In the media – National
Government must look beyond super
objectives
MEDIA - 15 April 2016 - The government must include subsidiary
objectives around life insurance and non-superannuation savings
when it moves to define the purpose of super in law, according to
Rice Warner.
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Push to separate legacy issues from super
purpose
MEDIA – 14 April 2016 - Key elements of the financial
services industry are pushing for the Federal Government to avoid
defining the purpose of superannuation within the existing
legislative regime around superannuation.
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AIST wants independent super oversight
body
MEDIA - 14 April 2016 - The Australian Institute of Superannuation
Trustees (AIST) has urged the establishment of an independent,
publicly-funded body tasked with assessing the degree to which
future superannuation policy complies with the legislated purpose
of superannuation.
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Objective of superannuation
GOVERNANCE INSTITUTE – 13 April 2016 - In October 2015, the
Federal Government announced that it would develop legislation to
enshrine the objective of superannuation, as part of its response
to the Financial System Inquiry (FSI). The government has accepted
the recommendation of the FSI that the objective of the
superannuation system is to provide income in retirement to
substitute or supplement the age pension.
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Status and seniority ruled out in TPD
claims
MEDIA – 12 April 2016 – Maintaining previous job status
and standing cannot be called upon to justify being determined
totally and permanently disabled (TPD), according to a recent
determination by the Superannuation Complaints Tribunal (SCT).
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CAANZ calls for salary sacrificing
amendments
MEDIA – 12 April 2016 – Chartered Accountants Australia
and New Zealand (CAANZ) has recommended adjusting legislation to
prevent employers utilising their employee's salary sacrificed
superannuation contributions to satisfy their own superannuation
guarantee obligations.
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Actuaries Institute urge Government to review entire
superannuation system
MEDIA – 11 April 2016 – The Actuaries Institute is
calling on the Government to develop comprehensive guidelines to
give Australians a comfortable lifestyle in retirement that is both
'equitable and flexible', in line with the Association of
Superannuation Funds of Australia (ASFA)
comfortable retirement standard.
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David Murray: Superannuation 'objective' likely
to be captured by industry
MEDIA – 7 April 2016 - As the government
moves closer to enshrining the objective of superannuation in
legislation, it's worth considering the unintended consequences
that could come from such a move.
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ASFA Submission
SFA – 6 April 2016 – Submission to Treasury titled
'Objective of Superannuation'.
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AIST Submission: Objective of
superannuation
AIST – 6 April 2016 – AIST supports the primary
objective for the superannuation being to provide retirement income
for all Australians that, when combined with or in replacement of
any public pension, ensures a reasonably comfortable living
standard, in the spirit of fairness within and between generations.
More...
APRA: Helen Rowell's speech 'Governance and culture in superannuation' at the AFR Banking & Wealth Summit
APRA – 5 April 2016 – Insights into some of the areas on which APRA will be focusing over 2016. More...
Legislation – Commonwealth
Legislative Instruments
Tax and Superannuation Laws Amendment (2016 Measures
No. 1) Regulation 2016
This instrument amends the A New Tax System (Goods and Services
Tax) Regulations 1999 and the Superannuation Industry
(Supervision) Regulations 1994 to make consequential
amendments to account for changes to the tax law made by the
Tax and Superannuation Laws Amendment (2015 Measures No. 6) Act
2016 and the Tax and Superannuation Laws Amendment (2016
Measures No. 1) Act 2016. Registered: 15 April 2016. More...
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