The Super Brief | December 2024

In Brief.

There was a flurry of law-making during Parliament’s last sitting week of 2024, with no less than half a dozen superannuation related Bills passed.

APRA and ASIC used multiple speeches to highlight their focus on asset valuations, retirement income strategies, fund expenditure, and member services. The latter is a clear priority, with ASIC commencing an enforcement action and writing to all trustees to demand improvements to claims and benefit handling.

The ATO has called on trustees to prepare for Payday Super. The government used the last week of parliament to break its legislative logjam, passing more than 30 bills including the long-awaited Objective of Super. It also announced its Superannuation in Retirement Reform Package; a suite of non-legislative changes on which consultation will commence in the new year.

Jack Allen
Lawyer