QMV SuperBrief Issue #13 of 2015
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Transcript of QMV SuperBrief Issue #13 of 2015
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
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industries. With a fresh approach to solving complex process issues, our
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QMV TAX WHITE PAPER
The Commonwealth Treasury
has released, and is seeking
submissions, on a tax discussion
paper which focuses on
possible areas of reform of the
taxation system. The paper
specifically raises the topic of
reforming the concessional
taxation arrangements in place
for the superannuation system.
Submissions close 1 June 2015.
Source: Treasury
FINANCIAL ADVISER REGISTER
The Australian Securities and
Investments Commission (ASIC)
has published the first stage of
the Financial Advisers Register.
The register contains 19,000
advisers. Stage two will involve
the inclusion of qualification,
training and professional
membership details, and will be
completed by the end of May.
Source: ASIC MoneySmart
CONCESSIONAL TAXATION
The superannuation
representative body ASFA has
voiced its support to reforms to
the taxation arrangements for
the superannuation system.
ASFA has drawn attention to
the 200,000 people with
account balances in excess of
$1 million and around 70,000
with balances over $2.5 million.
Source: ASFA
STANDARD CHOICE FORM
The Minister for Small Business
announced planned changes
to the use of the Standard
Choice Form from 1 July 2015.
Under the changes, employers
will no longer be obligated to
give a standard choice form to
temporary residents or when
funds merge.
Source: Treasury
“TOBIN” TAX PROPOSED
The Australia Institute has
proposed a tax on financial
transactions. A “Tobin” tax
would act to promote long
term investments over high
frequency trading, potentially
benefiting superannuation
funds and retail investors to the
extent of $2 billion per annum.
Tobin taxes are currently in
place in UK, France, Italy, Hong
Kong and South Africa.
Source: Australia Institute
ASIC SURVEILANCE
ASIC has responded to
suggestions by Industry Super
Australia that banks may be
offering inducements to
employers to change default
funds, in breach of section 68A
of the SIS Act. ASIC told the
Parliamentary Joint Committee
that additional surveillance
would be undertaken.
Source: SuperReview
DISCLOSURE
The Treasury Laws Amendment
(2015 Measures No. 1)
Regulation 2015 (Cth) has
received royal assent. The
regulations give superannuation
fund trustees the option to
either report the amount of
superannuation co-
contributions and low income
superannuation contributions
received during a reporting
period separately, or as a single
aggregated amount.
Source: ComLaw
INDEPENDENT DIRECTOR
Christine Maher was appointed
as the first independent director
of Energy Super, and is a
partner of law firm Corrs
Chambers Westgarth.
Source: Investor Daily
CUSTODY SERVICES
TelstraSuper has announced a
review of its current custodian
arrangements with NAB Asset
Servicing (NAS), which has
been the fund's custodian for
over 20 years. NAS’s market
position is being challenged by
competition from international
competitors BNP Paribas, State
Street and Citi.
Source: Global Custodian
SuperBrief Independent & Concise
Issue #13 of 2015: Thursday, 2nd April