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In the wake of last week’s release of 10 final reporting standards for its Superannuation Data Transformation (SDT) project APRA has released draft technical information and supporting material relating to super taxonomies.
The information will help funds prepare data for submission to APRA Connect, a new data collection solution to go live at the end of September 2021 (a test environment will be available from June 2021).
Reporting entities will have to use this solution alongside the existing D2A (Direct to APRA), with a progressive cutover of data reporting to APRA Connect over the coming years.
Final versions of these documents will be available before the external test environment is released to entities in June 2021. The draft artefacts include the data dictionary, validations, reporting taxonomy and XSD (to validate files).
Following AIST’s webinar last week on APRA’s Response Paper to the SDT phase 1 consultation, we are setting up a consultation process to support implementation of the new reporting standards and APRA Connect data collection implementation.
AIST and several of our member funds have been invited to appear before the Senate Economics Legislation Committee’s inquiry into the Treasury Laws Amendment (Your Future, Your Super) Bill 2021 [Provisions].
The public hearings – to be held in Thursday 7 April in Sydney and in Melbourne on Thursday 8 April – will be an opportunity for AIST to expand on the many concerns we outlined in our submission to the Senate Committee.
Major employer group, the Ai Group, has called for the Your Future Your Super legislation to be abandoned, warning it would be a “major setback” to Australia’s world class superannuation system.
One of three panel members appearing on AIST’s YFYS webinar last week, Ai Group’s chief policy adviser, Peter Burn, said the proposed new laws would impose an extraordinarily intrusive and onerous regulatory burden on funds which would divert their attention away from acting in members’ best interests.
Also appearing at the webinar - which was prominently covered by the Fairfax media - IFM director of policy and research Anna Engwerda-Smith said the new power could affect the expenditure, payments and investments by the super funds, including third parties who invest on behalf of those funds.
“We wholeheartedly agree that trustees need to be held accountable for the decisions they make and that they need to act at all times in the best interest of members but the government hasn’t explained why it needs this extraordinary power of intervention,” Ms Engwerda-Smith said.
Click here for AIST’s write up on the webinar or download the podcast of the audio of the webinar
APRA chair Wayne Byres has told a parliamentary committee the regulator is “wary” about allowing early access to super to buy a home as this would only push up house prices.
Under questioning from the House of Representatives Economics Committee this week, Mr Wayne Byres said APRA was “naturally wary” of any initiative that boosted demand for housing, rather than supply.
Mr Byres noted that while the impact of early access to super could not be evaluated in isolation from other factors affecting the housing market, the regulator was “obviously, in the current environment, keen to avoid things that lead to further escalation in housing prices”.
Pushed further by Labor MP Andrew Leigh, Mr Byres said: “All else being equal, it is likely to push (them) up.”
The ATO has confirmed increases to a number of superannuation rates and thresholds from 1 July 2021.
From 1 July 2021:
For more information on these thresholds visit the ATO website.
Stay up-to-date on the current status of superannuation Bills currently before Parliament here.