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QMV CONSUMER PROTECTION

Industry Super Australia (ISA)

has released a statement

defending the need for strong

consumer protections within the

market for default

superannuation fund

contributions. ISA executive

David Whiteley has stated that

the complexity, choice

overload, low levels of financial

literacy, lack of planning,

procrastination and high search

costs, among other behavioural

factors, highlight the need for

retaining a decent standard of

consumer protection.

Source: Industry Super Australia

TAXATION OF SMSF BENEFITS

The ATO has released guidance

on the taxation of SMSF death

benefits in two related

Interpretative Decisions (2015/2

and 2015/3). The decisions

consider the sufficiency of an

accounting journal entry as

sufficiently cashing a benefit,

finding it inadequate.

Source: ATO

ACCOUNT CONSOLIDATION

The Australian Taxation Office

(ATO), has released data

showing that 45 per cent of

working Australians have more

than one super account.

Source: ATO

CONCESSIONAL TAXATION

The Australia Institute has

highlighted the cost of the tax

concessions of the

superannuation system. The

cost of the concessional tax

treatment of superannuation

fund earnings will increase from

$13.4 billion in 2014-15 to $25.8

billion 2017-18. The total cost of

all of the tax concessions for

superannuation is forecast to

be $45 billion by 2017.

Source: The Australia Institute

PRUDENTIAL REGULATION

ASIC and APRA have issued a

joint letter to entities that are

both a responsible entity of a

registered managed investment

scheme (MIS) and a registrable

superannuation entity licensee

(RSE licensee) (SDREs). From 1

July 2015, SDREs

(Superannuation Dual-

Regulated Entities) will be

required to meet the

requirements of both regulators

concerning adequacy of

resourcing and risk

management. The letter invites

the industry to raise any

concerns or practical issues in

the application of the changes

to particular SDREs.

Source: APRA

ESG AWARD

The Australian Council of

Superannuation Investors (ACSI)

and CareSuper have launched

a new award to recognise

efforts in environmental, social

and corporate governance

(ESG). The Michael O'Sullivan

ESG Rising Star award

commemorates the late

CareSuper chair, and is open to

professionals involved with

profit-for-members

superannuation funds.

Source: Financial Standard

APPOINTMENTS

Former UniSuper chief

investment officer David St John

has joined PwC as an advisor in

its consulting division investment

unit.

Source: SuperReview

Julie George has been

appointed to the First Super

board as an employer

representative director.

Source: First Super

Challenger has appointed Ian

Saines, formerly of the

Commonwealth Bank, as the

chief executive for its funds

management division.

Source: ASX

SuperBrief Independent & Concise

Issue #5 of 2015: Friday, 6th February