Relief for trustees regarding reporting of Low Income Superannuation Contributions (LISC)
14 November 2013
ASIC has issued a Class Order exempting a trustee of a regulated superannuation fund from having to provide a periodic statement to its members that includes the separate reporting of Low Income Superannuation Contribution (LISC) under regulation 7.9.20(2A). The class order will only apply to reporting periods that end on or before 31 December 2014.
The relief is conditional on the trustee meeting one of two conditions; the first is referring in the periodic statement to the aggregate amount of the Government co-contribution and LISC received in a reporting period as 'Government Contribution', and the second is referring to this aggregate amount as 'co-contribution'.
Both conditions require that certain statements are made either in the periodic statement or in a document accompanying the periodic statement to explain to members exactly what has been reported in the periodic statement and to give members the opportunity to contact the fund for further details.
The second condition imposes a higher standard of disclosure in terms of prominence of the statements to avoid members being misled. For full detail of the exemption and conditions attaching to it see [CO 13/1420].