CLIENT UPDATE February 2010
Changes to Superannuation Disclosure Rules Summary The long term superannuation disclosure rules which require superannuation trustees to disclose five-year and ten-year returns in periodic statements are to be streamlined.
The Corporations Regulations require superannuation fund trustees to disclose five-year and ten-year returns in periodic statements. The Government has proposed amendments to the long-term performance disclosure regulations to: •
Exclude exit statements;
•
Allow trustees to provide five-year performance information until 30 June 2011 by way of inserts;
•
Exempt ‘traditional’ funds (ie. funds of an insurance nature) from the requirements; and
•
Allow approved deposit funds and pooled superannuation trusts to provide annual reports online (consistent with regulated superannuation funds).
The Government will consult the superannuation industry in preparing the legislative amendments. Paul Cleary has considerable experience in the provision of specialist financial services and would be pleased to offer strategic superannuation legal advice.
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For more information, please contact: Paul Cleary Partner Insurance & Financial Services TurksLegal T: 02 8257 5760 M: 0407 052 170 paul.cleary@turkslegal.com.au
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