QMV SuperBrief 20150206

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While all care has been taken to ensure the accuracy of the information presented, QMV Super Solutions is not responsible for any loss or damage suffered in relying on the information presented. QMV Super Solutions specialise in the delivery of world-class technology and business solutions for the superannuation and wealth management industries. With a fresh approach to solving complex process issues, our tailored solutions are delivered by a bright young team who are experts in their fields, and passionate about results. qmvsupersolutions.com 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, 6 th February

Transcript of QMV SuperBrief 20150206

Page 1: QMV SuperBrief 20150206

While all care has been taken to ensure the accuracy

of the information presented, QMV Super Solutions

is not responsible for any loss or damage suffered in

relying on the information presented.

QMV Super Solutions specialise in the delivery of world-class technology

and business solutions for the superannuation and wealth management

industries. With a fresh approach to solving complex process issues, our

tailored solutions are delivered by a bright young team who are experts in

their fields, and passionate about results.

qmvsupersolutions.com

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