Policy & Research Archive

2014 AIST Submissions

December

Wednesday, 17 December 2014

Enhanced register of financial advisers

AIST welcomes these draft regulations as vital to consumers of financial advice. AIST supports the need for an enhanced register of financial advisers. However, we recommend that this be made throu...

Read more
Friday, 5 December 2014

Scrutiny of financial advice inquiry

AIST welcomes this Senate Economics inquiry into the scrutiny of financial advice. AIST recommends higher education standards, ongoing professional development and independently regulated codes of...

Read more

 

November

Thursday, 6 November 2014

SuperStream draft regulations - contributions pass-through

AIST supports the regulation of this requirement, and makes suggestions to improve its operation, in particular: - About 31 March 2015 there should be a mechanism allowing the contributions pass t...

Read more

 

October

Friday, 31 October 2014

Proposed changes to AUSTRAC's annual compliance report

Proposed changes to AUSTRACís annual compliance report Description: Problems with the current annual compliance report have been identified by AUSTRAC. AUSTRACís consultation paper outlines optio...

Read more
Friday, 24 October 2014

Reform of excess non-concessional contributions tax

This consultation contains the exposure draft of legislation which contains reforms to the excess non-concessional contributions tax regime, allowing affected members to withdraw excess amounts.

Read more
Friday, 24 October 2014

TPB(I) 23/2014 – Fee or other reward for tax (financial) advisers

The Tax Practitioners Board has issued this exposure draft information sheet, which outlines how the TPB will interpret the notion of ‘fee or other reward’ for the purposes of registration as a tax...

Read more
Friday, 24 October 2014

TPB(I) 24/2014 – Sufficient number requirements for tax (financial) advisers

The Tax Practitioners Board has issued this exposure draft information sheet, which outlines the TPB’s interpretation of the requirements for ‘sufficient number’ for the purposes of registration as...

Read more
Wednesday, 22 October 2014

Deductibility of contributions involving successor funds

This exposure draft contains a variety of miscellaneous amendments. AIST’s comments in this submission relate solely to the changes which allow members to claim contributions as deductions with su...

Read more
Tuesday, 21 October 2014

CGT exemption for compensation and insurance

This exposure draft broadens the exemption for superannuation funds from capital gains tax (CGT) in respect of compensation for certain events (e.g. injury at work) or insurance policies, such as i...

Read more
Monday, 20 October 2014

Certainty for fund mergers

This exposure draft is part of a measure that was announced to proceed by the Government in November 2013. This measure is designed to provide greater certainty for members who are members of a fu...

Read more
Friday, 17 October 2014

Draft ASIC Class Order: Disclosure of fees

AIST is pleased once again to consult with ASIC on the subject of fee and cost disclosure. This round of consultation is public, and relates to a draft Class Order aimed at clarifying the requirem...

Read more
Wednesday, 8 October 2014

Letter to Treasurer of Victoria: Changes to stamp duty on life insurance

On 1 July 2014, changes made by the Government of Victoria to life insurance came into effect. AIST’s letter to the Treasurer outlines our issues with this and recommends that TPD be treated the s...

Read more

 

September

Friday, 19 September 2014

Promoting SG compliance – ANAO audit in progress

This is an audit in progress that is presently being undertaken by the Australian National Audit Office (ANAO). The objective of the audit is to assess the effectiveness of the ATO to support emplo...

Read more
Friday, 19 September 2014

TPB(PG) D04/2015 – Proposed guideline for a course in taxation law

Requirements for financial advisers who are required to register with the Tax Practitioners Board under the Tax Agent Services Act 2009 commenced on 1 July 2014. TPB(PG) D04/2014 contains the propo...

Read more
Friday, 19 September 2014

TPB(PG) D05/2015 – Proposed guideline for a course in commercial law

Requirements for financial advisers who are required to register with the Tax Practitioners Board under the Tax Agent Services Act 2009 commenced on 1 July 2014.

Read more
Wednesday, 17 September 2014

Treasury Legislative Amendment – Deregulation

As part of the Government’s deregulation agenda, a variety of measures have been proposed in this exposure draft, relating to taxation, superannuation and shareholdings in certain financial sector ...

Read more
Monday, 15 September 2014

APRA – Draft reporting standards for select investment options

The Australian Prudential Regulation Authority has issued a draft reporting standards and Discussion Paper seeking views on reporting standards for all RSE licensees to report information in respec...

Read more
Monday, 15 September 2014

Senate Economics – FOFA Amendment Bill_2nd inquiry

This is the second inquiry on a bill before parliament to modify certain parts of the Future of Financial Advice (FOFA) reforms that were implemented last year. Changes include amendments to the ad...

Read more
Monday, 8 September 2014

Professional, ethical and educational standards of financial advisers-joint submission

The Parliamentary Joint Committee on Corporations and Financial Services adopted the inquiry into proposals to lift the professional, ethical and educational standards in the financial services ind...

Read more
Friday, 5 September 2014

Review of retirement incomes

AIST is pleased to respond to the government’s review of retirement incomes. Our response to this review recommends that a broader review of retirement incomes be undertaken involving consideratio...

Read more
Monday, 1 September 2014

SuperStream – pass through of employee details

In August 2014, Treasury commenced consultation on new draft regulations. Specifically, the draft amendment will require that if a superannuation fund offers a MySuper product then that superannuat...

Read more

 

August

Friday, 29 August 2014

CP 221 – OTC derivatives disclosure

Derivative transaction reporting is the reporting of over-the-counter (OTC) derivative transaction information to trade repositories, and is a key element of the OTC derivatives reform agenda agree...

Read more
Tuesday, 26 August 2014

Response to Financial System Inquiry Interim Report

The Financial System Inquiry, chaired by David Murray, has released its interim findings in to the financial system of Australia. This is AIST's response to these findings.

Read more
Friday, 8 August 2014

Australia’s tax treaty negotiation program

This consultation considers the question of what should be included in future tax treaties between Australia and other countries. Australia’s tax treaties are designed to reduce double taxation and...

Read more

 

July

Thursday, 10 July 2014

Registration requirements for registered tax (financial) advisers (draft regulations)

On 1 July, the notification period commenced for financial advisers who are required to register with the Tax Practitioners Board. The draft regulations released by Treasury contain the eligibility...

Read more

 

June

Friday, 13 June 2014

Financial Supervisory Levies 2014-15

Treasury and APRA have released the financial supervisory levies methodology for 2014-15. Proposed changes include changes to the restricted and unrestricted components, as well as to the SuperStr...

Read more
Friday, 6 June 2014

National identity proofing guidelines

The Attorney-General’s Department has sought consultation on proposed new identity proofing guidelines designed to outline a best practice, risk-based approach to verifying the identity of a person...

Read more

 

May

Friday, 30 May 2014

APRA: Matters relating to risk management

In May 2014, APRA sent a letter to CEOs of ADIs and general and life companies suggesting changes to prudential standards. AIST’s submission proposes that two of the proposed changes – a definition...

Read more
Friday, 9 May 2014

Giving effect to the FATCA IGA

In April 2014, the Commonwealth of Australia signed an intergovernmental agreement with the United States of America to improve international tax compliance and implement the US Foreign Account Tax...

Read more

 

April

Wednesday, 30 April 2014

Senate Economics – FOFA repeal bill

This is an inquiry on a bill before parliament to modify certain parts of the Future of Financial Advice (FOFA) reforms that were implemented last year. Changes include amendments to the adviser be...

Read more
Tuesday, 8 April 2014

Draft regs – Division 293 tax - Calculating notional contributions for defined benefit interests

In 2013, the Government passed the laws relating to Sustaining the Superannuation Contribution Concession. Division 293 included additional tax on contributions for taxpayers earning more than $30...

Read more
Friday, 4 April 2014

ATO – Revised transition schedule SuperStream standard

A revised draft of Schedule 1 – Transitional arrangements to the Superannuation Data and Payment Standards 2012 was made available for consultation, based upon feedback from industry since the rele...

Read more
Friday, 4 April 2014

TPB(I) D20/2014 – What is a tax financial advice service?

This draft information sheet has been produced by the Tax Practitioners Board and sets out a guide to assist entities to determine if they are providing a tax (financial) advice service.

Read more
Friday, 4 April 2014

TPB(EP) D5/2014 - Proposed CPE policy for registered tax advisers

This draft explanatory paper has been produced by the Tax Practitioners Board seeking comments from the industry. The draft sets out the TPB’s proposed CPE requirements for tax (financial) advisers...

Read more

 

March

Monday, 31 March 2014

Initial submission to the Financial System Inquiry

The Financial System Inquiry, chaired by David Murray AO, is charged with examining how the financial system could be positioned to best meet Australia's evolving needs and support Australia's econ...

Read more
Wednesday, 19 March 2014

AUSTRAC – Revised draft AML/CTF rules relating to customer due diligence

In May 2013 a discussion paper titled Consideration of possible enhancements to the requirements for customer due diligence was released. The purpose of that paper was to seek stakeholder views on ...

Read more
Friday, 7 March 2014

APRA – Draft LPG 270 Group Insurance Arrangements

LPG 270 is designed to outline prudential practices in relation to group insurance. Although its target audience is life companies, AIST has sent this submission as the majority of group insurance...

Read more

 

February

Friday, 28 February 2014

Review of the AML/CTF regime

The operation of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 is required to be periodically reviewed under the Act. This is AIST’s submission to the Attorney-General’s Depart...

Read more
Wednesday, 19 February 2014

ED – FOFA amendments

This package contains exposure drafts of a bill and draft regulations for amending the FOFA changes that were brought in recently. Changes proposed include amending the adviser best interests duty...

Read more
Wednesday, 12 February 2014

Discussion paper – Regulation, governance, transparency and competition in the superannuation industry

The Assistant Treasurer released this discussion paper in November 2013, the purpose of which is to seek feedback on governance and transparency issues contained in the Government's superannuation ...

Read more
Friday, 7 February 2014

Fair Work Commission 2014 review of default fund terms

Section 156A of the Fair Work Act 2009 requires the Fair Work Commission to conduct a four yearly review of the default fund terms of modern awards starting as soon as practicable after, in effect,...

Read more
Monday, 3 February 2014

ASIC - CP 219 – Keeping superannuation websites up to date

This consultation paper from ASIC outlines options for the new requirements of section 29QB of the SIS Act for ensuring that fund websites are kept up to date, including remuneration and proxy voti...

Read more
Monday, 3 February 2014

Exposure draft - Increases to the Lost Member Small Account Threshold

This exposure draft contains amendments that effect the Government changes to the small lost member account threshold, to $5,000 from 31 December 2015, and to $6,000 from 31 December 2015.

Read more

 

January

Friday, 31 January 2014

Pre-budget submission 2014-15

The Treasurer, the Hon. Joe Hockey MP, has called for submissions ahead of the federal Budget in May. AIST’s submission focuses on measures to reduce red tape, measures to reduce inequity and measu...

Read more
Friday, 31 January 2014

APRA - Publication and confidentiality of superannuation statistics and data

APRA’s discussion paper details the reasoning behind their proposed publication of statistics, with documented reasoning behind what is considered to be confidential, and non-confidential. AIST’s ...

Read more
Wednesday, 29 January 2014

ATO - Draft Taxation Ruling TR 2013_D7

This draft ruling considers apportionment, for the purposes of section 8-1 of the Income Tax Assessment Act 1997 (ITAA 1997), of a loss or outgoing incurred by a superannuation entity partly in gai...

Read more
Friday, 24 January 2014

AUSTRAC - Draft AML_CTF rules relating to customer due diligence

In May 2013 a discussion paper titled Consideration of possible enhancements to the requirements for customer due diligence was released. The purpose of that paper was to seek stakeholder views on ...

Read more
Monday, 20 January 2014

ATO - Amendments to transitional arrangements superannuation data and payment standard

This is a consultation draft provided by the ATO, which extends the timeframe for transitional arrangements, and provides an induction process to support the implementation of employer contribution...

Read more
Thursday, 2 January 2014

ATO SIRN - Verification of SMSF members and bank accounts

Submission to the ATO’s Superannuation Industry Relationship Network (SIRN), dealing with the specific issue of enabling super funds to verify both a person’s membership with an SMSF, as well as th...

Read more
Thursday, 2 January 2014

ATO SIRN - New employee engagement process

Submission to the ATO’s Superannuation Industry Relationship Network (SIRN), dealing with the specific issue of integration of ATO forms for TFN declaration, choice of superannuation fund and accou...

Read more
Thursday, 2 January 2014

ATO SIRN - Transfer of small inactive accounts from the ATO

Submission to the ATO’s Superannuation Industry Relationship Network (SIRN), dealing with the specific issue of transfers of small inactive accounts back to active member accounts.

Read more