Policy & Research Archive

2012 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

Friday, 21 December 2012

Draft regulations: Accountant exemption replacement regulations

Details of the replacement measures for accountants to provide retail financial product advice with respect to self-managed superannuation funds.

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Friday, 21 December 2012

ED: Financial planner definition

This measure sets out the changes to the Corporations Act restricting use of the terms ‘financial planner’ and ‘financial adviser’.

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Friday, 14 December 2012

Strengthening APRA’s Crisis Management Powers

The crisis management powers being sought intend to harmonise the powers available to APRA across all of its regulated industries. They include enhanced directions powers and expanded investigation...

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Friday, 14 December 2012

ATO: Data and Payment Standard – Transitional Arrangements

AIST’s response to the ATO on this document, which defines the transition arrangements to the new data and payment standard. AIST has already submitted on the draft statement, for which this docum...

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Tuesday, 4 December 2012

Joint Submission: ASIC: CP 191 – FOFA – Codes of Conduct

AIST and ISN welcome the opportunity to make a submission on Consultation Paper 191: Approval of codes of conduct for exemption from the opt in requirement (CP 191). The opt-in requirements were mo...

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November

Friday, 23 November 2012

ALRC discussion paper DP 78: Grey areas – Age Barriers to Work in Commonwealth Laws

This Discussion Paper commences the second stage in the consultation processes in this inquiry into Commonwealth legal barriers to older persons participating in the workforce or other productive w...

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Wednesday, 21 November 2012

Draft regulations: Stronger Super: Insurance and MySuper

These draft regulations contain requirements relating to significant events notices, insurance, permanent incapacity and exemptions to the transfer of accrued default amounts where they conflict wi...

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Monday, 19 November 2012

Senate EEWR Committee: Fair Work Amendment Bill 2012

Senate Education, Employment and Workplace Relations Committee Inquiry into this Bill which amends the FW Act to give effect to the Government's response to the Productivity Commission's Report int...

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Friday, 16 November 2012

APRA Discussion Paper: Reporting Standards for Superannuation

This paper outlines APRA’s proposals for revising the reporting requirements for superannuation entities. The proposals both implement Stronger Super reforms and update APRA’s reporting requiremen...

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Tuesday, 13 November 2012

Joint submission: ASIC:CP189 – FOFA – Conflicted Remuneration

ISN and AIST welcome the opportunity to make a joint submission on Consultation Paper 189: Future of Financial Advice: Conflicted Remuneration (CP 189). The conflicted remuneration measures in the ...

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Friday, 9 November 2012

APRA: SPG 410: MySuper Transition Draft Prudential Practice Guide

Draft guidance from APRA setting out their proposals for complying with the MySuper transition prudential standard. This document sets out AIST’s response.

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Friday, 9 November 2012

Senate Economics: Treasury Legislation Amendment (Unclaimed Money and Other Measures) Bill 2012

This bill contains the MYEFO changes to lost accounts, in superannuation, banking, FHSAs, life insurance policies as well as property held by corporations. AIST’s submission to the Senate Economic...

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Friday, 2 November 2012

ATO: Superannuation data and payment standard (draft)

AIST’s response to the ATO on this document, which defines the minimum requirements of certain transactions within the superannuation system including employer contributions, rollovers between sup...

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Friday, 2 November 2012

ED: Superannuation Legislation Amendment (Further Measures) Bill 2012

AIST’s submission to Treasury on the fourth tranche of draft legislation for MySuper, including rules relating to use of service providers, broader powers for APRA, complaints and SCT, dual regulat...

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October

Monday, 29 October 2012

Submission to Sex Discrimination Commissioner: Application by RiceWarner

AIST is committed to improving gender equality in Australia’s superannuation and retirement systems and the inequities that continue to exist. This letter indicates our support for RiceWarner’s app...

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Tuesday, 16 October 2012

PJC submission: Further MySuper and Transparency Measures Bill (MySuper tranche 3)

Submission from AIST on the MySuper tranche 3 bill, presently before parliament.

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Tuesday, 16 October 2012

Draft regulations: Rollover and contributions

Under this scheme, superannuation funds and employers will be required to send contributions and rollovers electronically.

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September

Friday, 28 September 2012

ED: Trans-Tasman superannuation portability

Under this scheme, Australians and New Zealanders will be able to transfer their superannuation benefits between certain Australian superannuation funds and New Zealand KiwiSaver schemes. AIST has ...

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Tuesday, 11 September 2012

Draft regulations: Transfer of Certain State and Territory Unclaimed Superannuation by the Commonwealth

These draft regulations allow certain public sector superannuation schemes to be able to pay unclaimed money, lost accounts and the superannuation of former temporary residents to the Commissioner ...

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Sunday, 2 September 2012

ED: Superannuation data and payment standards: Enabling services

This register creates a requirement for the Commissioner of Taxation to maintain a register of information about certain superannuation entities, and for tax file number validation. AIST makes t...

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August

Monday, 27 August 2012

ED: Superannuation fund notification

This measure will require superannuation funds and retirement savings account (RSA) providers to notify active members quarterly, by electronic means, that they have either 'received' or 'not recei...

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Monday, 27 August 2012

ED: Expanded superannuation reporting

This measure expands the information required to be reported by superannuation providers in respect of their members. Under the revised reporting obligations, superannuation providers will be requi...

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Monday, 27 August 2012

ED: Tax relief for merging superannuation funds

This measure is aimed at ensuring that tax considerations are not an impediment to superannuation funds seeking to merge and consolidate in response to the Stronger Super reforms. AIST fully suppo...

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Monday, 27 August 2012

Draft regulations: Transfer of Certain State and Territory Unclaimed Superannuation by the Commonwealth

These draft regulations allow certain public sector superannuation schemes to be able to pay unclaimed money, lost accounts and the superannuation of former temporary residents to the Commissioner ...

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Friday, 17 August 2012

Intra fund consolidation of superannuation interests

In this letter, AIST comments on the exposure draft for the intrafund consolidation of superannuation interests and the accompanying explanatory materials.

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Friday, 3 August 2012

ED: SMSF auditor registration

This measure will implement the Government's reforms relating to auditors of SMSFs as part of Stronger Super. As part of this measure, a new registration regime will be introduced for SMSF auditors...

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Friday, 3 August 2012

Productivity Commission: Draft report into default superannuation funds in modern awards

This submission responds to five key topics covered by the Productivity Commission's Draft Report: The process for selecting default funds - the choice between options 3 and 4; employer discretion ...

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Friday, 3 August 2012

AIST response to Productivity Commission: Default funds in modern awards

This document responds to two questions directed to the Australian Institute of Superannuation Trustees by the Productivity Commission at the public hearing in Melbourne on 30 July 2012 concerning ...

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July

Friday, 20 July 2012

APRA: Prudential Standards for Superannuation

In April 2012, APRA presented their response to issues raised during the consultation process for the new prudential standards which are being drafted for superannuation funds, together with draft ...

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Friday, 20 July 2012

APRA: ERF Authorisation discussion paper

Eligible Rollover Funds have a key role in promoting account consolidation and reducing account proliferation, and are also part of the Stronger Super framework. Under the proposed legislation for ...

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June

Thursday, 21 June 2012

ALRC: Grey areas - age barriers to work in Commonwealth laws

The ALRC has been directed to consider all relevant Commonwealth legislation and related legal frameworks, including superannuation law on what Commonwealth legal barriers exist that prevent or det...

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Wednesday, 20 June 2012

Reduction of higher tax concession

The May 2012 federal budget introduced a measure designed to reduce tax concessions into superannuation for those earning more than $300,000 in a financial year. AIST has made a submission to Treas...

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Wednesday, 13 June 2012

Taxation Relief for Stronger Super implementation

This Proposals paper is aimed at ensuring that tax considerations are not an impediment to superannuation funds seeking to merge and consolidate in response to the Stronger Super reforms. The taxat...

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Tuesday, 12 June 2012

AIST response to MySuper Consultation Package

This submission contains AIST's response to three parts of APRA's MySuper consultation package: Discussion Paper - MySuper authorisation and transition standard, Application Form and Instruction Gu...

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Friday, 1 June 2012

PJC submission: Stronger Super and Superstream Levy Bills

Submission from AIST on the measures presently before Parliament designed to enhance the 'back office' of superannuation, known as SuperStream.

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May

Wednesday, 30 May 2012

PJC joint submission: Stronger Super and Superstream Levy Bills

Joint submission from AIST, ASFA, FSC and ISN on the measures presently before Parliament designed to enhance the 'back office' of superannuation, known as SuperStream.

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Wednesday, 16 May 2012

ED: Further MySuper and Transparency Measures

This submission identifies the key issues that should be further addressed in the third tranche of MySuper legislation before it is tabled in Parliament. The third tranche has brought MySuper close...

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Tuesday, 1 May 2012

ED: Amendments to the director penalty regime

This exposure draft amends tax law to extend the directors' penalty regime to unpaid superannuation guarantee amounts, and restricting access to PAYG credits where directors place companies into ad...

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April

Monday, 30 April 2012

Regulation Reg-121647-10 relating to the Foreign Account Tax Compliance Act (USA)

The Foreign Account Tax Compliance Act (FATCA) requires financial institutions who opt-in to the FATCA regime around the world that hold US assets to report account details of US citizens to the US...

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Sunday, 22 April 2012

AASB: ED 223 Superannuation Entities

In May 2009, the Australian Accounting Standards Board (AASB) published Exposure Draft ED 179 Superannuation Plans and Approved Deposit Funds, containing a proposal for the replacement standard for...

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Friday, 13 April 2012

ED: Intra fund consolidation of superannuation interests

This measure will provide Funds a framework within which to administer intra fund consolidation. The amendments place a duty on trustees to establish and publish rules setting out a procedure for c...

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Thursday, 5 April 2012

Productivity Commission: Default super funds in modern awards

The Productivity Commission seeks to develop transparent and objective criteria against which funds wishing to be eligible for default fund status in modern awards can be assessed, on an ongoing ba...

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March

Monday, 5 March 2012

PJC Submission: Trustee Obligations and Prudential Standards

A qualified version of AIST's original submission to Treasury for the inquiry by the PJC - Corporations and Financial Services into the Superannuation Legislation Amendment (Trustee Obligations and...

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Monday, 5 March 2012

Super Roundtable Submission: Administration of concessional caps for over 50's

Joint submission from AIST, ISN and WIS support the Government proposal to raise the concessional contribution cap for individuals 50 and over to $50,000pa with total superannuation balances under ...

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February

Friday, 24 February 2012

ED Regulations - GST Financial Supply Provisions

AIST's submission focuses on the items within the Exposure Draft that have direct affect on APRA regulated superannuation funds. AIST supports the proposed regulations and has no further recommenda...

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Thursday, 23 February 2012

ED: Superannuation data and payment standards

This legislation provides a framework and basis for the SuperStream data and payment standards. AIST supports this legislation as a key element in the implementation of SuperStream measures to impr...

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Wednesday, 22 February 2012

ED: Disclosure of superannuation information

This legislation supports other SuperStream legislative instruments in that it will enable funds to assist their members to find and consolidate their superannuation interests. AIST supports this l...

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Wednesday, 22 February 2012

ED: Payslip reporting of super contributions

AIST supports the legislation requiring payslip reporting of superannuation contributions. Our key recommendation is that the EM be amended to note forthcoming Regulations to require the reporting ...

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Friday, 10 February 2012

ED: Limiting the Trading Stock Exception for Superannuation Entities

AIST supports the amendments is to ensure that any gains or losses on certain assets of a superannuation fund will be taxed under the capital gains tax (CGT) provisions and to remove any doubt abou...

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Wednesday, 8 February 2012

Joint submission to ATO with IFSIB: TPD deductibility

AIST's submission on draft tax ruling TR 2011/D6 - Income tax: deductibility under subsection 295-465(1) of the Income Tax Assessment Act 1997 which deals with the deductibility of which parts of i...

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January 2012

Tuesday, 31 January 2012

Inquiry: Future of Financial Advice (FOFA) Bills 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 repre...

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Tuesday, 31 January 2012

2012-2013 Commonwealth Budget

AIST has prepared this submission in response to the Treasurer’s request for public submissions regarding structure and content of the 2012-2013 Commonwealth Budget.

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Wednesday, 25 January 2012

Cost Recovery Impact Statement

AUSTRAC has released its revised Cost Recovery Impact Statement - Exposure Draft that outlines AUSTRAC's revised supervisory levy model and charging structure. The...

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Friday, 20 January 2012

AIST submission to the Parliamentary Joint Committee on Corporations and Financial Services

The Government has announced its decisions on key design aspects of its Stronger Super reforms. A key component of these reforms is the creation of a new simple, cost-effective default superannuati...

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Friday, 20 January 2012

Response to Exposure Draft: Refund of Excess Concessional Contributions

In the 2011-12 Budget, the Government announced the introduction of the refund of excess concessional contributions. This measure will give eligible individuals the option to have excess concession...

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Monday, 16 January 2012

Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012

The Government has announced its decisions on key design aspects of its Stronger Super reforms, and is now proposing to implement these reforms in several tranches of legislation: of which this Bil...

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