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Superannuation changes introduced to help womens super. In a raft of initiatives aimed at improving economic outcomes for women, particularly in the superannuation space, the government has proposed changes, including extending the ability to access early release of superannuation for women experiencing family and domestic violence, better visibility over superannuation in divorce/separation proceedings, and actively reuniting lost and low-balance inactive super accounts with their owners.

ASIC is lifting standards in the financial advisory industry. Education, training and ethical standards in the financial advice industry are about to be lifted, with the Australian Securities and Investments Commission (ASIC) releasing proposed updates to various competence requirements for financial advice licensees.

ASIC enforcement action on SMSF auditors over independence. ASIC has released information on its enforcement action against over 100 SMSF auditors (some referred to it by the ATO for various breaches including not meeting independence requirements, not complying with auditing standards, not reporting non-compliance, and not meeting the fit and proper person requirement).

ATO uses real time reporting data for SG compliance. The ATO is currently undertaking a project to move towards real time data or event-based reporting to enhance super guarantee entitlements compliance.

ASIC recommends SMSF reforms including trustee education. As a part of hearings into ASIC’s oversight functions, the regulator presented the Parliamentary Joint Committee on Corporations and Financial Services with a range of policy solutions to be considered to remedy deficiencies identified in the SMSF space from its recent reports.