Aussies losing $2.75bn in compulsory super payments each
year: ASFA ASFA – 16 October 2015 – $2.75 billion each
year is lost through non-payment of superannuation by employers,
affecting more than 650,000 Australians, according to estimates
from the Association of Superannuation Funds of Australia
(ASFA). The average person affected loses
nearly $4,000 per annum in superannuation.
ASIC funding model needs transparency MEDIA – 15 October 2015 – The Australian
Institute of Superannuation Trustees (AIST) has
treaded with caution on the proposed industry funding model for the
corporate regulator, calling for a cost recovery impact statement
(CIPR) for regulated entities to assess how the funding would be
ISA hits big banks on fees MEDIA – 13 October 2015 – The big banks are
taking one-third of all fees paid to superannuation funds,
according to new research commissioned and released by Industry
Super Australia (ISA).
ASIC Industry Funding Model Proposal: AIST AIST – 9 October 2015 – Additional funding for
ASIC is necessary for it to be a strong and effective regulator,
able to fulfil its statutory obligations and community
expectations. Consistent with the Cost Recovery Guideline
requirements, a published Cost Recovery Impact Statement
(CRIS) regarding ASIC funding is a fundamental
pre-condition for transparency and accountability.
FSI panellist pinpoints super concerns MEDIA – 9 October 2015 – A Financial System
Inquiry (FSI) panel member has expressed concerns
about the capacity of competitive forces to drive efficiencies in
the superannuation industry.
FSC claims union super revenue motives MEDIA – 8 October 2015 – The Financial
Services Council (FSC) has claimed that some
unions are blocking superannuation fund mergers to protect the
revenue they derive from seats on industry fund boards, in a
submission to the Senate Economics Committee inquiry into the
Superannuation Legislation Amendment (Trustee Governance) Bill
FSC backs Trans-Pacific Partnership deal MEDIA – 7 October 2015 – The Trans-Pacific
Partnership Agreement is set to provide the Australian financial
services industry with a platform into major economies within the
Pacific Rim, says the Financial Services Council
SG non-compliance a $2.5 billion problem MEDIA – 7 October 2015 – There needs to be
greater cooperation between superannuation funds and the Australian
Taxation Office (ATO) in dealing with instances of
employer non-payment of superannuation guarantee
(SG) contributions, according to new
Earners over $180,000 face 30% super slug in CFA-Mercer
plan MEDIA – 5 October 2015 – A Mercer report
commissioned by the Chartered Financial Analysts Institute says
people in the top income tax bracket should pay 30% tax on super
contributions, double the 15% that now applies.
ASFA Submissions ASFA – 14 October 2015 – The Association of
Superannuation Funds of Australia (ASFA)
submission to the Senate Economics Legislation Committee in
relation to SuperannuationLegislation Amendment
(Trustee Governance) Bill 2015, which makes amendments to the
Superannuation Industry (Supervision) Act 1993
(SIS Act) to require RSE licensees to have a
minimum of one-third independent directors and an independent chair
on their boards. More...
ATO reminds employers: time running out to take
advantage of SuperStream compliance flexibility FRANCHISE COUNCIL OF AUSTRALIA – 22 September 2015
– The ATO is reminding large and medium employers they must
be SuperStream compliant by no later than 31 October. The ATO
previously announced it would allow these employers (those with 20
or more employees) an additional four months to adopt SuperStream,
following the 30 June deadline.
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