Productivity Commission review into the efficiency and
competitiveness of the superannuation system
TREASURY - 17 February 2016 - The Turnbull Government is today
releasing the Terms of Reference for the first two stages of a
Productivity Commission review into the efficiency and
competitiveness of the entire superannuation system. The
Productivity Commission is tasked to (i) develop criteria to assess
the efficiency and competitiveness of the superannuation system and
(ii) develop alternative models for a formal competitive process
for allocating default fund members to products. The PC Terms of
Reference can be found on the Productivity
Commission website.
More...
FSC calls for simpler taxes for fin services
MEDIA – 11 February 2016 - The Financial Services
Council (FSC) has called on the federal government to act on the
recommendations of the 2009 Johnson review in order to improve the
export competitiveness of Australian financial services.
More...
Senate Economics Legislation Committee, Canberra, 11 February 2016: statements
APRA has released Wayne Byres' opening statement to the Senate Economics Legislation Committee
Active managers need new measurement
New research from the Centre for International Finance
and Regulation (CIFR) finds the way performance is measured from
disclosed holdings "contains systematic biases related to
interim trading and the realisation of taxes (09 February
2016). More...
New obligation to report breaches of data security:
consultation
If the Privacy Amendment (Notification of Serious
Data Breaches) Bill 2015 is passed, most private sector
entities with a turnover above $3 million and government agencies
will be required to notify 'serious data breaches' to each
affected individual and the AIC. A 'serious data
breach' is one that creates 'a real risk of serious
harm' to the affected individuals — that can include harm
to reputation, economic harm and financial harm. Submissions
are due 4 March 2016.
More...
APRA has released the annual superannuation statistics
for June 2015
APRA – 10 February 2016 - The Australian Prudential
Regulation Authority (APRA) has today released the first editions
of annual superannuation statistics reflecting recent changes to
the superannuation reporting framework APRA
has released the annual superannuation statistics for June
2015.
APRA letter to RSE licensees: publication of
annual superannuation statistics and confidentiality of
superannuation data
The advice was published on 09 February 2016. Having
considered all of the feedback on data confidentiality, APRA has
determined non-confidential the data items proposed to be
non-confidential in the discussion paper, as set out in Appendix
A.
More...
Australian Prudential Regulation Authority
(confidentiality) determination No. 1 of 2016
GOVERNMENT – 8 February 2016 - This instrument
determines information provided by superannuation entities under
Reporting Standard SRS 540.0 and SRS 710.0. The Amendment Act
introduced changes to the pre-existing hardship application
processes, with the relevant provisions in effect from 1 March
2013. More...
ASIC reports on decisions to cut red tape - June to
September 2015
ASIC – 11 February 2016 - ASIC has released its
latest report outlining decisions on relief applications covering
the period 1 June to 30 September 2015.
More...
Tax and Superannuation Laws Amendment (2015 Measures No.
6) Bill 2015 (Cth)
Introduced and read a first time 04/02/16 Second reading
moved 04/02/16 - Amends the Income Tax Assessment Act 1997 to
change the capital gains tax treatment of the sale and purchase of
businesses involving certain earnout rights (rights to future
payments linked to the performance of an asset or assets after
sale); and the Taxation Administration Act 1953 to impose
withholding obligations on the purchasers of certain Australian
assets. Also makes consequential amendments to five Acts.
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.
