The Australian Prudential Regulation Authority (APRA) Chief Executive Officer Graeme Thompson and the Australian Taxation Office (ATO) Commissioner Michael Carmody today signed a Memorandum of Understanding (MoU) setting out how the two bodies will co-operate in the regulation of the superannuation industry.
APRA is responsible for the prudential supervision of superannuation entities, retirement savings account providers and related entities. The ATO's superannuation responsibilities include the administration of the superannuation guarantee and other laws that govern the taxation treatment of superannuation contributions and benefits. From 1 July 1999 the ATO is expected to be responsible for the supervision of self managed superannuation funds.
The MoU sets out the framework for the two agencies to work together to achieve efficient administration and consistent application of legislation, particularly the Superannuation Industry (Supervision) Act 1993.
The MoU establishes a Co-ordination Committee consisting of senior members of APRA and the ATO.
This Committee will ensure there is a continual exchange of information of relevance to the administration of superannuation legislation and major developments in the superannuation industry.
Mr Carmody welcomed the MoU as a positive initiative to assist the consistent and effective ongoing administration of superannuation legislation and retirement income policy.
Mr Thompson said this MoU provides a more formal framework for co-operation between APRA and the ATO, which have already been working very well together.
"Such co-operation is essential to the effective implementation of the Government's retirement income policy and the protection of superannuation benefits", Mr Thompson said.
For further information contact:
Thea Rosenbaum
(02) 9210 3103
Company Secretary
APRA
Robert Ball
(02) 6216 8284 or 0418 869 183 (mobile)
Director - Public and Industry Communications
Australian Taxation Office
