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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