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STATISTICS

The Australian Taxation Office

(ATO) has released figures

indicating that over 70% of

members’ contributions to APRA-

regulated funds have been

submitted through SuperStream

since September 2015.

Additionally, an overall 70%

efficiency benefit has been

observed in the time taken for

the majority of employers that

have implemented SuperStream

to meet their super obligations.

Source: Super Review

TAX REFORM

The Federal Treasurer, Scott

Morrison, speaking at the

Australian Financial Review

Business Summit in Melbourne,

has confirmed that tax

incentives are being examined

by the government as part of

the May budget.

Mr Morrison stated that

superannuation is “not an estate

planning tool.”

“Where you have to target and

make every incentive work for

you is on those Australians who

are most likely to be at risk of

being dependent on a welfare

payment into their retirement”

said Mr Morrison.

Source: Investor Daily

RESEARCH

The Centre for International

Finance and Regulation (CIFR)

has released a study finding that

there is little empirical evidence

that independence of board

members would improve

investment performance, but

that independence is important

in maintaining the legitimacy of

the superannuation system.

The study concludes that the

government should rethink the

justifications for the pending

reform.

Source: CIFR

TECHNOLOGY

VicSuper have announced a

partnership with Bravura

Solutions following the successful

completion of an 18-month

technology overhaul to the

Fund’s core administration

system, migrating to the Sonata

platform.

“VicSuper is now using the most

contemporary, best-practice

system in the industry. We see

this as an important step in our

digital evolution. We intend to

keep innovating and to

continuously enhance the

products and services we offer

our members” said Michael

Dundon, Chief Executive Officer,

VicSuper.

Source: VicSuper

INDUSTRY

Mercer will respond to the

government discussion on the

objectives of superannuation,

expanding the discussion to

include the Age Pension and

super tax concessions.

“To do this properly we have to

define the objectives of both

superannuation and the Age

Pension simultaneously” said

Mercer Senior Partner Dr David

Knox.

Source: Mecer

APPOINTMENTS

Emergency services industry fund

ESSSuper has appointed Tim

Richardson as Chief

Transformation Officer.

Richardson will be responsible for

the program management

division and oversee the

technology-based restructure of

the $24 billion superannuation

fund.

Source: Financial Standard

DEPARTURES

The Australian Institute of

Superannuation Trustees’ (AIST)

president Angela Emslie has

resigned after 14 years of serving

on the board. A new president is

to be elected in the AIST Board

meeting in April.

Source: Super Review

QMVsuperbrief Issue #10 of 2016 | Friday 18th March

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