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

INVESTMENT RETURNS

Funds have recorded another

good month, with the median

fund delivering 1.2% growth in

October, bringing the first ten

months of the year to a 6.2%

return. According to Chant

West, while we’re unlikely to

see double digit returns for the

year, funds should still finish well

ahead of the rate of inflation.

Source: Chant West

FINANCIAL SERVICES

A new report, State of the

Industry: Financial Services and

SMSFs in Australia, issued by the

Financial Services Council

(FCS) and UBS Global Asset

Management, has shown that

Financial Services is now

Australia’s largest industry.

Employing over 400,000 people

and contributing $130 billion to

the economy every year, the

industry accounts for 9% of

GDP and continues to grow.

Source: Financial Services Council

SMSF

The Australian Taxation Office

(ATO) has released a new

determination outlining the

Commissioner’s view on the

treatment of commutation

payments from account based

transition to retirement income

streams, and how these count

toward the minimum and

maximum annual payments

outlined in the SIS Regulations.

Source: Australian Taxation Office

FOFA

The Government’s bill

amending the Future of

Financial Advice (FOFA)

legislation has been voted

down in the Senate. With last

minute support from Senators

Jacqui Lambie and Ricky Muir,

a vote of disallowance has

blocked the amendments with

33 votes to 31.

Source: Investor Daily

The Financial Services Council

(FSC) has argued that the

disallowance will reduce

affordability and accessibility of

financial advice, and “create

a legal quagmire that will lead

to disruption”.

Source: Financial Services Council

The Australian Securities &

Investment Commission (ASIC)

has said it will take a measured

and practical approach to the

law as it currently stands,

noting that many Australian

financial services (ASF)

licensees will need to make

systems changes. ASIC has said

it will take a facilitative

approach until 1 July 2015.

Source: Australian Securities &

Investments Commission

PENSIONS

The Federal Government has

changed the current

Centrelink legislation to include

account-based pensions in the

current deeming rules.

Source: Super Review

FREE TRADE

The SMSF Professionals’

Association of Australia (SPAA)

has noted that the Free Trade

Agreement (FTA) with China

has the potential to open up

enormous opportunities for the

financial services industry. With

the financial services and

superannuation industries within

China expected to grow to

three billion people between

now and 2050, Australia is

perfectly situated to be a world

leader in areas such as fund

administration, system design,

and financial advice, among

others.

Source: SMSF Professionals' Association

of Australia

RETIREMENT

Updated guidance from the

Australian Securities and

Investments Commission (ASIC)

has cleared the way for

superannuation funds to

include the aged pension in

retirement income projections.

Source: Money Management

INDUSTRY STATISTICS

The Australian Prudential

Regulation Authority (APRA)

has released its Quarterly

Superannuation Performance

paper for the September 2014

quarter, covering an additional

167 statistics from last quarter.

Source: APRA

QMV SuperBrief Quick Superannuation Industry News

Issue #47 of 2014: Friday, 21st November