The Minister for Financial Services and Regulation, Joe Hockey, today unveiled changes to the period for the lodgment of superannuation fund annual returns.
Last year the Government announced that all non-excluded superannuation funds would be required to lodge their annual returns with the Australian Prudential Regulation Authority four months after the end of the year of income.
This move aligned the reporting dates for corporate-sponsored super funds with public-offer funds. Corporate-sponsored super funds had previously reported six months after the end of their income year.
The changes are contained in amendments to the Superannuation Industry (Supervision) Regulations 1994.
"This decision recognised that the transition to the new arrangements may be difficult for some funds," the Minister said. "Also, some trustees may have breached their obligations under the legislation because they were unable to bring forward long-established audit and other processes.
"By deferring the decisions implementation until 1 July 1999, the Government ensured that affected funds had six months, rather than four, in which to lodge their 1997/98 returns. In view of continuing industry concerns, the Government has decided to allow one more year of transition to the new reporting period."
The 1998/99 annual returns for non-excluded super funds, other than public-offer funds, will be due six months after the end of a funds year of income. For most non-excluded funds, this will be 31 December 1999.
No further deferrals are expected. In subsequent years, annual returns for all non-excluded funds will be due four months after the end of a funds year of income.