Policy & Research Archive

2017 AIST Submissions

January

Monday, 24 April 2017

Super reform – minor and technical amendments

This exposure draft rectifies many of the issues identified during consultation on the new measures introduced as part of the 2016 Budget. AIST strongly supports these changes in principle, howeve...

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Wednesday, 12 April 2017

Draft Regulations Innovative Superannuation Income Streams

AIST welcomes the certainty that these regulations will bring for providers of innovative income streams. These draft regulations would be improved through limitations on unreasonably long deferral...

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Monday, 20 March 2017

RG97 fees and costs disclosure – issues list provided to ASIC

As requested by ASIC in its notification to extend the transition time for RG97, the industry has submitted the attached lists (separated into policy and technical issues).

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Wednesday, 15 March 2017

Design and distributions obligations and product intervention power

In these joint submissions AIST and ISA generally welcome the proposals to impose obligations upon financial product issuers and distributors and to provide ASIC with product intervention powers to...

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Friday, 10 March 2017

ASIC levies draft bills

AIST strongly supports the introduction of an ASIC industry funding model and the move towards greater transparency. However, AIST does not support carve-outs from complying with the Government’s ...

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Friday, 10 March 2017

Transfer Balance Cap and death benefits (Draft LCG 2017/D3)

In our submission on this draft Law Companion Guideline, AIST raises a question around the policy intention of different treatment of death benefit income streams depending on whether these are rev...

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Tuesday, 7 March 2017

Consumer protections in the financial services industry

The Senate Economics References Committee is undertaking this inquiry into consumer protections in the banking, insurance and financial services industry. AIST believes that the numerous exemption...

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Friday, 17 February 2017

Successor fund transfers and wind-ups (draft SPG 227)

AIST thanks APRA for the opportunity to comment on this draft PPG. AIST supports all assistance that can be provided to trustees to facilitate super fund consolidation. Such consolidation will ensu...

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Friday, 17 February 2017

Senate Economics: SG non-payment

Employer superannuation non-compliance remains a serious problem and calls for an automated and systematic response, as well as requiring more resources for managing complaints. AIST argues for ATO...

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Friday, 10 February 2017

Whistleblower protections

The Australian Whistleblower protection framework is in need of significant reform because it fails to adequately protect whistleblowers. Changes to the law are necessary to ensure that those who d...

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Thursday, 2 February 2017

Means testing of retirement income streamsMeans testing of retirement income streams

AIST considers that the role of social security in prioritising Comprehensive Income Products for Retirement (CIPRs) as recommended by the Financial System Inquiry needs to be addressed in this dis...

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Thursday, 2 February 2017

Superannuation reform package regulations

AIST has made a brief submission to Treasury in relation to draft regulations to support the implementation of the new superannuation measures. We have not identified any issues on which we need t...

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Friday, 27 January 2017

External Dispute Resolution: Response to Interim Report

AIST strongly opposes the draft recommendation to transition the Superannuation Complaints Tribunal to an industry ombudsman scheme because it will detrimentally affect consumers and superannuation...

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Tuesday, 24 January 2017

ATO issues guidance on the defined benefit income cap

LCG 2016/D10 provides guidance around how the defined benefit income cap applies to superannuation income stream benefits that are paid from a non-commutable, lifetime pension or lifetime annuity. ...

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Tuesday, 24 January 2017

ATO issues guidance on amendments to the calculation of concessional contributions

LCG 2016/D11 provides guidance around amendments to the calculation of concessional contributions and excess concessional contributions in the Act apply to contributions and amounts allocated by su...

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Thursday, 19 January 2017

Pre-Budget Submission 2017

AIST welcomes the opportunity to present our Pre-Budget submission for 2017-18. We do not endorse superannuation being used for deficit reduction to a greater extent than other industry segments or...

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Monday, 9 January 2017

ASIC-ATO Information sharing

This exposure draft legislation which enables ASIC to share information with the ATO without the need for approval of the Chairperson of ASIC. AIST supports measures to promote the streamlining of...

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