Govt extends deadline for Stronger Super disclosure reporting
The Federal Government has extended the deadline for superannuation funds to meet the Stronger Super requirements by a year, as it seeks consult on their detail, the Australian Securities and Investments Commission (ASIC) announced today.
The regulator said the decision would "provide further time for consideration of the commercial sensitivity issues that arise in the context of these types of changes".
"Current interim relief so that licensees do not have to provide a hard copy of the product dashboard with the periodic statement has been extended to 1 July 2016," ASIC said.
"The start date for certain disclosures required pursuant to subsection 29QB(1) of the Superannuation Industry (Supervision) Act for standard employer-sponsored sub-plans has also been deferred until 1 July 2016.
"The deferrals will reduce the administrative burden on industry and provide it with time to prepare for the introduction of the new requirements.
"As an additional matter, ASIC has also extended the interim relief in relation to long-term performance reporting in Class Order 10/630 to 31 December 2015."
AUTHOR
Nicholas O'Donoghue
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