In the media

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.  More...

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 used.  More...

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).  More...

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.  More...

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.  More...

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 2015 More...

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 (FSC).  More...

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 research.  More...

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.  More...

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.  More...

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