Thursday 30 May 2019

Recent developments

Welcome to the May technical roundup. With the Federal Election taking place on 18 May 2019, all bills in Parliament have lapsed and no other legislative developments have occurred in Parliament this month.

The Financial Adviser Standards and Ethics Authority (FASEA) has announced the opening of registrations for the Adviser Exam and the Australian Tax Office (ATO) has released documents for consultation to report and pay unclaimed super money to the ATO.

Legislative developments

Legislative Instruments

FASEA financial adviser exam

  • FASEA announced the opening of registrations for the first sittings of the Adviser Exam, which will take place on 20-24 June 2019. Further sittings will be held in September and December 2019, and every two months from February throughout 2020
  • FASEA has also released guidance to help advisers prepare for the exam, including a curriculum, reading list, practice questions and FAQs.

Foreign qualifications assessment

  • FASEA has released its Foreign Qualifications Assessment Form. The form allows individuals with qualifications obtained outside of Australia to apply to FASEA for approval.
  • When applying to FASEA, a person will also need to provide:
    • an assessment of the qualification by a Department of Education and Training approved body
    • a certified copy of an academic transcript for each degree or diploma.
  • FASEA will assess the foreign qualification for equivalence to degrees and qualifications that have already been approved by FASEA.

Regulator views

Australian Tax Office

Protecting your super

  • The ATO has released an alert relating to the new Protecting Your Super rules. The alert includes:
    • a Q&A document covering matters raised by the industry
    • a draft member authorisation form, including instructions, allowing a member to inform the super fund they do not wish for their account to be treated as an inactive low-balance account
  • Submissions on these documents are due by 10 June 2019.
  • The ATO has also released a reminder to SMSFs and SAFs informing them that although they are not subject to the Protecting Your Super measures, they may receive unclaimed superannuation money from the ATO as they are proactively seeking to consolidate unclaimed superannuation monies with active accounts from 1 July 2019.

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