A Stronger Super end-of-year health check
While the majority of the Stronger Super reforms have now commenced, a number of changes are due to come into effect at the end of 2013. With the year end rapidly approaching, trustees should use the following checklist to carry out a Stronger Super health check to ensure they will be able to comply from the start of the new year.
New disclosure requirements will apply to all superannuation product disclosure statements (PDSs) from 31 December 2013, including the problematic ‘indirect cost-ratio’ disclosure. While the industry is anticipating a deferral of the disclosure regime, there is no guarantee that one will be granted and so superannuation funds should be prepared to comply with the new requirements for all their superannuation PDSs from 31 December 2013 just in case.
From 31 December 2013, a trustee must publish a product dashboard for each of its MySuper products on the fund’s public website. The content and presentation of the information must be in accordance with the requirements of the Corporations Regulations and the relevant APRA reporting standard…
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Despite their prevalence, there has been some uncertainty in relation to the income tax treatment of earnout arrangements.