ASIC has remade Class Order [CO 09/437] Departed former temporary residents superannuation – Disclosure relief, which was due to expire on 1 October 2019.
The new instrument, ASIC Corporations Unclaimed Superannuation – Former Temporary Residents Instrument 2019/873, will continue to provide relief for trustees of regulated superannuation funds from certain obligations in the Corporations Act 2001. Specifically, it will provide relief from the requirement to notify and give exit statements to departed former temporary residents when their superannuation benefits are paid to the Australian Taxation Office under Part 3A of the Superannuation (Unclaimed Moneys and Lost Members) Act 1999.
The relief is conditional on:
- specified information for temporary residents being included in product disclosure documentation and on the fund’s website; and
- the trustee providing reasonable assistance if the former temporary resident asks the trustee about their interest in the fund.
The new instrument continues the effect of the previous instrument with one minor amendment – the website disclosure must now be on the website of the fund rather than the trustee’s website.
The relief was remade after a public consultation process through the release of Consultation Paper 318 Remaking ASIC class order on departed former temporary residents’ superannuation: [CO 09/437] (CP 318). However, ASIC did not receive any submissions in response to CP 318.
Under the Legislation Act 2003, most legislative instruments cease automatically or ‘sunset’ after 10 years and action must be taken to exempt or preserve them. Although instruments relating to superannuation are within a class of instrument not subject to ‘sunsetting’, as a matter of good regulatory practice ASIC can decide to review and remake instruments relating to superannuation to ensure that they are kept up to date and remain fit for purpose, relevant and necessary.