Halting scheduled increase to SG would reduce retirement
incomes and increase future Age Pension expenditure:
ASFA – 05 January 2016 - According to ASFA estimates, a
retained SG of 9.5 per cent would result in around 40 per cent of
retirees relying on the full Age Pension by 2050.
Super funds anxious about unlisted portfolio
MEDIA – 04 February 2016 - Proposed new portfolio disclosure
holdings arrangements for superannuation funds could undermine the
investment approach of industry and retail superannuation funds
heavily exposed to direct and unlisted investments.
Treasury revises cost of super tax
MEDIA – 02 February 2016 - The estimated cost of
superannuation tax concessions to the federal government this year
has been revised down by about $4 billion according to the latest
Treasury figures. More...
ASIC releases guidance on new protections for small
businesses against unfair contract terms
ASIC – 02 February 2016 - ASIC has today released an
information sheet about new protections for small businesses from
unfair contract terms in standard form contracts.
ASIC update on red tape reduction
ASIC – 28 January 2016 - ASIC has provided a further update
on its work to cut red tape and reduce compliance costs. It also
outlines ASIC's plans for future deregulatory work.
Proposed amendments to product dashboard requirements -
AIST – 29 January 2016 - while AIST is pleased to see that
greater coverage of Choice products is included, AIST is concerned
that qualifying choice investment option definition should include
all Choice options. Certain products (e.g. platforms and legacy
products) are excluded. Select investment option reporting should
in line with MySuper reporting.
Morrison won't rule out super tax
MEDIA – 27 January 2016 - Federal Treasurer Scott Morrison
has indicated tacit support for changes to super contributions tax
that would see those in the accumulation phase taxed at their
personal income tax rate with a 15 to 20 per cent rebate.
Extending superannuation choice to enterprise agreements
and workplace determinations
AIST – 27 January 2016 - AIST supports the principle of
choice in superannuation but argues this has to be provided in a
way that does not leave consumers worse off, and operates in an
environment of meaningful disclosure and consumer protections.
Improved Superannuation Transparency
AIST – 25 January 2016 - While AIST strongly supports the
greater alignment of MySuper and Choice disclosure through the
introduction of Choice dashboards, AIST is concerned that certain
products (including platforms and legacy products) – in which
there is considerable member money invested - are excluded.
Reminder: ASIC consultation: 'sunsetting' class
order about financial calculators
ASIC – ASIC is proposing to remake its class order on generic
financial calculators. The class order is due to expire
('sunset') on 1 April 2016. The new instrument would
continue the relief currently given by [CO
05/1122]Relief for providers of generic calculators
with some changes. Submissions on CP 249 are due on 12 February
Current Government Consultations
Scrutiny of Financial Advice
Government – 2 February 2016 – On 2 February 2016, the
Scrutiny of Financial Advice to the Senate Economics References
Committee was granted a further extension to report by 31
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