY, 11 MAR 2019
... were not appropriate for the "wide possible range" of complex products the parliament expects to emerge under SIS regulations changes in the future. If those means test rules were to continue under those changes, the income support system would be open ...
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