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Showing 1 - 10 of 55 results for %22SIS Superannuation Industry Supervision Act%22

APRA flags premium volatility in superannuation group life insurance

ANDREW MCKEAN  |  FRIDAY, 8 DEC 2023
... determination of retirement income strategies as required by section 52(8A) of the Superannuation Industry (Supervision) Act 1993 (SIS Act) addressing Retirement Income covenants," the prudential regulator said. "APRA strongly encourages RSE licensees ...

ASIC proposes five-year extension to DDO

ANDREW MCKEAN  |  WEDNESDAY, 16 AUG 2023
... licensee directors from the change of control and ownership provisions of the Superannuation Industry (Supervision) Act 1993 (SIS Act). Effective immediately, this exemption eliminates the need for certain RSE licensee directors to seek approval for ...

AustralianSuper mistake spurs call for regulatory intervention

ANDREW MCKEAN  |  MONDAY, 15 MAY 2023
... unintentional and contrary to the interests of members," he said. "The duty to identify duplicate accounts under section 108A of the SIS Act provides room for trustees to exclude defined benefit and income stream accounts and places the onus on the trustee ...

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 ...

Rainy day funds probed

ELIZABETH MCARTHUR  |  FRIDAY, 11 FEB 2022
... the Supreme Court to alter their trust deeds to create pools of capital - referred to as rainy day funds - required by the SIS Act amendments. "I should emphasise that it's not just the industry funds that are affected by this amendment. Retail funds ...

Blue Crane Capital launches fintech tool for SMSFs

CHLOE WALKER  |  WEDNESDAY, 9 FEB 2022
... to its observation that the SMSF sector could grow in response to changes to the Superannuation Industry (Supervision) Act (SIS Act) in July 2021. Under the changes, SMSFs can now have up to six trustees instead of the previous limit of four. Blue Crane ...

AMP in enforceable undertaking

JAMIE WILLIAMSON  |  TUESDAY, 16 NOV 2021
... additional to those" addressed by that action, that may have been breaches of the Superannuation Industry (Supervision) Act 1993 (SIS Act). According to documents, the CEU does not intend to deal with issues that are currently the matter of Federal Court ...

Cbus to create rainy day fund to cover fines

ELIZABETH MCARTHUR  |  THURSDAY, 11 NOV 2021
... to create provisions for any fines or penalties. "This application has been made to ensure Cbus is in compliance with the SIS Act following Hayne reforms. Other profit-to-member funds will likely need to take similar action to ensure compliance," a spokesperson ...

ASIC disqualifies SMSF auditor

ANNABELLE DICKSON  |  WEDNESDAY, 30 JUN 2021
... Shrubsole's breaches were first identified by the ATO under section 128P of the Superannuation Industry (Supervision) Act 1993 (SIS Act) and then referred to ASIC. Both ASIC and the ATO act as co-regulators of SMSF auditors. The ATO's role is ...
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