ASIC is inviting the superannuation and investment management sectors to have their say on changes to stamp duty and portfolio holdings disclosure requirements.
This follows a targeted review of superannuation investment disclosure requirements announced in August 2025.
What ASIC is proposing:
- Stamp duty disclosure changes: ASIC is proposing stamp duty be disclosed as an average amount over seven years, rather than an annual sum, in fees and costs summaries. The proposal would require a change to ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070 (Instrument 2019/1070).
- Private debt transparency: Class order relief for superannuation trustees, aligning portfolio holdings disclosure obligations for internally-managed private debt with externally-managed private debt.
ASIC convened a working group, including representatives from superannuation funds, the investment management sector, consumer advocates, and government and regulatory bodies.
The group met twice, once in September and once in October 2025, to provide ASIC with expert advice on whether disclosure settings were causing distortions to investment decisions. This next step will help gather wider sector feedback on the proposals.
ASIC Commissioner Simone Constant, who led the review, said ASIC’s proposals responded to feedback from the Treasurer’s Investor Roundtable in August 2025.
‘The proposals are about promoting regulatory balance and addressing problems without compromising on essential disclosure for consumers,’ Commissioner Constant said.
‘The proposed approach promotes transparency and disclosure outcomes that can inform good consumer investment allocation decisions. We thank the working group members for their time on this,’ she said.
An alternative that was put forward by some stakeholders is for stamp duty to be removed as a transaction cost. While ASIC has heard the issues and challenges related to stamp duty disclosure, there are a range of other fees and costs that stakeholders have advocated for ASIC to reconsider.
That is why ASIC is also committing to bringing forward, and conducting in a timely manner, a broader review of Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements (RG 97) to the 2026-27 financial year to ensure guidance remains robust and relevant for industry and Australian consumers.
How to provide feedback
ASIC invites feedback and ideas from the sector at rri.consultation@asic.gov.au by 5pm AEDT on Friday, 20 February 2026.
More information
- CS 38 Proposed relief for disclosure of private debt arrangements
- CS 39 Proposal to amend stamp duty disclosure requirements
Background
Stamp duty disclosure requirements
Superannuation funds and investment managers must currently report all transactional and operational costs—including stamp duty—when disclosing fees and costs to consumers under Instrument 2019/1070 and RG 97. ASIC is reviewing whether these rules influence investment decisions or conflict with the goals of Australia’s superannuation system.
Portfolio holdings disclosure for private debt arrangements
Superannuation trustees must publicly disclose information about their investment options on their websites. Under current rules, trustees managing private debt assets must disclose the value of individual assets even when there’s only a single transaction, which may risk confidentiality.
