Policy & Research Archive

2016 AIST Submissions

December

Friday, 23 December 2016

Senate Economics: Objective of Superannuation

This Bill, presently in front of Parliament, seeks to enshrine the objective of superannuation. AIST believes that not including the provision of a comfortable retirement income in the proposed ob...

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Friday, 16 December 2016

ASIC Industry Funding Model

AIST strongly supports the Proposed Funding Model and its move towards transparency and accountability. The method of undertaking levies calculations and producing a CRIS based on ASIC’s past year...

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Thursday, 8 December 2016

ATO consults on Transfer Balance Cap guidance

Draft Law Companion Guideline LCG 2016/D9 provides guidance around the recently legislated transfer balance cap which restricts amounts going into the tax-exempt retirement phase of superannuation....

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Thursday, 17 November 2016

Joint submission: Inquiry into the Life Insurance Industry

AIST and ISA welcome this inquiry, which is examining the industry, in particular stories that may identify widespread issues and recommendations for reform. ISA and AIST are working with the supe...

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November

Wednesday, 16 November 2016

Senate Economics: Super reform package of bills

This package of bills contain tax measures proposed in the 2016 Federal Budget. AIST generally supports these measures, noting some practical difficulties to implementation. In this submission, AIS...

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October

Friday, 28 October 2016

Alternative Default Models inquiry (issues paper)

This inquiry is to investigate alternative models to existing default fund allocation arrangements. AIST argues that members’ best interests must drive the default fund selection process, and that ...

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Friday, 21 October 2016

Tranche 3 of superannuation reform draft bill

The third tranche of superannuation reform will implement a lower annual non-concessional contributions cap, an account balance cap on non-concessional contributions and streamlines release authori...

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Friday, 21 October 2016

Backpacker super to be taxed at 95%

This is AIST's submission to the Senate Economics inquiry into changes to taxation for people on working holiday visas. Included in the package of bills is a measure that will increase the effectiv...

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Thursday, 20 October 2016

Response to Statement of Issues: Link’s possible acquisition of Pillar

The Australian Competition & Consumer Commission (ACCC) has issued a Statement of Issues (SOI) regarding the possible acquisition of Pillar by Link Administration Holdings Ltd. AIST made a submiss...

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Monday, 10 October 2016

Superannuation reform package tranche 2

The second tranche of superannuation reform will implement a transfer balance cap at retirement of $1.6 million, a reduction in the concessional contributions cap to $25,000 p.a., catch-up concessi...

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Friday, 7 October 2016

External Dispute Resolution Framework

The Government’s review of the financial system’s external dispute resolution framework must carefully consider the needs of consumers. Due to the growth of the superannuation sector the dispute re...

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Septmeber

Friday, 16 September 2016

Superannuation reform package – Budget superannuation tax measures

AIST supports the deductibility of personal contributions, increased eligibility of tax offsets for spouse contributions and the revised arrangements for the low income tax offset. AIST suggests t...

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Friday, 16 September 2016

Superannuation reform package – Objective of superannuation

In conjunction with other industry associations, AIST seeks that the Government consult further prior to introduction of the Bill. We seek the amendment of the primary objective to include referen...

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Tuesday, 13 September 2016

Submission on Productivity Commission draft report on superannuation efficiency and competitiveness

AIST welcomes the Productivity Commission's draft report and its focus on developing appropriate evidence-based measures to assess the efficiency and competitiveness of the system

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Friday, 2 September 2016

Response to request for submissions: Link’s possible acquisition of Pillar

While taking a neutral position on commercial matters, AIST notes that superannuation funds have increasingly limited alternatives for the provision of superannuation administration, with there bei...

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July

Friday, 29 July 2016

Data Availability and Use - AIST response to Productivity Commission Issues Paper

Effective use and access to superannuation data is integral to the efficient functioning and integrity of the superannuation system. Superannuation data issues have been raised in previous inquiri...

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June

Friday, 17 June 2016

Technology neutrality – meeting notices and materials proposals paper

This submission is AIST's response to the Government's plans to modernise financial regulation rules around the distribution of materials taking into account recent tech developments.

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Thursday, 2 June 2016

Proposed Financial Institutions Supervisory Levies for 2016-17

While AIST welcomes consultation on proposed financial levies for 2016-2017, AIST is once again concerned that insufficient detail renders the proposal as non-compliant with the Government’s Cost R...

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Thursday, 2 June 2016

AUSTRAC Industry Contribution 2016-17

AIST welcomes the opportunity to comment on the Consultation Paper. AIST seeks clarification firstly as to the basis for excluding the AUSTRAC Industry Contribution from the requirements of the Go...

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May

Friday, 20 May 2016

CP 254: Digital financial product advice

In this joint submission with Industry Super Australia (ISA), AIST supports the introduction of guidance specific to digitally provided advice that ASIC has issued. We support the clarity that the...

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April

Thursday, 28 April 2016

Draft regulations – life insurance remuneration reform

AIST supports the removal of the exemption to conflicted remuneration of life insurance commissions. Whilst we the additional clarification contained in the draft regulations, we emphasise that th...

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Wednesday, 27 April 2016

CP 255: Remaking ASIC class orders on financial services disclosure

AIST has supported the remaking of two class orders dealing with product disclosure statements.

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Friday, 15 April 2016

Senate Economics: Life insurance industry inquiry

AIST believes that the recent high profile failures in the insurance sector has come about due to differing expectations. AIST supports efforts to resolve this, but further notes that the many cha...

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Wednesday, 6 April 2016

Objective of superannuation

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 reasona...

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March

Wednesday, 30 March 2016

CP 253: Remaking and repealing ASIC class orders on dollar disclosure

This consultation paper sets out ASIC’s proposals to remake class orders [CO 04/1431], [CO 04/1433] and [CO 04/1435] on dollar disclosure, with the repeal of class orders [CO 04/1430] and [CO 04/14...

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Friday, 18 March 2016

CP 251: Remaking class order on financial product advice – exempt documents

AIST supports the proposal to continue the relief contained in Class Order 03/606 [CO 03/606] beyond the sunset date. We agree that the relief provided is sensible and should be retained.

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Monday, 7 March 2016

Senate Economics: Changes to life insurance remuneration arrangements

This Bill removes the exemption on benefits paid in relation to life insurance products from the ban on conflicted remuneration. AIST supports the removal of this exemption, however would also supp...

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Wednesday, 2 March 2016

CP 247: Review and remediation programs and changes to record-keeping requirements

AIST supports the proposed ASIC guidance. The guidance would benefit from a stronger focus on independence of reviewers, as well as transparency and accessibility. The focus on whether a matter is...

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February

Friday, 26 February 2016

Senate Economics: New tax system for Managed Investment Trusts

AIST welcomes this legislation to create a new taxation system for attribution managed investment trusts. We note that the benefits of these bills should be made available to larger funds who inve...

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Friday, 19 February 2016

Exposure Draft TPB Information Sheets TPB(I) D30/2015 Cloud Computing and TPB(I) D31/2015 Confidentiality

AIST welcomes guidance for persons providing tax (financial) advice services to members of not-for-profit superannuation funds. We support this guidance but note that ideally, APRA should be consu...

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Monday, 15 February 2016

CP 244: Remaking ASIC class orders on dealing in underlying investments

AIST supports the existing relief granted in Class Orders [CO 02/1161], [CO 02/1073] and [CO 02/1074]. We agree with ASIC’s explanation in paragraphs 11 to 19 of the consultation paper (CP 244) tha...

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Friday, 12 February 2016

CP 249: Remaking ASIC class order on generic financial calculators

AIST supports the proposal to remake the class order on generic financial calculators, particularly given that the class order would otherwise be ‘sunsetted’. However, AIST believes that a better r...

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Wednesday, 10 February 2016

2016-17 Pre-Budget Submission

AIST does not support the Budget being used to implement changes to the superannuation tax environment without considering the outcomes of the tax inquiry process and retirement incomes review, as ...

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January

Friday, 29 January 2016

Resilience and collateral protection and client money reforms

AIST welcomes measures aimed at improving resilience and stability of Australia’s financial system as well as facilitating participation in international derivatives markets. We support measures ai...

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Wednesday, 27 January 2016

Extending superannuation choice to enterprise agreements and workplace determinations

AIST supports the principle of choice in superannuation but argues this has to be provided in a way that does not leave consumers worse off, and operates in an environment of meaningful disclosure ...

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Monday, 25 January 2016

Improved Superannuation Transparency

While AIST strongly supports the greater alignment of MySuper and Choice disclosure through the introduction of Choice dashboards, AIST is concerned that certain products (including platforms and l...

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Friday, 15 January 2016

Commissioner of Taxation's power to modify law

AIST supports giving the Commissioner of Taxation the power to modify superannuation and taxation law to provide beneficial outcomes for taxpayers. While necessary safeguards are provided, the ATO...

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Friday, 8 January 2016

Willing to Work: National Inquiry into Employment Discrimination Against Older Australians and Australians with Disability

AIST’s vision is for a better retirement future for all Australians. A key component of a better retirement future for all Australians is to better enable older Australians to continue working if ...

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