Policy & Research Archive

2011 Collection

AIST regularly prepares submissions to Government, Treasury, Parliamentary Committees, Regulators and other bodies to promote the views of our members and the industry. AIST is dedicated to improving superannuation legislation, regulations and the superannuation environment in which we operate.

December 2011

Inquiry: Corporations Amendment (Further future of Financial Advice) Bill 2011

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Inquiry: Corporations Amendment (Future of Financial Advice) Bill 2011

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Inquiry: Tax Laws Amendment (2011 No. 9 Measures) Bill 2011

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Response to APRA Discussion Paper: Prudential standards for superannuation

The Australian Institute of Superannuation Trustees (AIST) would like to thank the Australian Prudential Regulation Authority (APRA) for the opportunity to make submissions on the proposed prudential standards for the superannuation industry.

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November 2011

Briefing paper: The benefits of an SG rate of 12%.

Australia's retirement system is based on a three-pillar approach of age pensions, compulsory super contributions and voluntary private savings.

When the Keating government introduced the superannuation guarantee ("SG") in 1992, the ultimate target was 15 per cent. However the enacting legislation specified a schedule of increases to only 9 per cent, which was reached in 2002.

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A joint submission from IFM, AIST and ISN on Tax loss incentive for designated infrastructure projects

On 10 May 2011, the Government announced that they would introduce a new infrastructure tax incentive to promote private investment for infrastructure projects designated to be of national significance. This infrastructure tax incentive is part of a broader package of reforms to build the infrastructure Australia needs to compete in the twenty-first century.

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Exposure Draft - Using Tax File Numbers as a Primary Locator and to Facilitate Account Consolidation

The Australian Institute of Superannuation Trustees (AIST) is an independent, not-for-profit professional body whose mission is to protect the interests of Australia's $450 billion not-for-profit superannuation sector.

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October 2011

Capital Gains Tax (CGT) Rollover for MySuper Reforms

AIST recommends that the Government adopt its previous model of allowing CGT rollover relief as a key mechanism to improve the efficiency of the superannuation system.

Specifically, AIST submits that CGT rollover relief for both gains and losses be made available to all funds that make application to APRA to merge no later than 1 October 2013. This relief should also be made available to funds that do not seek, or are unable to obtain MySuper authorisation, and who may therefore be required to transfer their assets to another superannuation entity.

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Response to Treasury: Superannuation Legisilation Amendment

The Exposure Draft provides the legislative detail for the core provisions of MySuper, including the changes to superannuation guarantee requirements, the application process for MySuper, the MySuper authorisation process, the characteristics of a MySuper product, permitted fees and charging rules associated within a MySuper product.

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Response to Exposure Draft: Electronic Portablity form for Lost Super

This submission to Treasury covers AIST's response to the proposed Exposure Draft ('the ED').

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Response to: Exposure Draft - Corporations Amendment (Further Future of Financial Advice) Bill 2011

On 26 April 2010, the then Minister for Financial Services, Superannuation and Corporate Law, the Hon Chris Bowen MP, announced the Future of Financial Advice (FOFA) reforms. The FOFA reforms represent the Government's response to the 2009 Inquiry into Financial Products and Services in Australia by the Parliamentary Joint Committee on Corporations and Financial Services (PJC Inquiry), which considered a variety of issues associated with corporate collapses, including Storm Financial and Opes Prime.

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September 2011

Response to: Exposure Draft - Corporations Amendment (Future of Financial Advice) Bill 2011

On 26 April 2010, the then Minister for Financial Services, Superannuation and Corporate Law, the Hon Chris Bowen MP, announced the Future of Financial Advice (FOFA) reforms. The FOFA reforms represent the Government's response to the 2009 Inquiry into Financial Products and Services in Australia by the Parliamentary Joint Committee on Corporations and Financial Services (PJC Inquiry), which considered a variety of issues associated with corporate collapses, including Storm Financial and Opes Prime.

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Response to ASIC Consultation Paper 164: Additional guidance on how to scale advice:

ASIC has released consultation paper CP164, which gives new guidance to people who give financial product advice to retail clients about how to scale that advice. This paper builds on ASIC Regulatory Guide 200 Access to advice for super fund members (RG200) and utilises findings from ASIC's Report 224 Access to Financial Advice in Australia. The proposals in this consultation paper are aimed at increasing access to advice for Australians by facilitating the provision of piece-by-piece advice, where appropriate and practical.

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Response to Consultation Paper: Refund of Excess Concessional Contributions

On 1 July 2007, measures took effect to limit the amount of contributions that Australians were able to make into their superannuation. For the first time, contributions could be subject to tax in addition to the ordinary 15% concessional tax rate on contributions that
originated from employers where contributions were received in excess of a legislated limit.

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August 2011

Exposure Draft - Extend the temporary loss relief for merging superannuation funds by three months

The Australian Institute of Superannuation Trustees (AIST) is an independent, not-for-profit professional body whose mission is to protect the interests of Australia's $450 billion not-for-profit superannuation sector. AIST's members are the trustee directors and staff of industry, corporate and public-sector superannuation funds, who manage the superannuation accounts of two-thirds of the Australian workforce.

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July 2011

Response to: Low Income Earners Government Superannuation Contribution Consultation paper

As a result of the flat taxation of concessional contributions, around 3.5 million Australians get little or no income tax concession on their superannuation guarantee contributions or, worse still, have these contributions taxed more heavily than their normal income.

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Joint IFSIB, AIST and ISN submission

Deductions for the cost of total and permanent disability insurance provided through superannuation' Consultation Paper June 2011

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Company director obligations and fraudulent phoenix activity

Fraudulent phoenix activity involves the deliberate liquidation of a company to avoid paying liabilities - including employee entitlements, such as superannuation, and taxes. The business then 'rises' and continues operations through another corporate entity, controlled by the same person or group of individuals, often with a very similar name and free of the debts. These amendments will help to secure workers' superannuation, and are not limited to directors of phoenix companies, but apply broadly to directors' obligations to cause their company to pay certain tax liabilities and superannuation guarantee amounts for employees.

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June 2011

Proposals paper

Capital Gains Tax - limiting the trading stock exception for superannuation funds

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SIS and RSA Regulation amendments

Superannuation Industry (Supervision) Amendment Regulations 2011 (No.) and Retirement Savings Accounts Amendment Regulations 2011 (No. )

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Exposure draft: Regulations - SMSF investment in collectibles and personal use assets

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Response to ASIC Consultation Paper 153 Licensing:

Assessment and professional development framework for financial advisers

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Proposed Financial Institutions Supervisory Levies for 2011-12

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May 2011

Exposure Draft:

Financial Assistance levy to recoup grants made to superannuation funds

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March 2011

Response to Treasury:

Concessional Superannuation Contribution Caps for Individuals Aged 50 and over

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February 2011

2011-12 Commonwealth Budget Submission to the Treasurer

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AIST submission to Treasury on use of the TFN

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January 2011

Discussion paper: The Silver Bullet

The Federal Government's decision in December 2010 to allow super funds to use Tax File Numbers (TFN's) as the primary superannuation account identifier is a deceptively simple reform that brings real benefits to superannuation members, and will change - for the better - the way the superannuation system operates.

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Response to Exposure Draft:

Tax Laws Amendment (2011 Measures No. 2) Bill 2011: SMSF investment in collectables and personal use assets

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