In the media
The government has introduced new laws to improve super
choice and transparency
MEDIA – 18 March 2016 – Assistant Treasurer
Kelly O'Dwyer has introduced legislation into federal
parliament to allow all Australian employees to exercise their
choice of superannuation fund, and to improve transparency by
mandating product dashboards for funds' top 10 choice
investment options by value.
More...
Taper test shift to hit middle earners most
MEDIA – 18 March 2016 – The Australian
Institute of Superannuation Trustees (AIST) and
Mercer have requested the federal government revise incoming
changes to the age pension assets test, as joint modelling has
forecast the biggest impact will be on middle Australia.
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2016 AIST Board announced
AIST – 17 March 2016 – The Australian
Institute of Superannuation Trustees (AIST) has
announced board changes for 2016, including the resignation of the
AIST President.
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Carve-outs for Banks make transparency measures useless
for super fund members
ISA – 17 March 2016 – There will be next to
no benefit for consumers in weak "transparency" measures
introduced into federal Parliament today. Instead, banks and
their "for-profit" super funds will continue to bury
facts about fees and investment returns for too many of their
investment options, says Industry Super Australia.
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PC releases Efficiency and Competition Review issues
paper
MEDIA – 17 March 2016 – The Productivity
Commission has released an issues paper outlining how it will be
approaching its latest efficiency and competition review of the
superannuation system. The review was commissioned by
Treasurer Scott Morrison earlier this year as part of the
government's response to the Financial System Inquiry. More...
Super objective must be 'whole of life':
Mercer
MEDIA – 17 March 2016 – Mercer has called on
the government to draw a "clear and sensible line in the
sand" when it comes to the substitution of superannuation for
the age pension.
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Morrison confirms super tax changes
MEDIA – 17 March 2016 – Treasurer Scott
Morrison has confirmed the federal government will lay out its
proposed changes to superannuation tax incentives by budget time at
the latest and any measures will be aimed at ensuring super is fit
for purpose.
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Independent trustees achieve limited benefits
TREASURY – 17 March 2016 – Having independent
trustees on superannuation fund boards was likely to lead to better
decision-making and governance, but would not materially impact
investment performance, according to new research from the
CIFR.
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Superannuation efficiency and competitiveness
GOVERNMENT – 16 March 2016 – This study
assesses whether, and the extent to which, the Australian
superannuation system is efficient and competitive and delivers the
best outcomes for members and retirees, including whether it
optimises risk-adjusted after-fee returns.
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Independent compliance review of ANZ's OnePath
following breaches resulting in compensation of approximately $4.5
million
ASIC – 15 March 2016 – ASIC sought the review
following a significant number of breaches reported by the ANZ
Group in relation to its life, general insurance, superannuation
and funds management activities. These activities are
operated through its wholly-owned OnePath group of subsidiary
companies.
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Consultation on the objective of superannuation
TREASURY – 9 March 2016 – The Minister for
Small Business and Assistant Treasurer has released a discussion
paper entitled 'The objective of superannuation' for public
consultation to kick-start the process for meeting the
Government's commitment to enshrine the objective of
superannuation in law.
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Legislation
Commonwealth
The Superannuation Legislation Amendment (Choice of
Fund) Bill 2016
The Bill amends the Superannuation Guarantee
(Administration) Act 1992 to ensure employees under new
workplace determinations or enterprise agreements that are made
from 1 July 2016 have an opportunity to separately choose their
superannuation fund. Registered: 18 March 2016.
Introduced HR: 17 March 2016. More...
Superannuation Legislation Amendment (Transparency
Measures) Bill 2016
The Bill makes amendments to the Corporations
Act increasing the amount and quality of information available
to superannuation fund members, employers and other
stakeholders. Registered: 18 March 2016. Introduced HR:
17 March 2016. More...
Tax and Superannuation Laws Amendment (2016 Measures No.
2) Bill 2016
Schedule 1 to this Bill establishes a Remedial Power for
the Commissioner of Taxation (Commissioner) to allow for a more
timely resolution of certain unforeseen or unintended outcomes in
the taxation and superannuation laws. Registered: 18 March
2016. Introduced HR: 17 March 2016. More...
Bills Progress
Tax and Superannuation Laws Amendment (2016 Measures No.
1) Bill 2016
A Bill for an Act to amend the law relating to
taxation. Senate – Introduced and read a first time: 16
March 2016. Second reading moved: 16 March 2016.
More...
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