VIP Call Girls Service Dilsukhnagar Hyderabad Call +91-8250192130
QMV SuperBrief Issue #47 of 2014
1. 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