Chartered Accountants Superannuation Bulletin - Edition 13

EDITION 13 | 17 July 2014

ARCHIVE

Headlines
Release of the Financial System Inquiry Interim
Report

Sponsor

Chartered Accountants news

Accountants' exemption and the limited licensing
framework
Limited Licence - RG 146 and RG 105 training
update
National SMSF Conference 2014
CA SMSF Specialisation
SMSF guidance and tools
Social Media
Media spotlight

ATO news
New compliance treatments for SMSFs
Approved courses for SMSF education directions
SuperStream for Employers
Superannuation basics for employers - audio guide
ATO video - 5-step super for women
ATO app and SMSFs
ATO Interpretative Decision Withdrawn

Other government and regulatory

updates

Chartered Accountants' Blogs: Read the latest

blogs posted by us and get the latest thoughts in the
industry.
Training & Development
Face to Face
LiveOne - Online training sessions

ASIC updates
APRA updates
Gazettes

Knowledge Centre resources

Recent Journal Articles
Online Superannuation journals and articles

Did you know?

Australia has the fourth largest pool of superannuation assets in the world and is one of only a few
countries with pension assets worth more than the annual GDP. Super is the financial systems second
largest sector after banking and is growing rapidly.
The super sectors landscape has changed markedly since the Wallis Inquiry. Between June 1997 and
March 2014, the number of funds regulated by APRA, excluding small APRA funds (SAFs), fell from
more than 4,700 to 299. This was largely driven by the decline in the number of corporate funds.
Assets held in SMSFs have expanded rapidly relative to the rest of the super system. They are now

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more than 15 times their level in 1997 and have more than one million members.
Extract from the Financial System Inquiry Report July 2014 (Page 2-98)

HEADLINES
> Release of the Financial System Inquiry Interim Report
On 15 July 2014, the Financial System Inquiry released its interim report. The report sets out the Inquiry
panel's views on the objectives of the financial system and the principles that should guide its development. It
discusses the financial system from nine perspectives and makes 28 observations on how the system is
currently working. For each of these observations, it sets out a range of options for change, including the
option of no change.
Key superannuation related observations made in interim report included:
Scope for greater efficiencies in the superannuation system the Inquiry found little evidence of
strong fee-based competition in the super sector, and operating costs & fees appear high by
international standards.
Growth in direct leverage by superannuation funds may create vulnerabilities for the superannuation
and financial systems.
Lack of stability in superannuation policy setting adds to costs and reduces long-term confidence and
trust in the system.
The retirement phase of superannuation is underdeveloped and does not meet the risk management
needs of many retirees.
Development of income products with risk management features has been hindered by regulatory and
other policy impediments.
Other feedback sought by the Inquiry for the final report includes the following topics:
Mechanisms to drive down fees
Vertical integration
Tailoring asset allocation and the focus on short term returns
Active asset management
Pricing of member investment switching
Liquidity management
Trust structure
Self- managed superannuation fund operating costs and establishment.
The Inquiry is seeking feedback on the principles, observations and options in the interim report to inform the
recommendations in its final report in November.
If members have any comments they would like to discuss in relation to this interim report please send them
to the Superannuation Team by Monday 18 August 2014.
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CHARTERED ACCOUNTANTS NEWS

> Accountants exemption and the limited licensing framework
From 1 July 2016, the accountants exemption, which allows recognised accountants to recommend the
establishment or wind up of an SMSF without operating under an Australian Financial Services License
(AFSL), will be removed. From this date, accountants who wish to continue to advise on the establishment
of SMSFs as well as provide non-product strategic financial advice will need to hold a Australian Financial
Services Licence (full or limited) or operate as an authorised representative of another licensee.
Transitional arrangements available between 1 July 2013 and 30 June 2016 provide streamline
arrangements for recognised accountants (that hold a Certificate of Public Practice) who wish to obtain a
limited AFSL. These streamlining arrangements simplify the relevant experience requirement for obtaining

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an AFSL. Anyone applying to be licensed after 30 June 2016 will not have access to the transitional
arrangements and will need to satisfy the relevant experience requirement in order to be licensed.
Members are reminded that the first year of the three year transition period for moving into the new
licensing regime has now passed. It is therefore time to consider, and work through what the new
licensing regime implications will be for you.
To assist members in considering their options for when the accountants exemption is removed,
Chartered Accountants Australia and New Zealand, in conjunction with CPA Australia, has released a
range of resources including:

Resources available to all members

The first of these is an Information Guide on
the reform and a guide for members
considering selecting an Australian Financial
Services Licensee. We recommend members
read this guide first.
The Information guide: Accountants exemption
reform has been developed to:

Resources available for Certificate of

Public Practice holders only
A range of resources have also been developed
for members who are Certificate of Public
Practice holders and are considering applying for
new limited Australian Financial Services Licence
including:
DIY AFS Licensing Kit - this kit provides
a step-by- step guide to obtaining a
limited AFS licence including a
Compliance Manual and a sample
application for a limited AFS licence
Limited Australian Financial Services
licensing: Your obligations - this guide has
been developed to help members
understand their obligations of holding a
limited AFS licence.

Provide an overview of the reform

Outline the options to address the
reform
Provide an overview of the new limited
licence
Provide an overview of the resources
that will be provided to members.
We recommend members read this guide in
conjunction with theFinancial Advice and
Regulations: Guidance for the accounting
profession to assist them in deciding if they will
need to be licensed.
One of the options available for members is
operating under another entitys Australian
Financial Services (AFS) Licence. We have
also developed a table of issues you may want
to consider when selecting an AFS licence Considerations when selecting an Australian
Financial Services (AFS) Licensee

These resources have been emailed to members

who have previously registered an interest in
receiving these resources. For those who have
not received these materials and would like to
please email Financial Services Team and
confirm you are a Certificate of Public Practice
holder and your membership number.

Further resources and information

As a part of our ongoing resources in relation to the new licensing regime, members are able to request a
sample Financial Services Guide (FSG) and a sample Statement of Advice (SOA) in PDF format.
Members who wish to access and customise these templates are able to request word versions following
approval of their licence by ASIC. Please provide details of your licence when requesting the
templates.
As a reminder we will be providing updates on our Accountants Exemption webpage, through this
Superannuation Bulletin and In the Know newsletters.
Should you have any questions please forward them to financial.services@charteredaccountantsanz.com
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> Limited Licence RG 146 and RG 105 training update

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In order to operate under the licensing regime members will need to satisfy knowledge and training
requirements, to meet ASIC RG 146 compliance (and if applying for their own limited AFS licence ASIC
RG 105 compliance).
To assist members in satisfying the knowledge and training requirements for RG 146 and RG 105 we
have developed a Diploma of Financial Planning specifically for members which recognises elements of
prior study previously completed under the Chartered Accountants program and/or the CA SMSF
specialisation program. This will assist in ensuring that only the subjects and assessments not previously
covered by your CA qualifications will need to be completed.
The CA SMSF Specialisation will assist members with meeting some of their RG 146 training
requirements for the superannuation and SMSF authorisation under the new licensing framework.
Specialists will, however, still require gap training on the skills element of RG 146. It is also important to
note that the specialisation does not provide RG 146 compliance for the other available authorisations of
securities, insurance, basic deposit products and simple managed investments, under the limited licence
regime.
Further details of this Diploma including how to register your interest and FAQs can be found on our
website.
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> National SMSF Conference 2014

Our 2014 National SMSF Conference will be held on the 11-12 September at the Hilton Sydney.
The national conferenceis designed to build on your existing knowledge of SMSFs and ensure youre upto-date on all the developments, issues, challenges and opportunities in this rapidly growing and
increasingly complex area.
Register for the conference today!
Special discounted rates are available for members who have been approved as CA SMSF Specialists.
See pricing for more information.
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> CA SMSF Specialisation

The CA SMSF specialisation is a program which will allow you to build on your Chartered Accountant
designation, gain formal recognition from your professional association and demonstrate to your clients
that you stand out amongst the crowd of SMSF practitioners.
For those interested, there are two educational pathways available to qualify for the CA SMSF
specialisation, both of which will run through the University of New South Wales (UNSW):
Pathway one, available for members with at least two years of practical SMSF experience, is through
post-graduate studies and requires completion of three mandatory subjects and one elective subject as
part of an award program through UNSW.
Pathway two, available for members with at least four years practical SMSF experience, is through the
completion of a workshop and assessment with the UNSW.
Course dates for 2014 CA SMSF specialisation workshops are:
Intake 2
Intensive Workshop Sydney 6 to 8 August 2014
Intensive Workshop Melbourne 11 to 13 August 2014
Intensive courses will be offered in other cities subject to demand.
Detailed course and fee information can be found via UNSW website. Training applications and queries
should be made directly with UNSW.

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Applying to be a CA SMSF Specialist'
Candidates who complete the workshops and pass the exam will need to lodge an application form
as part of the next step in attaining CA SMSF Specialisation.
For any questions regarding the specialisation please refer to the FAQ page on our website.
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> SMSF guidance and tools

Members are encouraged to utilise a range of superannuation guidance and resources available on our
website to assist them in their roles as SMSF accountants and auditors. Guides and resources available
include:
Summary of superannuation changes - assists members to stay abreast of the progress of
changes in superannuation.
Superannuation Key Rates and Thresholds - summaries the rates and thresholds for key areas of
superannuation.
Key Contributions Legislative Updates - assists members stay abreast of the changes in legislation
surrounding contributions.
Exempt current pension income (ECPI) - provides detailed information regarding ECPI, the
requirements for claiming the deduction and the correct calculation of ECPI.
Early access of superannuation benefits & Illegal early release - assists members understand
early access of superannuation benefits and illegal early release a major area of compliance risk
identified by the ATO.
Market Valuation, Insurance and Separation of Assets - details the new measures introduced
requiring trustees to value the assets of the fund at market value; regularly review the funds
investment strategy; consider insurance for members as part of the funds investment strategy and
to keep money and other assets of an SMSF separate from those held by a trustee personally.
Do auditors need to obtain a bank confirmation every year for an SMSF? - provides guidance on
what auditors must consider in determining when a bank confirmation is required.
Are ethical clearance letters mandatory for SMSF engagements? - provides guidance on whether it
is mandatory to send an ethical clearance letter for an SMSF engagement and in particular around
audit engagements.
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> Social Media

CharteredAcctsANZ@Chartered_Accts
.@Liz_Westover discusses lifting the age of access to the aged #pension in
her latest blog http://owl.li/z6Y7z
ato.gov.au@ato_gov_au
For 2014-15 the concessional (before-tax) cap on super contributions is $30,000,
or $35,000 if turning 50 or over. http://ato.gov.au/supercaps
Tweet with:
> Chartered
Accountants
> Liz Westover
> Hugh Elvy

ato.gov.au@ato_gov_au
Employers: are you ready for the rate rise? Super guarantee has risen from
9.25% to 9.50% on 1 July 2014. Go to
https://www.ato.gov.au/Business/Employers-super/How-much-to-pay-and-whento-pay/
ato.gov.au@ato_gov_au
Employers can use our checklist to get ready for SuperStream in 2014-2015
https://ato.gov.au/superstreamchecklist

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> Media Spotlight
SMSF Adviser online
Cooper still cautious on leveraging in SMSFs
2 July 2014
Katarina Taurian
Quotes: Liz Westover
Money Management
Audit quality trumps price for SMSFs
3 July 2014
Quotes: Liz Westover

SMSF Adviser
SMSF compliance focus
1 July 2014
Quotes: Liz Westover
MyWealth News
Accounting bodies launch SMSF education tool
10 July 2014
Quotes: Chartered Accountants Australia and New
Zealand

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ATO NEWS
The following information is new on ato.gov.au since the last update:
> New compliance treatments for SMSFs
In June 2014, the ATO ran a free webinar program on their 2014 SMSF compliance approach, and the
new SMSF trustee penalty regime for SMSF trustees which came into effect on 1 July 2014.
In the webinar, they discussed determinants for the compliance treatments and included case studies. The
new compliance treatments include:
education directions
rectification directions
administrative penalties
A recording of the webinar and answers to questions raised during the webinars can be found on the
ATOs website.
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> Approved courses of education for SMSF education directions

From 1 July 2014, as a part of the new SMSF trustee penalty regime, the ATO can direct a trustee or a
director of a corporate trustee of an SMSF to undertake a course of education if they have contravened
superannuation law.
The ATO publication Approved courses of education for SMSF education directions provides an outline
of the conditions and course requirements for courses that SMSF directors or trustees may be required to
take if they have contravened superannuation laws.
The Australian Taxation Office has now adopted the SMSF Trustee Education Program, developed by
Chartered Accountants Australia and New Zealand and CPA Australia, as one of the approved courses of
education for use by trustees in satisfying education directions under its new SMSF penalty regime.
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> SuperStream for Employers

The Data and Payment Standard, a part of SuperStream, is the package of measures designed to
enhance the operation of rollovers and contributions in the superannuation system. The purpose of the
new data standard is to provide a consistent, reliable electronic method of linking data and payments for
superannuation. The goal is to improve the efficiency of the superannuation system, to improve the
timeliness of processing rollovers and contributions, and reduce the number of lost accounts and

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unclaimed monies.
Under the standard, employers will make super contributions on behalf of their employees by submitting
data and payments electronically in a consistent and simplified process.
SuperStream for medium to large employers (20 or more employees) started on 1 July 2014. Small
employers (19 or fewer employees) have another year to get ready, but can start at any time. The ATO,
which administers the super system, is urging employers to get started and get ready now by talking to
their service provider and having a plan in place for how they will implement the changes before 30 June
next year.
Last week, the ATOs SuperStream National Program Manager Philip Hind discussed SuperStream with
financial expert Peter Switzer. A video of this discussion is available on the ATOs website.
For further information on SuperStream members should visit the ATOs SuperStream webpage where
youll find a comprehensive overview that includes links to helpful YouTube videos. Theres also an
employer checklist which contains a step-by-step guide to what employers need to do.
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> Superannuation basics for employers - an audio guide

On 11 July 2014, the ATO released an audio guide for employers Superannuation basics for employers an audio guide. This guide provides general information about superannuation obligations for an
employer.
The guide covers a range of super topics for employers, including:
when they are required to pay super
how much super they are required to pay
when super payments need to be made
what to do if youre self employed.
Back to Top >

> ATO video - 5-step super for women

The ATOs video, 5-step super for women, provides an overview of the five steps women can take to take
control of their super and prepare for the future.
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> ATO app and SMSFs

The ATO's mobile app has now been updated and contains information to assist SMSF trustees, including
checklists, education videos, and other information. It also contains a package for people considering if an
SMSF is right for them called Thinking about an SMSF.
Back to Top >

> ATO Interpretative Decision Withdrawn

On 4 July 2014, the ATO withdrew ATO ID 2002/986: Retirement income entities - In-House Assets of a
self managed super fund.
This interpretive decision previously discussed the exemption to the in-house assets rule contained in
section 71B of the Superannuation Industry (Supervision) Act 1993 (SISA) and its application if the lessee
continues to rent a bus from the self managed superannuation fund (SMSF) in accordance with the terms
of the old lease.
Back to Top >

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OTHER GOVERNMENT AND REGULATORY UPDATES

> ASIC updates
ASIC reports on fee disclosure practices for super and managed investments
On 8 July 2014, ASIC released a report, Report 398 Fee and cost disclosure: Superannuation and
managed investment products (REP 398), on their review of fee and cost disclosure practices in the
superannuation and managed investment industry.
The purpose of ASICs review was to understand the practices used by industry and to identify any gaps
which may lead to underreporting of fees and costs following the implementation of the Governments
Stronger Super reforms relating to fee and cost disclosure on 1 July 2014.
The report noted:
key issues where there was inconsistent disclosure of fees and costs, including non-disclosure of
fees and costs relating to investment in underlying investment vehicles, incorrectly disclosing fees
net of tax and inconsistent disclosure of performance fees
ASICs view on proper disclosure with regard to the key issues identified, and
further work that ASIC will undertake to assist industry in meeting its fee and cost disclosure
obligation. This work will include providing industry further guidance, modifying the requirements in
the law to make it clearer and less costly to comply with and encouraging industry to develop
standards that build on our guidance.
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> APRA updates

APRA releases draft reporting standards for select investment options reporting
On 8 July 2014, APRA released a discussion paper, Reporting standards for select investment options,
proposing revisions to the superannuation reporting requirements for select investment options.
Registered superannuation entity (RSE) licensees are required to report information in respect of certain
non-MySuper investment options within their business operations, referred to as select investment
options.
APRAs discussion paper and accompanying documents are available on their website.
APRA expects the proposed revisions to significantly reduce the costs to industry of reporting to APRA.
The final reporting standards are expected to be released in February 2015. Comments on the discussion
paper and the draft revised reporting forms and instructions close 15 September 2014.
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> Gazettes
Gazettes - Superannuation Industry (Supervision) Act 1993 3, 7, 8, 10, 11 and 14
July 2014
Disqualification from being a trustee or a responsible officer of a body corporate that is a trustee,
investment manager or custodian, of a superannuation entity Ms Darany Lo (Gazette - C2014G01090);
Mr Donnett Lo (Gazette - C2014G01088); Alina Silk (Gazette - C2014G01096); Arran Silk (Gazette C2014G01095); Michael Haar (Gazette - C2014G01093); Mr Daniel Warne (Gazette - C2014G01097);
Renee Donaldson (Gazette - C2014G01094); Mr Wade Mulcahy (Gazette - C2014G01110); Andrew
Burnett (Gazette - C2014G01106); Mrs Tanya Northcott (Gazette - C2014G01113); Mr Noel Northcott
(Gazette - C2014G01112); Mr Andrew Johns (Gazette - C2014G01111); Mrs Rachael Costigan (Gazette C2014G01124); Mr Edmund Costigan (Gazette - C2014G01123); Mr Ihsan Isikli (Gazette C2014G01130); Mrs Samantha Secker (Gazette - C2014G01137); Mrs Hang Ngoc Truong (Gazette C2014G01134); Mrs Elaine Webb (Gazette - C2014G01150); Mrs April Fielden (Gazette - C2014G01138);

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Mr Robert McKenzie (Gazette - C2014G01133); Mr Mark Stringer (Gazette - C2014G01139); Mr Khai Vo
(Gazette - C2014G01132); Mr Ivan Webb (Gazette - C2014G01149); Mr Fernan De Lara (Gazette C2014G01135); Mr David Secker (Gazette - C2014G01136); Anita Brown (Gazette - C2014G01131); Mrs
Gina Boskovski (Gazette - C2014G01154); Mr George Boskovski (Gazette - C2014G01155); Mrs Cresilda
Courtney (Gazette - C2014G01159); Mr Joseph Courtney (Gazette - C2014G01160); Peter Coulthard
(Gazette - C2014G01158); Mrs Sonia Figueira (Gazette - C2014G01162); Mr Sam Almir (Gazette C2014G01161); Mrs Malama Niupalavu (Gazette - C2014G01164); Mr Tevita Avanindra (Gazette C2014G01165); Mr Wayne Allan King (Gazette - C2014G01170); Mr John George Scales (Gazette C2014G01171); Mrs Peta E Wilson (Gazette - C2014G01173) and Mr Norman A Wilson (Gazette C2014G01174).
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KNOWLEDGE CENTRE SUPERANNUATION

> Recent Journal Articles on Superannuation
The rise of superannuation
Ruthven, Phil; Company Director; July 2014 p 56-57
This article indentifies which Australians will be able to retire without relying on the age pension, thanks to
the ongoing growth of superannuation assets. For a copy of this article contact the knowledge centre.
Invasion of the SMSF snatchers?
Story, Mark; Public Accountant; June/July 2014 p26-28
This article discusses the large institutions arrival in SMSF administration and looks at the viewpoints of
traditional SMSF administrators in regards to the big institutions now flocking to SMSF administration. For
a copy of this article contact the knowledge centre.
Adding commercial value
Taurian, Katarina; SMSF Advisor; June 2014 p 12-14
This article discusses why continuing professional education is essential to any self-managed
superannuation fund (SMSF) practitioner, and why keeping up with the SMSF sector is key to keeping
clients. For a copy of this article contact the knowledge centre.
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> Online Superannuation Journals and Articles

Read the latest editions of the following magazine online:
SuperReview
Money
Money Management
Click for the latest Australian newspaper articles on Superannuation via our online database ANZRC.
The Knowledge Centre can be contacted on 1800 809 828 or via email at mail to:
knowledge@charteredaccountantsanz.com.
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TRAINING & DEVELOPMENT

> Face to Face
National SMSF Conference
In 2014, our National SMSF Conference returns to Sydney, bringing together some of the best and
brightest minds in superannuation and raising the issues that matter to you most. The feedback received
highlights that the strengths of the conference lie in its technical content, high calibre speakers and the
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provision of guidance and solutions for the accounting profession and auditors working in the SMSF
sector. Register today.
Sydney, 11 - 12 September
Quarterly SMSF Update Series 2014
Obtain vital updates in the world of superannuation, in particular SMSFs, over breakfast with your peers or
online. The next session for 2014 will be in Sydney 20 August and via LiveOne 21 August.
Audit of SMSFs - SIS Compliance Auditing Workshop
Stay up-to-date with the latest SIS compliance rules and audit requirements to ensure your clients SelfManaged Superannuation Fund (SMSF) audits are in safe hands. This workshop supports you in fulfilling
the professional accounting bodies' ongoing audit competency requirements (Regulation 7), by keeping
you up-to-date with the latest standards and rulings.
Sydney 23 October, Melbourne 24 October & LiveOne 24, 25 & 26 November
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> LiveOne - Online training sessions

Strategic SMSF Sessions - Advanced pensions case study
As the population ages, and we experience lower interest rates and returns its vital that you take action to
ensure your clients superannuation pensions will cover their remaining years. A set and forget strategy
doesnt take advantage of greater tax efficiencies and other improvements. This practical case study will
cover reversionary pensions, transition to retirement pensions and more.
LiveOne, 23 September
Audit of SMSFs Complex Issues Series
The SMSF industry is currently dealing with a period of sustained change, and as an SMSF auditor youre
continually challenged to assist ASIC and the ATO in ensuring that SMSF trustees are compliant. With
change also comes complexity, and its vital that you are prepared.
Available OnDemand until 26 December 2014
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MEMBER SERVICES
The fortnightly Superannuation Bulletin is an initiative of the Superannuation Team of Chartered
Accountants Australia and New Zealand.
Superannuation Enquiry Service
The Superannuation Team responds to enquiries from members on SMSFs and Superannuation issues.
This service provides general assistance and guidance only. Members have the responsibility to apply
their own professional judgment. You can submit a query in writing by email to: Superannuation.
Our website
The Superannuation home page of our website contains a wealth of material on current issues in this area
and back issues of the Superannuation Bulletin as well as details on our SMSF Specialisation.
Manage your subscription >
Do you know someone interested in receiving the Superannuation Bulletin?
We welcome new subscriptions. Members can subscribe, unsubscribe or update their mailing details via
our website. Non members should email Chartered Accountants Service Centre to subscribe
or unsubscribe.
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Disclaimer:
Chartered Accountants Australia and New Zealand has created and maintains this superannuation bulletin as a

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service to its members and the community. While some of the information provided is about legal issues and
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