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12 Nov 2020 Superannuation

JobSeeker Supplement extended to March 2021

The Government will extend the temporary JobSeeker Supplement for a further three months until March 2021. 

Both existing and new JobSeekers will be paid the Coronavirus Supplement at a rate of $150 per fortnight from 1 January 2021 through to 31 March 2021 on top of their base rate of payment and other supplements they are eligible to receive.

This is a $100 reduction from the current Coronavirus supplement which pays a rate of $250 per fortnight and runs until 31 December 2020. 

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AFCA proposes Rules change to transfer unfinished complaints from the Superannuation Complaints Tribunal

The Superannuation Complaints Tribunal (SCT) will be ceasing operations on 31 December 2020. The SCT has finalised most complaints but a small number won’t be finalised by the end of December. 

As a result, the Australia Financial Complaints Authority (AFCA) has proposed a rule change that will allow it to accept and consider complaints that are not resolved by the SCT before it ceases operations. 

The rule change has undergone public consultation and submissions from industry and consumer bodies and has now been submitted to the Australian Securities and Investments Commission for approval.

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The FASEA Code should be amended to reflect ‘intent’ according to SMSFA

Self-Managed Super Fund Association (SMSFA) has issued a media release calling on the Financial Adviser Standards and Ethics Authority (FASEA) to amend its written Standards in the Code of Ethics.

FASEA has issued updated Guidance that gives greater insight regarding the ‘intent’ of its Standards but the SMSFA says the strict wording of the Standards and the more nuanced wording of the intent and Guidance are incompatible.

The SMSFA also asks FASEA to issue a further Guidance document explaining how a financial adviser can provide single issue or scaled advice that complies with its Code of Ethics. 

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CRT Alert 043/2020 - COVID-19 early release of superannuation - end of year shutdown and program closure arrangements

Notification to funds about the end of year shut down arrangements for COVID-19 early release of super applications.

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CRT Alert 044/2020 - Coronavirus early release of superannuation - data files

Notification to funds that there was a delay in the coronavirus early release of superannuation data files.

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CRT Alert 045/2020 - Coronavirus early release of superannuation - data files

Further to CRT Alert 44 2020, the ATO can confirm that all standard files and additional information files have now been delivered

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CRT Alert 046/2020 - Coronavirus early release of superannuation - data files

Notification to funds about the coronavirus early release of superannuation data files for Monday 9 November 2020.

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Missed or underpaid super?

If you missed the 28 October 2020 superannuation guarantee due date, you need to lodge a superannuation guarantee charge statement by 28 November 2020 to avoid penalties.

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The ATO wants to hear from super fund employees

Let the ATO know about your experience and preferences when interacting with them, so they can improve their services and engagement with you.

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Reciprocal auditing arrangements

Auditors need to conduct an independent audit. Auditors who engage in reciprocal auditing arrangements are at risk of breaching the independence requirement.

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Advice under development - superannuation issues

The ATO is developing advice and guidance on a number of superannuation issues.

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Upcoming system maintenance

ATO Online services will be unavailable from 6:00 AM (AEDT) on Saturday 14 November 2020 to 11:00 PM (AEDT) Sunday 15 November 2020 for planned system maintenance.

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Payment due date for company and super clients

Some companies and superannuation funds have a payment due date of 1 December 2020. If your clients have an income tax liability this year, you can check their payment due date online.

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