Policy & Research Archive

2013 AIST Submissions

December

Thursday, 5 December 2013

Financial System Inquiry Draft Terms of Reference

Treasury has released draft terms of reference for the upcoming ‘Son of Wallis’ Inquiry, to be chaired by David Murray. Draft terms of reference were released for consultation. AIST is pleased to...

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November

Tuesday, 26 November 2013

Inquiry into MRRT and Other Measures Bill 2013

While the subject of the Inquiry is the entirety of the proposed measures in the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 ("MRRT"), AIST makes this submission in relation to t...

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Tuesday, 12 November 2013

Joint submission to ASIC CP216 – SMSF advice, disclosure and costs

CP 216 sets out ASIC’s proposals to require AFS licensees and their advisers to provide certain warnings on access to compensation arrangements, explanation of trustee duties and responsibilities a...

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October

Thursday, 31 October 2013

Exposure Draft - MRRT repeal

In October 2013, Treasury issued the exposure draft containing details of the Government’s repeal of the Minerals Resources Rents Tax (MRRT) repeal. Contained in this ED is a repeal of the Low Inco...

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Thursday, 24 October 2013

Joint submission - CP214 - Updated record-keeping obligations for AFS licensees

The FOFA and Stronger Super reforms have brought in new laws which mandate higher minimum conduct requirements. These new laws also prohibit the payment or receipt of a number of benefits or paymen...

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Friday, 18 October 2013

Draft SPG 310 - Audit and related matters

This guidance sets out APRA’s requirements with respect to RSE licensees and their auditors. The PPG outlines sound practices for an effective external audit framework.

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Friday, 18 October 2013

Senate Economics - performance of ASIC

On 20 June 2013 the Senate referred an inquiry into the performance of the Australian Securities and Investments Commission to the Senate Economics References Committee for inquiry and report.

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September 

Monday, 30 September 2013

Joint submission to ASIC - CP 212 Training requirements for financial advisers

Consultation Paper CP 212 contains updates to RG 146, including additional knowledge and skills requirements.

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Monday, 30 September 2013

ASIC - Assessment and approval of training courses for financial advisers

Consultation Paper CP 215 proposes amendments to RG 146 which will see the old ASIC Training Register archived and replaced with standards for certification for use by RTOs and self-accrediting org...

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Monday, 30 September 2013

AUSTRAC - Proposals for enhanced customer due diligence

The Financial Action Task Force (FATF) released revised standards in February 2012. Seven deficiencies were identified in response to the revised standards by the Government. This discussion paper ...

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Wednesday, 4 September 2013

ATO: Draft Tax Determination TD 2013/D7

Superannuation assets that support income streams are exempted from tax in two different circumstances under subdivision 295-F of the Income Tax Assessment Act 1997: Segregation, and apportionment....

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July

Friday, 19 July 2013

APRA: Submission on draft reporting standards SRS 700.0, SRS 702.0, SRS 703.0

Provisions in the Corporations Regulations 2001 now make reference to reporting standards relating to MySuper products for the purposes of specifying some of the detail underlying the calculation m...

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Thursday, 18 July 2013

PJC: Response to questions on notice – gatekeeper roundtable (ASIC oversight inquiry)

On Friday 21 June 2013, AIST appeared before a hearing of the Parliamentary Joint Committee on Corporations and Financial Services (PJC), as part of the PJC’s Oversight of ASIC inquiry. AIST took t...

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Thursday, 11 July 2013

Proposed registration requirements for registered tax (financial) advisers

This discussion paper, issued by Treasury, contains the proposed registration requirements for advisers needing to be registered with the Tax Practitioners Board as registered tax (financial) advis...

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Friday, 5 July 2013

APRA: Prudential Guidance for Superannuation

This is a submission from AIST to APRA on the second tranche of Draft Prudential Practice Guides (PPGs) issued by APRA, covering defined benefit matters (SPG 160), management of reserves (SPG 222),...

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Friday, 5 July 2013

Joint Submission: Draft Prudential Practice Guide SPG 280

AIST has joined with ASFA, ISN and FSC to lodge this submission with respect to the draft Prudential Practice Guide (PPG) SPG 280 – Payment standards. The joint bodies have recommended two key area...

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June

Thursday, 27 June 2013

Discussion paper: Lost and unclaimed superannuation money

The Government announced in the 2012-13 Mid-Year Economic and Financial Outlook (MYEFO) an increase to the threshold below which lost superannuation accounts are transferred to the ATO from $200 to...

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Friday, 21 June 2013

Discussion paper: Charter of Superannuation Adequacy and Sustainability and Council of Superannuation Custodians

In April 2013, the Minister for Superannuation and Financial Services, the Hon Bill Shorten MP, announced that a Council of Superannuation Custodians would be created to advise governments on chang...

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Thursday, 20 June 2013

Joint submission to Senate Economics: MySuper CGT Relief Bill

This Bill amends the Income Tax Assessment Act 1997 to provide tax relief to funds where there is a mandatory transfer of default member balances to a MySuper product in another fund, as well as ot...

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Friday, 14 June 2013

Joint submission to PJC: A regulatory framework for tax (financial) advice services

The exemption from the Tax Agent Services Act 2009 is due to end for financial planners on 1 July 2013.

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Friday, 7 June 2013

Senate Economics: Tax Laws Amendment Bill no. 2

This Bill makes several amendments to tax law. AIST is only commenting on Schedule 2, which provides tax incentives for entities that carry on a nationally significant infrastructure project.

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Thursday, 6 June 2013

Draft regulations to support Sustaining the Superannuation Contribution Concession

These draft regulations define a defined benefit contribution for the purposes of the changes to the superannuation contributions concession for those in defined benefit funds earning adjusted taxa...

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May

Tuesday, 21 May 2013

Trans Tasman portability of superannuation draft regulations

In 2009, the governments of Australia and New Zealand signed an agreement to allow the portability of retirement savings benefits between New Zealand and Australia. These regulations give effect to...

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Tuesday, 21 May 2013

TPB draft guidelines: Course in Australian tax law for tax (financial product) advisers

The Tax Practitioners Board released a draft guideline in March 2013 and invited comments and submissions. The draft guidelines set out the expectations of the Board in taxation law education that...

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Wednesday, 15 May 2013

Draft MySuper regulations

These draft regulations contain a number of changes around transparency, including prescribing product dashboard, portfolio disclosure and remuneration disclosure as well as other measures. The me...

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Monday, 13 May 2013

Exposure drafts: Concessional contribution caps

This exposure draft follows the Government’s announcement to increase the concessional contributions cap up to $35,000 for people turning 60 or older during the 2013-14 financial year, followed by ...

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Thursday, 9 May 2013

Sustaining the Superannuation Contribution Concession (exposure drafts)

These exposure drafts reduce the tax concession that individuals with income above $300,000 receive on their concessional superannuation contributions from 30 per cent to 15 per cent by imposing th...

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Monday, 6 May 2013

Superannuation reporting form SRF 711.0 SuperStream data collection

APRA has issued a draft form for consultation which would give insight to the rate of take up of the Data and Payment Standards issued by the ATO and some of the direct consequences of its adoption...

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Friday, 3 May 2013

Discussion paper: Financial Industry Supervisory Levy Methodology

This paper seeks submissions on the design and operation of the Financial Institutions Supervisory Levy. The focus of the discussion paper is on the methodology used for the application of the levy...

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Friday, 3 May 2013

Exposure draft: Income tax relief for MySuper transfers

This exposure draft seeks to facilitate the Government’s MySuper reforms by providing income tax relief to superannuation funds where there is a mandatory transfer of default members’ account balan...

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April

Friday, 19 April 2013

Joint submission: ASIC Consultation Paper CP 203

AIST and ISN welcome the opportunity to make a submission on Consultation Paper 203: Age pension estimates in superannuation forecasts: Update to RG 229 (CP 203). This discussion paper examines th...

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Friday, 19 April 2013

PJC: Corporations Amendment (Simple Corporate Bonds and Other Measures) Bill

This Bill amends the Corporations Act to facilitate trading of retail corporate bonds in Australia. The Bill also defines the terms ‘financial planner’ and ‘financial adviser’. The comments in AI...

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Tuesday, 16 April 2013

APRA: Draft Prudential Standard SPS 450: ERF Transition

This new prudential standard sets out the requirements for RSE licensees who operate Eligible Rollover Funds (ERFs). AIST supports this standard and this submission contains only minor recommendati...

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Friday, 5 April 2013

House Economics: Tax and Superannuation Laws Amendment Bill (No. 2) 2013

This Bill introduces changes to tax and superannuation laws. AIST is only commenting on Schedules 5 and 6. Schedule 5 introduces the SuperStream measure by which multiple accounts with superannuat...

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March

Thursday, 28 March 2013

Draft PPG 235: Managing data risks

Prudential Practice Guide PPG 235 Managing Data Risk is to provide guidance on data risk management where weaknesses continue to be identified as part of APRA’s ongoing supervision activities. AIST...

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Thursday, 28 March 2013

Coalition’s Deregulation Reform Taskforce discussion paper

This discussion paper examines ways that regulation or red tape may be reduced, with a focus on the Commonwealth public service.

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Friday, 22 March 2013

Supplementary submission: Regulatory framework for tax advice (financial product) services

AIST was requested to provide additional information with regards to our joint submission with ISN on this exposure draft. This letter contains AIST’s response.

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Friday, 22 March 2013

Joint submission FOFA Grandfathering Draft Regulations

These regulations will repeal the existing Corporations Regulation 7.7A.16 and create separate grandfathering provisions for conflicted remuneration benefits which are paid by platform operators an...

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Friday, 15 March 2013

Options Paper: Use of Standard Business Reporting for Financial Reports

This paper examines the use of SBR for the lodgement of financial reports, including whether the use of SBR should be mandatory, to support business efficiency and to enhance the transparency of fi...

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Friday, 8 March 2013

Joint submission: Regulatory framework for tax advice (financial product) services

This exposure draft outlines the framework by which financial advisers will be registered with the Tax Practioners Board (TPB). The measure also outlines the notification and transition periods pr...

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Tuesday, 5 March 2013

Prudential Guidance for Superannuation

This consultation is on the first group of Prudential Practice Guides issued by APRA. The PPGs focus on areas APRA considers to be most important for MySuper authorisation and also include draft P...

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Friday, 1 March 2013

Coalition’s Productivity Priorities Working Group draft terms of reference

The Coalition has formed a working group to develop a priorities paper for the implementation of the Coalition’s productivity strategy. This working group is to be headed by Steven Ciobo MP.

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February

Wednesday, 27 February 2013

PJC: Reform of SMSF Supervisory Levy Arrangements Bill

This bill amends exiting legislation to increase the maximum levy payable by a trustee of a self-managed superannuation fund for an income year from $200 to $300, effective from the 2013-14 financ...

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Wednesday, 27 February 2013

PJC: Tax and Superannuation Laws Amendment

This Bill amends the income tax and superannuation law to ensure tax is not payable on interest paid by the Commonwealth in relation to unclaimed money reclaimed from 1 July 2013.

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Thursday, 14 February 2013

Draft regulations: Tax certainty for deceased estates

A draft ruling issued by the Australian Taxation Office (ATO) in 2011 led to some uncertainty over eligibility for this exemption following the death of a member to whom a pension was being paid. ...

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Wednesday, 13 February 2013

Draft regulations: Repealing member protection standards

Abolishing member protection rules was recommendation 10.14 in the Super System Review, and was supported by all participants on the same basis as the account consolidation measures announced by th...

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Tuesday, 12 February 2013

Levy to recoup Trio grant

In the second half of 2012, the Government agreed to provide a further grant of $16.7 million to compensate members of superannuation funds that invested in Trio and to recoup a shortfall of $2.2 m...

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January

Wednesday, 30 January 2013

Issues paper: Consultation on reporting matters under the Workplace Gender Equality Act

The WGE Act provides an opportunity for all stakeholder groups to identify the issues affecting gender equality in the workplace. The Issues Paper (issued by FaHCSIA) provides an outline of some ke...

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Wednesday, 30 January 2013

Submission to ICGN: Principles on Institutional Investor Responsibilities Consultation

AIST’s submission to the International Corporate Governance Network’s (ICGN) review of the Statement of Principles on Institutional Investor Responsibilities.

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Friday, 25 January 2013

2013 Pre-budget submission to the Treasurer

On 12 December 2012, the Treasurer, the Hon Wayne Swan MP, called for submissions from Australians for the 2013-2014 federal budget, to be handed down in May 2013.

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Thursday, 24 January 2013

PJC: Answer to question on notice, MySuper tranche 4 inquiry hearing

On 22 January 2013, AIST’s Project Director, David Haynes and Executive Manager, Policy & Research, Tom Garcia appeared before a public hearing of the Parliamentary Joint Committee on Corporations ...

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Thursday, 17 January 2013

PJC submission: Service Providers and Other Measures Bill (MySuper tranche 4)

The final tranche of MySuper contains measures designed to benefit consumers, including service provider requirements, infringement notices, requirements around trustee decisions and SCT complaints...

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Tuesday, 15 January 2013

ED: SMSF related party transactions

This exposure draft amends the Superannuation Industry (Supervision) Act 1993 (SIS Act) to introduce new requirements relating to the acquisition and disposal of certain assets by self-managed supe...

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