Regulatory Framework

Regulatory Framework

AIST supports the ‘twin peaks’ regulatory model, where a prudential regulator and a financial services regulator work hand in hand to ensure that fund members are able to get what is promised to them. Read more

Select from our range of publications on this topic below: 

 

29 Mar 2017 - Productivity Commission fails to provide evidence that changing default fund system will benefit members

Proposed changes to the selection of default superannuation funds have the potential to put millions of working Australians at risk of poorer retirement outcomes, AIST said today.

17 Feb 2017 - New guide for fees and costs disclosure form

AIST, ASFA and the FSC today released a Guidance Notice to help funds comply with ASIC updated fees and costs disclosure requirements.

2 Dec 2016 - AIST welcomes Senate inquiry to investigate billions of dollars lost in unpaid super

AIST has welcomed the announcement of a Senate Economics References Committee inquiry into the impact of non-payment of the Superannuation Guarantee (SG).

23 Nov 2016 - New super changes will improve outcomes for low income earners, particularly women

AIST today welcomed the passage of the Government’s super tax reform package through both houses of Parliament.

11 Nov 2016 - Consumer protection paramount in default fund selection

AIST has reiterated the need for the highest level of consumer protection around default super fund selection in its second submission to the Productivity Commission.

10 Nov 2016 - Super changes that improve retirement outcomes for low income earners must be supported

AIST has urged all Federal Parliamentarians to support tax changes to superannuation that improve retirement outcomes for low income earners, including women.

12 Oct 2016 - AIST welcomes heightened APRA and ASIC focus on insurance to improve consumer outcomes

AIST today welcomed moves by both APRA and ASIC to improve consumer outcomes in life insurance products.

20 Sep 2016 - Default fund selection process must be in members’ best interests

AIST today responded to the release of the Productivity Commission issues paper on alternative default models.

18 Jul 2016 - Minister O’Dwyer urged to ensure super changes are workable and well-communicated

AIST today welcomed the appointment of Kelly O’Dwyer as Minister for Revenue and Financial Services.

4 May 2016 - Flexible Budget measures on super contribution caps will help women catch up: AIST

Budget measures that provide flexibility around the new $25,000 super contribution cap limits announced last night will be particularly helpful for women who return to work after a career break, AIST said today.

3 May 2016 - Super measures will improve fairness and sustainability of super: AIST Budget commentary

Key superannuation measures announced in tonight’s Federal Budget are a necessary step toward a fairer and more sustainable super system, the Australian Institute of Superannuation Trustees said today.

26 Apr 2016 - Improving consumer disclosure and conflict of interest management will improve super system efficiency: AIST response to Productivity Commission

More consistent and meaningful consumer disclosure, together with strengthened conflict of interest management, would improve super system efficiency.

20 Apr 2016 - ASIC increased funding welcome but greater accountability and transparency is needed

AIST has today welcomed the Government’s announcement of increased funding for the Australian Securities and Investments Commission (ASIC) but called for greater accountability and transparency from the regulator.

17 Mar 2016 - 2016 AIST Mercer Super Tracker released: Government urged to revise Age Pension Asset Test

AIST and Mercer have called on the Government to urgently revise its new Age Pension Assets Test, with modelling showing the test will have a significant impact on the retirement outcomes of middle Australia.

16 Mar 2016 - Consumer protection for late super payments retained in full

AIST has welcomed the retention of the full Superannuation Guarantee Charge – an important consumer protection measure for superannuation payments to employees – following debate in Parliament earlier today.

9 Mar 2016 - Objective will protect super from ad-hoc policy changes and provide greater certainty: AIST

AIST today welcomed the Government’s move to begin the process of enshrining the objective of the superannuation system in legislation.

26 Feb 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 invest through mandates. AIST recommends that guidance be provided by the ATO with respect to unit pricing, as well as certainty enshrined in legislation to ensure that there is no resettlement of trusts as a result of amendments to trust deeds which would have CGT effects to investors. We also recommend that the commencement date be postponed to 1 July 2017 in order to allow for the proper implementation of the new rules.

10 Dec 2015 - Choice product dashboards provide certainty but don’t go far enough

AIST has welcomed draft legislation released by the Government today requiring super funds to publish Choice product dashboards. These requirements are generally in line with requirements for MySuper product dashboards.

14 Oct 2015 - AIST welcomes new Shadow Minister

AIST today welcomed the appointment of Mr Jim Chalmers as the new Shadow Minister for Financial Services and Superannuation.

21 Sep 2015 - Reducing penalty for late super payments dilutes consumer protection

AIST is calling on Government to reconsider changes to the Superannuation Guarantee Charge reducing penalties for employers not meeting their obligations to pay superannuation to their employees

21 Sep 2015 - AIST welcomes new Treasury team and elevation of superannuation to Cabinet

AIST has today welcomed the appointment of the Hon Scott Morrison as Treasurer and the Hon Kelly O’Dwyer MP as Assistant Treasurer and Minister for Small Business.

7 Jul 2015 - Involuntary retirees should not be denied early access to their super

Raising the age at which people can access their super could see the level of involuntary retirees blow out to more than half the Australian workforce, AIST said today.

18 Jun 2015 - Pension changes - without review of super - fail the fairness test

Proposed pension changes – currently before Parliament – would result in wealthy self-funded retirees receiving more than double the level of government support than most middle income Australians, AIST said today.

14 May 2015 - Tax review is timely to ensure entire retirement system is fair and sustainable

The Government’s tax review is a timely opportunity to examine the targeting of superannuation tax concessions to ensure Australia’s retirement income system is sustainable for the long-term, AIST said today.

12 May 2015 - Pension measurements a good first step – long-term super strategy must be next

AIST response to 2015 Federal Budget

5 May 2015 - Serious Financial Crime Taskforce welcomed - AIST

AIST has today welcomed Treasurer Joe Hockey’s announcement of the Serious Financial Crime Taskforce that will address superannuation and investment fraud, identity crime and tax evasion.

15 Apr 2015 - AIST acknowledges Bernie Ripoll’s contribution to financial advice reform

AIST has today acknowledged the contribution of The Hon. Bernie Ripoll MP to superannuation and the financial services industry, following Mr Ripoll’s announcement that he will not be re-contesting his Parliamentary seat in next year’s election.

7 Apr 2015 - AIST welcomes new Super Complaints Tribunal Chair

AIST has today welcomed the appointment of Ms Helen Davis as the new Chair of the Superannuation Complaints Tribunal (SCT).

30 Mar 2015 - Tax inquiry is a timely opportunity to ensure super is fair and sustainable: AIST

The Government’s Tax Inquiry is a timely opportunity to examine the taxation arrangements for the superannuation to ensure they are fair and sustainable for both current and future generations, the Australian Institute of Superannuation Trustees (AIST) said today.

5 Mar 2015 - IGR provides no evidence for Government to lift ‘retirement age’ to 70 years

AIST has called on the Government to review its proposal to lift the Age Pension eligibility age to 70 by 2035, following Intergenerational Report (IGR) projections that show future pension costs in our ageing population are manageable in existing policy settings.

22 Jan 2015 - Change to super payment threshold would penalise low income/casual workers

AIST has urged the Government to reject calls from the Board of Taxation to change the superannuation payment threshold for low income and casual workers to $1350 a quarter.

9 Jan 2015 - AIST- Mercer Super Tracker to provide basis for informed changes to the superannuation system

AIST and Mercer are collaborating to develop an industry first “super tracker” that will set the benchmark for evaluating the Australian superannuation system.

7 Jan 2015 - Increased use of e-commerce will promote active decision making in super

AIST has welcomed a joint announcement from the Hon. Bruce Billson MP and the Hon. Josh Frydenberg MP that will see an increase in the use of e-commerce in tax and superannuation reporting.

7 Dec 2014 - AIST welcomes FSI focus on removing politics from super and giving MySuper a fair go

AIST today welcomed the release of the Financial System Inquiry report, which recognises the need to ensure the super system is working effectively and efficiently and delivering positive retirement outcomes for members.

26 Nov 2014 - Member statements must not fall short on LISC disclosure

AIST is calling on the Government to maintain the separate disclosure of the LISC on members’ superannuation statements.

23 Oct 2014 - APRA urged to shed light on fees charged by non-MySuper default funds

The Australian Institute of Superannuation Trustees (AIST) today called on APRA to prioritize disclosure of all fees paid on default superannuation accounts, not just those paid on MySuper products.

10 Oct 2014 - Super must be included on workers’ pay slips: AIST

AIST has opposed Government moves to repeal the reporting on pay slips of superannuation contributions.

1 Oct 2014 - Call to move default bank-owned super into low-fee MySuper

AIST is calling on the Government to accelerate the release of super savings from high-fee bank-owned default super funds into lower fee MySuper products.

1 Oct 2014 - Full MySuper disclosure will lead to better consumer outcomes

The Australian Institute of Superannuation Trustees (AIST) has welcomed the announcement from the Australian Prudential Regulatory Authority (APRA) that it will be publishing comprehensive statistics on all MySuper products.

10 Sep 2014 - Financial planners need ethics classes, not ready for self regulation: ISA, AIST

Industry Super Australia (ISA) and the Australian Institute of Superannuation Trustees (AIST) have argued in a joint parliamentary submission that the financial planning industry should be subject to mandatory ethics classes for planners, and is a long way from being ready for any kind of self-regulation.

2 Sep 2014 - Superannuation changes will hurt all Australian workers – AIST

Proposed new changes to the Superannuation Guarantee would have a significant impact on the retirement outcome of Australian workers and lead to further uncertainty about superannuation, the Australian Institute of Superannuation Trustees said. AIST CEO Tom Garcia said the Government’s decision to further delay the SG rise to 12% represented a broken election promise not to bring in any negative changes to superannuation.

26 Aug 2014 - Renovate the house don’t pull it down – AIST responds to the Financial System Inquiry

The Australian Institute of Superannuation Trustees (AIST) said today Australia’s $1.85 trillion superannuation system is on track to deliver further cost savings and value to members with the recently launched MySuper having already led to significant fee reductions*.

25 Jul 2014 - Government urged to appoint new expert panel for super fund default selection

The Australian Institute of Superannuation Trustees, (AIST), has today called on the Government to prioritise the appointment of new members to the Fair Work Commission’s Expert Panel for default fund selection following the release of the Federal Court of Australia’s written judgment that the former Panel was invalidly constituted.

16 Jul 2014 - AIST to provide comprehensive response to the Financial Systems Inquiry interim report

The Australian Institute of Superannuation Trustees (AIST) said today it would begin preparing a comprehensive response on key superannuation issues raised in the Financial System Inquiry’s interim report. AIST CEO Tom Garcia said AIST welcomed the Inquiry’s support of a robust regulatory framework for superannuation, its recognition of superannuation’s important role in the economy, and the need to develop clearer objectives for the superannuation system.

8 Jul 2014 - Regulator crackdown on super fund fee disclosure will benefit consumers

The Australian Institute of Superannuation Trustees (AIST) has today welcomed moves by the Australian Securities and Investment Commission (ASIC) to stamp out misleading fee disclosure practices in the super and managed investment industry. In a report released today, ASIC raises concerns about the practice of ‘fee gaming’, whereby some super products are structured to intentionally disclose lower fees and costs than would otherwise be required.

13 May 2014 - Federal budget measures set to widen retirement income gap

The peak body for the $600 billion not-for-profit super sector, The Australian Institute of Superannuation Trustees (AIST) said last night's Budget measures could create further inequity in Australia’s retirement income system over the long term. AIST CEO Tom Garcia said AIST was disappointed and concerned that the Superannuation Guarantee (SG) rate would be frozen for four years and would only reach 12% in 2022/23 instead of the original plan to reach 12% by 2019/20. This is the second change proposed to the legislated schedule in 12 months and adds another year to the timeline.

7 May 2014 - Tax cuts should give everyone a fair go – Government urged not to abandon super tax refund for low income earners

The Australian Institute of Superannuation Trustees (AIST) has urged the Federal Government not to abandon existing superannuation equity measures for low income earners in the upcoming Federal Budget. The Government has said it will repeal the Low Income Superannuation Contribution (LISC) scheme that has provided a super boost of up to $500 a year for earning less than $37,000 year. The scheme, introduced two years ago, benefits an estimated 3.6 million Australians, or nearly one third of the total workforce – many of them part-time workers.

5 May 2014 - New disclosure timetable will give industry time to get it right

AIST said today’s announcement by the Government to defer the start date for the ‘choice’ product dashboard and portfolio holdings was a sensible decision that would help ensure a more meaningful outcome for superannuation consumers.

1 Apr 2014 - AIST recommends improved financial system regulation and policy alignment

The Australian Institute of Superannuation Trustees (AIST) today said that a more co-ordinated regulatory framework was required to ensure that Australia’s financial sector and our retirement income system continued to deliver long-term benefits to consumers and the nation.

6 Mar 2014 - AIST welcomes penalties for promoters of illegal early release schemes

AIST welcomes the passing of a Government Bill that will impose penalties upon promoters of illegal early release schemes.

21 Feb 2014 - AIST welcomes Government’s framework for stable SuperStream gateway network

AIST welcomes today’s announcement supporting the governance structure for the SuperStream gateway network. This will ensure the structure is strong and stable, and operates in the best interests of fund members.

17 Feb 2014 - Change has never been something that the not-for-profit superannuation sector has shied away from – quite the opposite.

Click here to read Tom's op ed piece published in The Age.

10 Jan 2014 - APRA Statistics show not-for-profit funds outperform

The Australian Institute of Superannuation Trustees- AIST- has welcomed the release of the APRA Statistics Superannuation Fund-level Rates of Return (June 2013) with not-for-profit funds the clear standout.

15 Mar 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 reduce the likelihood of consumers being mis-sold products that are not aligned with their financial situation, objectives and needs. There are existing regulatory gaps that should be filled to better protect consumers.

10 Mar 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 Cost Recovery Guidelines (CRG). The objectives set out in the Levies Bill need to reflect compliance with the CRG, and that the levies raised need to reflect the volume of ASIC’s focus on particular entities and sub-sectors (including profit-to-members and for-profit subsectors). It is critical that consultation also occurs regarding any draft Regulations, which will set the levy calculation methodology.

10 Mar 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 reversionary or non-reversionary for the purposes of the transfer balance cap.

17 Feb 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 ensure that the benefits of scale can be provided to fund members.

17 Feb 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 and Government to prioritise initiatives to address these challenges and for the success of these initiatives to be monitored and evaluated. Unfinished ATO initiatives should be reactivated, and the new initiatives of Single Touch Payroll and more regular reporting of contributions should be designed to improve compliance. Other SuperStream measures should also be given specific compliance objectives.

2 Feb 2017 - Means 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 discussion paper. We believe that the focus on neutrality is not properly reconciled with Government policy and our submission points out that people should be compensated for trading in flexibility.

2 Feb 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 to make comment.

24 Jan 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. AIST welcomes the guidance, and takes the opportunity to raise potential areas for clarification.

24 Jan 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 superannuation providers under the new rules from 1 July 2017. AIST welcomes the guidance, and takes the opportunity to raise potential areas for clarification.

19 Jan 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 for untested superannuation policy announcements to be made on Budget night. The current package of superannuation reforms should be implemented and allowed to settle, and KPIs should be developed and used to assess system performance against the primary and subsidiary objectives by an independent, publicly-funded body. AIST recommends a range of changes to improve superannuation for consideration.

9 Jan 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 flows of information between ASIC and the ATO, and the removal of red tape such as this. AIST also supports measures aimed at curtailing illegal activity and believes that this measure can only improve law enforcement efforts. As such, we support this exposure draft.

23 Dec 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 objective is a fundamental defect in the Bill. The lack of support for the proposed definition, its lack of binding force, the absence of measurement tools, the lack of recognition of superannuation in increasing national savings and of the need to address the gender gap are also serious issues that must be addressed. An alternate definition is proposed, as is parliamentary review of statements of compatibility, and an approach to measurement.

16 Dec 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’s activities will greatly assist transparency. AIST recommend the need to gather data to examine risk-related metrics. AIST has also made other recommendations to improve the implementation of this model.

8 Dec 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. AIST welcomes the guidance, and takes the opportunity to raise potential areas for clarification.

16 Nov 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, AIST encourages prompt passing of the bills to ensure that sufficient time is given to enable implementation by 1 July 2017.

21 Oct 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 authorities for Division 293 taxation. AIST notes the dependence of these measures on timely and accurate data being held by the ATO, but supports these measures and their early consideration by Parliament.

21 Oct 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 effective taxation on Departing Australia Superannuation Payments to 95.75% for holders of 417/462 visas. AIST opposes this measure as we believe it to be inequitable.

10 Oct 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 concessional contributions, removal of anti-detriment provisions, and changes to taxation of retirement income streams. AIST notes considerable complexity for transfer balance caps, but generally supports most measures. We continue to oppose measures to reduce the concessional cap, especially for over 50s.

16 Sep 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 the general exclusion of defined befit funds from the deductibility measure, and a transitional mechanism for the LISTO.

16 Sep 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 reference to providing an adequate income that delivers a comfortable retirement. AIST also seeks an additional subsidiary objective of increasing national savings; recognition of insurance as key part of the ‘sole purpose test’; Parliamentary committee review of statements of compatibility; and the development of tools to assess compatibility.

2 Jun 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 Recovery Guidelines and Charging Framework. AIST calls for proposed levies papers to attach Cost Recovery Impact Statements and the outcomes of the Regulator Performance Framework from all regulators (even if in draft). While not raised in the proposal, AIST firmly believes implementation of an ASIC user-pays model should not occur without further consultation. We seek information as to how the additional approx. $120million funding to ASIC will be raised.

2 Jun 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 Government’s Cost Recovery Guidelines, and secondly why so many entities are excluded from the Industry Contribution (this being difficult to gauge without a Cost Recovery Impact Statement having been prepared).

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 draft regulatory guide provides, however have recommended that guidance be expanded to include additional issues, including scaling advice, triage and IT outsourcing.

28 Apr 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 this would not be necessary if commissions had been completely outlawed as they have been on other financial products.

27 Apr 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.

6 Apr 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 reasonably comfortable living standard, in the spirit of fairness within and between generations.

30 Mar 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 04/1432]. AIST generally supports the proposals contained in this consultation paper. However, we believe that the relief presently provided for periodic statements in [CO 04/1435] is not appropriate and recommend that it no longer apply.

18 Mar 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.

7 Mar 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 support an eventual end to commissions on life insurance products. AIST does not support the ability for ASIC to exempt certain payments by way of legislative instrument, and recommends that this be phased out by way of a sunset clause. We also recommend that clawback payments be returned to investors, and that disclosure rules be toughened to ensure that commissions are better disclosed.

2 Mar 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 systemic may provide a disincentive for licensees to positively act on issues that are easily addressed through a regular profiling program.

19 Feb 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 consulted to ensure consistent guidance from regulators. AIST also takes the opportunity to remind the TPB that reconciliation of initial disclosure, consent and information gathering processes between TASA and Corporations Act requirements should be prioritised.

15 Feb 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) that without the relief, superannuation funds would be required to hold an AFS licence which authorises funds to trade in underlying assets, as well as the need to provide a Financial Services Guide (FSG) for trading in the underlying assets. We support the combining of these three class orders into one instrument together with the other changes described in CP 244.

12 Feb 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 result going forward would be to examine both generic financial calculators and retirement income projections together. In this regard, AIST urges a review of retirement income projections, in line with the Government supporting the FSI recommendations in this regard. AIST undertook research into financial calculators and retirement income projections in 2014, in conjunction with VPR. Our research is available here.

10 Feb 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 well as the setting of objectives for the superannuation system. We recommend that these are finalised prior to any hasty policy changes driven by fiscal short-termism. However, we continue to support Budget action on a number of specific measures to improve fairness and efficiency of the system.

29 Jan 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 aimed at protecting retail clients, and we support efficiencies in wholesale derivatives markets, particularly where participants are Australia’s superannuation funds. We look forward to consultations around margin requirements with APRA, however we point out that any additional costs resulting from margining will be ultimately borne by members of superannuation funds. We note that the largest activity in derivative activity undertaken by funds is with regards to foreign currency hedging.

27 Jan 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 and consumer protections. In the event the Government decides to proceed with this legislation, AIST proposes that the existing exemption remain for enterprise agreements where superannuation benefits in excess of the community standard are negotiated between the employer and their employees. This submission suggests ways to clarify transition and the selection of default funds.

25 Jan 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 legacy products) – in which there is considerable member money invested - are excluded. Alignment of MySuper and Choice is needed to protect members and ensure greater superannuation system efficiency. Greater alignment of Portfolio Holdings Disclosure to consumer disclosure to capture interposed vehicles is also needed.

15 Jan 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 should also be required to publish an annual report on the use of this power, on an overall basis and addressing each case.

24 Dec 2015 - Life insurance reform legislation

This exposure draft 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. AIST does not support the ability for ASIC to exempt certain payments by way of legislative instrument, and recommends that this be phased out by way of a sunset clause.

24 Dec 2015 - Raising professional standards of financial advisers

AIST supports the proposed requirements for financial advisers to require a bachelor’s degree, a professional year and the passing of an exam. We also support the requirement of an industry-wide code of ethics administered by a body chosen by the Minister. AIST submit that the transitional provisions must ensure that practitioners have appropriate time to comply.

18 Dec 2015 - IGT review of employer obligations compliance activities

AIST supports the removal of red tape for employers, however we believe that this must not come at the expense of employees’ entitlements. AIST does not support the existing model where a breach must be reactively reported by employees to the ATO, and supports the use of Single Touch Payroll, SuperStream and other technological improvements to more proactively monitor employers for non-payment. AIST believes that enforcement of other types of superannuation contribution by employers must urgently be addressed.

30 Oct 2015 - Senate Economics review of economic security in retirement for women

The superannuation gender gap is a pressing issue. AIST welcomes this review by the Senate Economics References Committee, and believes that this review, combined with the Government’s response to the Financial System Inquiry, Retirement Incomes Review and Taxation review forms an excellent opportunity to ensure that superannuation policy has a holistic gender lens applied. Although we note that the cause of the gender gap is not confined to superannuation, we believe that transparent objectives and agreed KPIs for the superannuation system will ensure that policy changes are appropriately road-tested prior to implementation.

26 Oct 2015 - Reforms to Superannuation Governance Prudential Framework

APRA has proposed draft prudential standards and practice guides designed to support the Superannuation Legislation Amendment (Trustee Governance) Bill 2015 which is currently before Parliament. AIST does not support the changes, and is unconvinced of any resulting benefit to members. AIST would also support an approach which is less prescriptive and more principles-focussed in its approach.

20 Oct 2015 - Unclaimed super changes (draft regulations)

AIST welcomes the exclusion of members using electronic means to communicate with their fund from being lost members, and the capacity for ERFs to transfer balances to members’ active accounts without their consent. However, the removal of lost member requirement to be ‘employer-sponsored’ should exclude ERFs transferring balances into active accounts. Overall, however, AIST call for a complete overhaul of lost and unclaimed super rules as they are unnecessarily complicated, confusing and not in members’ interests.

14 Oct 2015 - Senate Economics: Trustee Governance Bill inquiry

The Superannuation Legislation Amendment (Trustee Governance) Bill 2015, currently before Parliament, proposes to impose up to one third independent directors on trustee boards.This submission is a response to an inquiry into the Bill at the Senate Economics Legislation Committee. AIST opposes this Bill for a number of reasons: We support flexibility rather than quotas, the international recognition of the equal representation model, real conflicts are ignored, existing regulator powers and the cost of disruption to business and members. Download the full submission here.

9 Oct 2015 - ASIC Industry Funding Model Proposal

Additional funding for ASIC is necessary for it to be a strong and effective regulator, able to fulfil its statutory obligations and community expectations.

28 Sep 2015 - Draft spring repeal day bill

AIST supports the ATO being able to pay superannuation directly to persons with a terminal medical condition, and the eventual removal of the Lost Member Statement, but submits the LMS removal should be delayed by one year in in order to avoid a gap in lost member reporting and improve the quality of reporting. AIST also calls on the Government to simplify and streamline lost, uncontactable and unclaimed legislation.

25 Sep 2015 - Capability review of ASIC

AIST supports this review, however believes that better value would be gained through combining both the capability and funding of ASIC together into a single review. Generally, AIST supports the level of involvement with the industry that ASIC has with industry, however we believe that this could be improved with assistance from Government and better resourcing.

25 Sep 2015 - Capability review of ASIC

AIST supports this review, however believes that better value would be gained through combining both the capability and funding of ASIC together into a single review. Generally, AIST supports the level of involvement with the industry that ASIC has with industry, however we believe that this could be improved with assistance from Government and better resourcing.

18 Sep 2015 - Changes to the SG charge

AIST supports existing measures to ensure members’ contributions are paid in a timely manner. The proposed changes reduce the bases of the SG charge shortfall amount and the nominal interest payable, reducing disincentives to employers. AIST does not support this measure and calls for this to be abandoned.

14 Aug 2015 - Proposed changes to reporting standards for ABS

AIST welcomes the inclusion of reporting items from SRS 730.0 into SRS 330.0, and the removal of SRS 730.0. AIST strongly believes that the suite of ABS reporting forms needs to be finalised in tandem so that funds may more fully gauge implementation impacts. Implementation timeframes of at least 12 months from finalisation of reporting forms is needed.

31 Jul 2015 - Reforms to superannuation governance – APRA

The Government’s proposed changes to trustee board governance include a proposal to mandate one third directors being independent. AIST does not support this proposed change. Instead, AIST supports principles-based regulation that supports flexibility around an industry with distinctly different sectors. We have recommended several changes, including defining the term ‘independent’ in legislation and not providing APRA with the power to make determinations on an individual’s independence.

24 Jul 2015 - Tax discussion paper retirement incomes review

Expanding on our initial submission to the Tax Inquiry, AIST details a process for a robust and evidence-based review of retirement arrangements, involving a summit on the objectives of retirement incomes system, and followed by a detailed and methodical technical review and legislative support. Tools such as the AIST Mercer Super Tracker will be needed to provide measures of success in relation to sustainability, adequacy and fairness – especially to improve the lot of disadvantaged Australians.

23 Jul 2015 - Reforms to superannuation governance

AIST is pleased to respond to this draft legislation and regulations from Treasury, which will introduce a requirement for funds to have a minimum of one third independent directors, and an independent chair. AIST notes the costs involved with this measure, and notes that there is no substantive reason to make changes which arguably will not address real and demonstrated conflicts in board structures. AIST also points out that the changes are being made with some haste that may pose risks, including those to the best interests of members, as well as breaches of the rule of law.

9 Jul 2015 - APRA statistics publication and confidentiality

AIST supports the non-confidentiality of fields contained in SRF 540.0 and 710.0 in the interests of a transparent and competitive industry. AIST also supports the proposals contained in this discussion paper to provide new formats and reports containing superannuation statistics annually, as well as the availability of a data dissemination tool which would be updated frequently.

8 Jul 2015 - Amendments to AML/CTF customer identification rules

AIST broadly supports the proposed amendments to Chapter 4 of the AML/CTF rules which relate to customer identification. We have noted in passing that there will be a cost incurred with the proposed changes to the safe harbour requirements. We also note that we have a preference for these changes not to be retrospective for administrative reasons.

19 Jun 2015 - Changes to assets test

AIST welcomes the inquiry on this Bill. Our comments are limited to Schedule 3 which contains the proposed changes to the assets test. AIST points out that the proposed changes will have a negative impact on fairness in the superannuation system and recommend that changes be considered in the broader contexts of taxation and superannuation.

10 Jun 2015 - Proposed financial institutions supervisory levies for 2015-16

AIST welcomes consultation on the collection of financial levies for 2015-16. AIST comments that the proposed levies paper does not appear to comply with the Government Cost Recovery Guidelines and OECD best practice, and therefore, we are unable to comment on the methodology used for costing the proposed levies. Our recommendations in this submission thus are around consistency, transparency and accountability. We have noted a minor reduction in the levy for 2014-15.

1 Jun 2015 - Response to tax white paper

The Government’s tax discussion paper, “Re:think” provides 66 questions on how to reform Australia’s taxation system. AIST’s submission explores the need for principles and objectives for the superannuation and tax systems aimed at providing fairness, sustainability and certainty to the superannuation system, and asks whether taxation should be considered on its own, or as part of a package which includes age pension means testing.

17 Apr 2015 - Superannuation data collection by APRA and ABS

AIST wishes to thank both APRA and the ABS for their consultation on superannuation data collection for the ABS. AIST strongly recommends that further consultation take place, based on the outcomes of an analysis to be undertaken of the differences and similarities in APRA and ABS reporting, removing reporting duplication, and preparation of a Regulatory Impact Statement. AIST also recommends a longer lead time is necessary.

15 Apr 2015 - APRA: Update on regulatory cost savings

AIST welcomes APRA’s update on its regulatory cost savings program. AIST supports the reviews that have been announced as part of this update, in particular the reviews of audit and ORFR requirements as well as the proposed reviews associated with the reporting framework. We take this opportunity to recommend a regulatory impact statement (RIS) be undertaken for any changes that are eventually recommended.

15 Apr 2015 - Simplifying when a standard choice form is to be provided

AIST supports measures to simplify superannuation administration for employers. Removing the obligation to provide a superannuation choice form to temporary residents is not opposed, but the objective will be more efficiently achieved through the Government’s Single Touch Payroll initiative. Access of temporary residents to superannuation must be maintained, along with measures to avoid the unnecessary duplication of accounts.

31 Mar 2015 - AIST releases submission to final FSI report

AIST’s response to the Government on the Final Report of the Financial System Inquiry (FSI). The FSI Final Report makes a number of recommendations about superannuation and canvasses a range of policy options.

18 Mar 2015 - Treasury draft regulations – fairer taxation of excess non-concessional contributions

AIST supports these draft regulations, which give effect to the measure to allow members to withdraw excess non-concessional amounts and associated earnings.

16 Mar 2015 - ASIC Consultation Paper CP 227 – Disclosure and reporting requirements (29QC)

AIST supports ASIC’s proposed class order relief and guidance (Option 1) on s29QC consistency, and proposes measures to improve consumer comprehension and protection through comparable disclosure across all superannuation products.

27 Feb 2015 - RG 97 review – Fee and cost disclosure in PDSs and statements

AIST welcomes ASIC’s review of RG 97 and strongly supports ASIC’s work on improving disclosure of fees and costs. We recommend that RG 97b could be further improved through clarifying interposed vehicles, disclosing actual performance fees, not carving out listed vehicles, prescribing calculation methodologies and aligning with APRA reporting requirements. AIST also supports better disclosure of related party payments and a separate review of insurance disclosure.

26 Feb 2015 - Exposure draft TPB(I) D25/2015 – Sufficient experience for tax (financial) advisers (transitional)

The exposure draft issued by the TPB explains how the Board will interpret ‘sufficient experience’ and ‘competent standard’ for the purposes of registration as a tax (financial) adviser during the transitional period. AIST welcomes this guidance.

26 Feb 2015 - Exposure draft TPB(I) D25/2015 – Relevant experience for tax (financial) advisers

The TPB exposure draft information sheet outlines the relevant experience requirements for registered tax (financial) advisers. AIST supports the requirements as drafted in this sheet and welcomes this as vital guidance.

9 Feb 2015 - 2015-16 Pre-Budget submission

AIST’s pre-budget submission discusses a range of measures that we believe are in the public interest. Issues raised in our submission include improving the fairness of superannuation, reviewing the rules associated with the age of superannuation fund members and the fairness of existing arrangements for employees, as well as the transition to 12% SG. We also raised the question of inconsistencies associated with the financial supervisory levies and recommended an increase in funding to Indigenous identification schemes.

9 Feb 2015 - ASIC – CP 226 – Remaking class orders on secondary services and general advice

AIST strongly endorses the process of sun-setting legislative instruments after 10 years, unless action is taken to review them. While CP226 covers matters which are the subject of various reviews, these are outside the scope of CP226. Accordingly, AIST supports the renewal of CO 05/835, CO 04/1572, CO 04/1573 and CO 05/1195.

30 Jan 2015 - ASIC – CP 224 – Facilitating electronic financial services disclosure

AIST strongly supports the use of electronic disclosure, and would welcome the implementation of options 1-3 as outlined in CP224, including the opportunity to develop more innovative PDSs. AIST estimates that between 25-50% per annum of current communication costs could be saved. AIST recommends that a Working Group be established to help develop greater guidance, including consumer testing outcomes, defining e-addresses and electronic delivery, and refining storage, retrieval and archiving of electronic materials.

19 Jan 2015 - APRA – Draft Prudential Practice Guide SPG 223 Fraud Risk Management

AIST supports practical guidance on fraud risk but this should be consistently provided for banking, insurance and superannuation. The PPG should also address bribery, corruption, IT and outsourcing fraud risk, especially administration-related, in more detail, and provide more clarity about expectations and useful case studies.

17 Dec 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 through legislation rather than by regulation, given the seriousness of lack of proper prescription to protect consumers. We believe that additional information should be required to assist investors, and would support the inclusion of Financial Services Guides (FSGs) as part of the register.

5 Dec 2014 - Scrutiny of financial advice enquiry

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 conduct combined with better resourcing of regulators. Penalties for poor advice should be reviewed to ensure they better repair customer impacts. In light of recent scandals and the lack of consistency, consumers deserve better.

6 Nov 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 through start date of 1 July 2015 to be confirmed or delayed by up to one year. - There should be further, coordinated and consistent practical guidance provided in the explanatory statement and by the ATO. - The regulation should provide a safe harbour from prosecution during its first year of operation.

31 Oct 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 options to address these problems. AISTís submission addresses two of the issues raised in the consultation paper and recommends that the term ìannual earningsî be properly defined, and that AUSTRAC consider a requirement for boards to sign attestations rather than the new proposed annual compliance report.

24 Oct 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.

24 Oct 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 (financial) adviser.

24 Oct 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 a tax (financial) adviser.

22 Oct 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 successor funds. AIST supports this amendment.

21 Oct 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 illness, injury or death.

20 Oct 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 fund that participates in superannuation fund mergers. The measure would clarify that a tax integrity rule will not be triggered when superannuation benefits are rolled over to another fund as part of a merger between funds.

17 Oct 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 requirements for superannuation and managed investment products. The draft Class Order stems from ASIC’s report REP 398 Fee and cost disclosure.

8 Oct 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 same way as death cover.

19 Sep 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 employers to comply with their SG obligations and identify and deal with those who do not.

19 Sep 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 proposed guidelines that set out the education requirements for registered tax (financial) advisers in taxation law.

19 Sep 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.

17 Sep 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 companies.

15 Sep 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 respect of certain non-MySuper investment options, which are referred to as select investment options.

15 Sep 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 adviser best interest duties, changes to conflicted remuneration and modifications to grandfathering arrangements.

8 Sep 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 industry.

5 Sep 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 consideration of tax, tax environments and social security. AIST’s submission points to the issues that there is no perfect retirement income product for all retirees, and recommends that trustees build a strategy that addresses the retirement needs of their members.

29 Aug 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 agreed to by the G20.

26 Aug 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.

8 Aug 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 tax avoidance.

10 Jul 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 requirements for registered tax (financial) advisers which will take effect once the notification and transition periods are completed.

13 Jun 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 SuperStream portion.

6 Jun 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 by government agencies. The guidelines may also be useful for other government agencies, private sector or non-government organisations that undertake functions that require the verification of a person’s identity.

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 of the word “ensure”, as well as a reference to materiality with regards to risk management declarations – are appropriate for the superannuation industry as well.

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 Compliance Act (FATCA). This exposure draft gives effect to Australia’s obligations under this agreement, under which superannuation providers are generally exempt.

30 Apr 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 best interest duties, changes to conflicted remuneration and modifications to grandfathering arrangements.

8 Apr 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 $300,000. These draft regulations include permanent arrangements for members of defined benefit funds through the use of notional taxed contributions to calculate Division 293 tax liabilities.

4 Apr 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 release of the first consultation draft in December 2013. This draft builds on the previous draft by providing greater flexibility in arrangements for the transition-in process.

4 Apr 2014 - TPB – 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.

4 Apr 2014 - TPB – TPB(EP) D5/2014 Proposed CPE policy for registered tax (financial) 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 who will be able to register with the TPB from 1 July 2014.

31 Mar 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 economic growth. AIST’s initial submission examines regulation, the issues of adequacy, sustainability and longevity, diversity and governance, systemic risk, ensuring the system delivers and consideration of post-retirement solutions.

19 Mar 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 current industry practice and the need for amendments to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) customer due diligence (CDD) regime. Revised draft rules have been prepared in response to that discussion paper, and draft rules that were released in late 2013.

28 Feb 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 Department to this review.

19 Feb 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, as well as the removal of opt-in and changes to conflicted remuneration.

12 Feb 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 election commitments. The paper also provides an opportunity for consultation on opening up competition and increasing transparency in relation to default employee superannuation fund contributions.

7 Feb 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, 1 January 2014. This is AIST's submission to the current review.

3 Feb 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 voting disclosure.

3 Feb 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.

31 Jan 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 submission generally supports the proposals made in this paper, however we have made a small number of very minor recommendations.

29 Jan 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 gaining or producing its assessable income and partly in gaining or producing non-assessable income.

24 Jan 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 current industry practice and the need for amendments to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) customer due diligence (CDD) regime.

20 Jan 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 contributions in the Superannuation Data and Payment Standards 2012.

2 Jan 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 the bank account that belongs to an SMSF.

2 Jan 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 account consolidation at the time an employee commences work with a new employer.

2 Jan 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.

23 Mar 2017 - International investment disclosure trends

This research identifies and collates international best practice trends in the disclosure of fees and costs applying to investment managers and superannuation funds in major capital markets.

15 Sep 2015 - Modelling of superannuation tax proposals

AIST and Mercer have developed the Super Tracker to assess the progress of Australia’s retirement income system based on the available evidence and to make important contributions to the discussion about the system’s ongoing development including the fairness of taxation arrangements. This paper focuses on how the Australian super system stacks up on fairness, adequacy, and sustainability.

15 Dec 2014 - Superannuation projections: A discussion paper

AIST commissioned research to consider the design and regulatory treatment of superannuation projections. The aim of the research was to explore how the value of static superannuation projections to members can be improved. The research also examines interactive superannuation calculators by way of comparison with static superannuation projections.

15 Jul 2014 - Navigating the new MySuper landscape

AIST commissioned RiceWarner to examine the extent MySuper has delivered on its promise of improved retirement incomes, the characteristics of common MySuper investment solutions, the differences and similarities between MySuper products and "lookalike" products, and emerging trends in the evolution of MySuper products.