In the media
RG146 "insufficient" on tax education:
IPA
MEDIA – 16 October 2014 – The Institute of Public
Accountants (IPA) said that the current education
requirements for advisers on taxation law are insufficient and
expressed concern at the exemption for advisers who belong to a
professional association. More...
Government moves to repeal super pay slip disclosure
rules
MEDIA – 16 October 2014 – The government is moving to
repeal a law requiring employers to disclose on employee pay slips
the amount of superannuation contributed and the date at which the
contribution will be made. This move, however, will not remove
super contributions from pay slips, as this requirement is
enshrined in the Fair Work Act 2009. All it means is employers will
no longer need to specify the date they will actually make the
payment. More...
Super system ranked second in the world
MEDIA – 15 October 2014 – Australia's retirement
income system is second only to the Danish system, according to a
new study by Mercer. The 2014 Melbourne Mercer Global Pension Index
saw Australia jump from third place to second globally,
leapfrogging the Netherlands for the first time in five years.
More...
Industry funds getting desperate
MEDIA – 15 October 2014 – Retail funds should be
banned from providing default super to employers who bank with
them, according to Industry Super Australia (ISA)
chief executive David Whiteley. He also argued they should also be
banned from paying shareholder dividends until they have delivered
median returns to members. More...
ISA urges Murray Inquiry to strengthen default super
safety net
MEDIA – 15 October 2014 – ISA's supplementary
submission to the Financial System Inquiry proposes that the
existing safety net be extended in two ways: Prohibit banks or
related entities from providing default super fund services to
employees where the bank is the main banking provider to the
employer; and Permitting retail and bank-owned funds to pay
dividends to shareholders only when they have delivered median
returns to their default fund members. More...
Bank owned MySuper untested for super safety
net
MEDIA – 13 October 2014 – ISA has advised the
Financial System Inquiry that bank-owned MySuper products are no
substitute for a default super safety net that protects workers who
do not choose their own super fund. An estimated eight in ten
employees do not select their own super fund and rely on the
employer default fund. More...
Super must be included on workers' pay
slips
AIST – 10 October 2014 – In a response to a Treasury
paper on the Government deregulation Bill, AIST argues that
superannuation is an increasingly substantial component of an
employee's total remuneration and must be included on payslips.
More...
Reforming the Superannuation Excess Non-concessional
Contributions Tax
THE TREASURY – 10 October 2014 – The exposure draft
legislation and draft explanatory memorandum give effect to the
2014-15 Budget measure to allow individuals the option of
withdrawing superannuation contributions in excess of the
non-concessional contributions cap made from 1 July 2013 and
associated earnings, with these earnings to be taxed at the
individual's marginal tax rate.
More...
Industry joins forces to address life
insurance
AFA – 9 October 2014 – The Association of Financial
Advisers (AFA) and the Financial Services Council
(FSC) will jointly convene a working group to
specifically address retail life insurance product structures and
distribution practices. An independent chair will be appointed to
convene the working group and facilitate industry and policy
solutions.
More...
Higher standards needed for life insurance
industry
ASIC – 9 October 2014 – An ASIC review of life
insurance advice has found that the industry needs to improve the
quality of advice and ensure that the interests of consumers are
given priority. ASIC's review of (AFS) licensees found that 63%
were compliant. However, more than one third (37%) of the advice
consumers received failed to comply with the laws relating to
appropriate advice and prioritising the needs of the client.
More...
Damning ASIC report confirms Australians need more
consumer protection and stronger FOFA laws
ISA – 9 October 2014 – Today's release of
ASIC's damning review into life insurance advice provides the
clearest evidence yet as to why FOFA laws should be further
strengthened and not weakened. "ASIC's review highlights
"an unacceptable level of failure" by sales-driven
financial advisers offering inappropriate advice that does not put
the best interest of consumers first.
More...
APRA spells out is expectations of boards of financial
institutions
GOVERNANCE INSTITUTE – 8 October 2014 – APRA undertook
a stock take of its requirements of boards and the guide is
intended to ensure that its boards are clear as to the
regulator's requirements, which it states "properly
recognise the respective roles of the board and management".
More...
LGS to quit coal stake: report
MEDIA – 7 October 2014 – The Local Government Super
fund (LGS) has decided to abandon coal mining
investments, readying to sell its $25 million worth of shares in
coal companies. The policy will see $15m worth of AGL Energy and
Whitehaven Coal stock hived off, among other assets.
More...
Divestment campaign starts to bite
MEDIA – 7 October 2014 – Australian National
University is divesting from a range of companies on environment
and social grounds. Local Government Super, HESTA, UniSuper and
University of Sydney have also recently moved out of coal.
More...
A better Australia: $5 billion Asset Recycling
Initiative
AUSTRALIAN GOVERNMENT – 7 October 2014 – Under this
program, the government will provide incentive payments of 15% of
the sale price of privatised assets sold to state and territory
governments, on the condition that the proceeds of such sales are
reinvested in new productivity-enhancing infrastructure.
More...
Transcript of speech, National Press Club
NATIONAL PRESS CLUB – 15 October 2014 – David
Whiteley, ISA Chief Executive, Industry Super Australia, discusses
Superannuation - a national asset, The Right Direction, Investing
in the Real Economy, and strengthening the Default Safety Net.
More...
Future Fund Portfolio Update at 30 September
2014
FUTURE FUND – 15 October 2014 – Following the
completion of its usual end of year process the Future Fund today
reported on its final outcome for the portfolio as at 30 June 2014.
The Fund also provided an update on the portfolio as at 30
September 2014.
More...
APRA: further consultation on risk
management
APRA – 7 October 2014 – APRA has released a further
consultation on
Prudential Standard CPS 220 Risk Management (CPS 220) See
Prudential practice guide Prudential Practice Guide CPG 220 Risk
Management and
Prudential standard Prudential Standard CPS 220 Risk Management
(mark-up version).
ASFA Submissions
30 September 2014 – Submission to AUSTRAC: Use of Document Verification Service for customer identification and verification.
29 September 2014 – Submission: Review of retirement income stream regulation.
[Draft] Tax and Superannuation Laws Amendment (2014
Measures No. 7) Bill 2014: Excess non-concessional superannuation
contributions tax reforms
The exposure draft legislation and draft explanatory memorandum
give effect to the 2014-15 Budget measure to allow individuals the
option of withdrawing superannuation contributions in excess of the
non-concessional contributions cap made from 1 July 2013 and
associated earnings, with these earnings to be taxed at the
individual's marginal tax rate. This measure delivers on the
Government's election commitment to develop an appropriate
process that addresses inadvertent breaches of the contribution
caps where the error would result in a disproportionate penalty. 10
October 2014 (Opened for submissions) / 24 October 2014
(Submissions close).
More...
[Draft] Tax and Superannuation Laws Amendment (2014
Measures No. 7) Bill 2014: Exploration development
incentive
The attached exposure draft legislation would amend the income tax
law to implement the Government's election commitment to
provide an Exploration Development Incentive. Accompanying this
draft is explanatory material to explain the operation of the
proposed law. The proposed Exploration Development Incentive would
be available to Australian-resident investors in small mineral
exploration companies. Under the incentive, investors may be
entitled to the EDI tax offset or additional franking credits where
the company in which they are a member issues them an exploration
credit. Companies may issue exploration credits to their
shareholders up to a capped amount in an income year, with the cap
for a company based on the company's exploration expenditure
and tax loss for the relevant income year, adjusted by a modulation
factor to ensure that the total value of credits provided in
respect of an income year does not exceed $25 million in respect of
2014-15, $35 million for 2015-16 and $40 million for 2016-17. 10
October 2014 (Opened for submissions) / 24 October 2014
(Submissions close).
More...
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