There was plenty of movement in superannuation legislation through Parliament in September, with several superannuation bills being introduced and others progressing through the Senate and receiving Royal Assent.

A Bill to broaden AFCA’s jurisdiction regarding handling superannuation-related complaints was introduced to Parliament, and we saw an exposure draft of the bill which would reduce the tax concessions on high superannuation balances.

Finally, APRA released an amended version of SPS 515 Strategic Planning and Member Outcomes and updated the associated guidance, announcing its intention to revoke previous guidance on the sole purpose test and SFTs and wind ups.   

Jessica Pomeroy - Senior Regulatory Consultant
QMV Legal

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