On 28 November 2025, the Australian Securities and Investments Commission (ASIC) initiated consultations on proposed changes to stamp duty and portfolio holdings disclosure requirements.

Background

The proposals are a result of ASIC’s targeted review of superannuation investment disclosure requirements announced in August 2025. As part of this review, ASIC established a Working Group which included representatives from superannuation funds, the investment management sector, consumer advocates, and government and regulatory bodies. The Working Group met once in September and once in October 2025 to provide ASIC with expert advice on whether disclosure settings were causing distortions to investment decisions.

Proposals

The proposals are as follows:

  • Portfolio holdings disclosure requirements for super funds – ASIC is seeking feedback on a proposal to grant class order relief to superannuation trustees from certain portfolio holdings disclosure requirements. ASIC proposes to modify the form of disclosure a trustee of a registrable superannuation entity must use to report portfolio holding information under Schedule 8D of the Corporations Regulations 2001 (Cth) (Corporations Regulations) to require superannuation trustees to disclose only the total value and portfolio weighting for internally managed assets.
  • Stamp duty disclosure requirements for super funds and registered schemes – ASIC is also seeking feedback on a proposal to amend ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070 to require stamp duty to be disclosed in Fees and Costs Summaries as an average amount over seven years rather than an annual sum. ASIC is also proposing to amend notional clause 103A of Schedule 10 to the Corporations Regulations to implement this change. The changes are intended to operate as an interim measure to address concerns that stamp duty is a large, irregular cost which may misrepresent the actual volatility of a fund’s fees and costs structure.

Next steps

The deadline for comments on the consultation is 20 February 2026.

ASIC will also bring forward a broader review of Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements to the 2026-27 financial year to ensure guidance remains robust and relevant for industry and Australian consumers.