BEGINNERS GUIDE TO SUPERANNUATION

Australian Tax Office (ATO)

Australian Securities Investment Commission (ASIC)

Australia Prudential Regulation Authority (APRA)

Department Human Services (DHS)

Regulation of Super

Fittingly, given its importance to most people, Australia’s super system is well-regulated.

 

The Reserve Bank of Australia (RBA) has the central responsibility for ensuring the stability of Australia’s financial system. The retirement system is regulated by the Australian Tax Office (ATO), the Australian Securities & Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).

 

Australian Tax Office (ATO)

 

The ATO is the federal government’s main revenue collection office and its main role is to administer the taxation and super systems. In particular it administers the super contributions, earnings and benefit payment rules. The ATO is also responsible for the regulation of self-managed super funds (SMSFs). The main responsibility here is to ensure that the SMSFs comply with the Superannuation Industry (Supervision) Act (“SIS Act”) and to ensure that the funds are not used for unauthorised purposes.

 

Australian Securities & Investment Commissions (ASIC)

 

ASIC is primarily responsible for the regulation of companies, financial service organisations and professionals who advise on investments, super, insurance and credit. They contribute to Australia’s economic reputation and wellbeing by ensuring that Australia’s financial markets are fair and transparent, supported by confident and informed investors and consumers.

 

In relation to the super industry, ASIC is responsible for licensing, complaints and disputes, product disclosure statements and member reporting.

 

Australian Prudential Regulation Authority (APRA)

 

APRA is the prudential regulator for the financial services industry. Its role is to develop and enforce the prudential framework for insurance companies, super funds and other financial institutions.

 

APRA supervises all super funds (except for SMSFs), approved deposit funds (ADIs) and pooled super trust which are regulated under the SIS Act. They are typically large funds with thousands of members.

 

Department of Human Services (DHS)

 

The DHS assesses applications for early release of super funds on compassionate grounds.

What is super?
Getting money into super

 ©2016 WHOLE WEALTH

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