With the start of the new financial year, we see a myriad of superannuation-related changes come into effect as of 1 July 2022, including an increase in the SG-rate to 10.5%.  

Although Parliament is not yet sitting, the regulators were busy in June, with ASIC releasing a new legislative instrument covering superannuation calculators and retirement estimates, and an information sheet on greenwashing. Meanwhile, APRA finalised the SPS 250 Insurance in Super, confirmed it will be releasing a refreshed investment governance prudential standard and will finalise SPS 310 Audit and Related Matters prudential standard later in 2022.  

There was also quite a bit of activity in the courts in relation to superannuation, with two trustees seeking judicial advice in relation to amending the trust deed to allow the trustee to charge a fee in response to the amendment of s56 of the SIS Act regarding indemnities. Additionally, judgments were handed down for Avanteos with the court ordering a $1.71m penalty for defective produce disclosure, and a judgment made which addresses a successor insurer’s ability to decline a claim where a misrepresentation was made to a prior insurer.

Gabriela Pirana - Senior Associate
QMV Legal

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