Independent and concise superannuation industry news from QMV.

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CONSUMERPROTECTION
Industry Super Australia (ISA)
has released a statement
defending the need for strong
consumer protections within the
market for default
superannuation fund
contributions. ISA executive
David Whiteley has stated that
the complexity, choice
overload, low levels of financial
literacy, lack of planning,
procrastination and high search
costs, among other behavioural
factors, highlight the need for
retaining a decent standard of
consumer protection.
Source: Industry Super Australia
TAXATIONOFSMSFBENEFITS
The ATO has released guidance
on the taxation of SMSF death
benefits in two related
Interpretative Decisions (2015/2
and 2015/3). The decisions
consider the sufficiency of an
accounting journal entry as
sufficiently cashing a benefit,
finding it inadequate.
Source: ATO
ACCOUNTCONSOLIDATION
The Australian Taxation Office
(ATO), has released data
showing that 45 per cent of
working Australians have more
than one super account.
Source: ATO
CONCESSIONALTAXATION
The Australia Institute has
highlighted the cost of the tax
concessions of the
superannuation system. The
cost of the concessional tax
treatment of superannuation
fund earnings will increase from
$13.4 billion in 2014-15 to $25.8
billion 2017-18. The total cost of
all of the tax concessions for
superannuation is forecast to
be $45 billion by 2017.
Source: The Australia Institute
PRUDENTIALREGULATION
ASIC and APRA have issued a
joint letter to entities that are
both a responsible entity of a
registered managed investment
scheme (MIS) and a registrable
superannuation entity licensee
(RSE licensee) (SDREs). From 1
July 2015, SDREs
(Superannuation Dual-
Regulated Entities) will be
required to meet the
requirements of both regulators
concerning adequacy of
resourcing and risk
management. The letter invites
the industry to raise any
concerns or practical issues in
the application of the changes
to particular SDREs.
Source: APRA
ESGAWARD
The Australian Council of
Superannuation Investors (ACSI)
and CareSuper have launched
a new award to recognise
efforts in environmental, social
and corporate governance
(ESG). The Michael O'Sullivan
ESG Rising Star award
commemorates the late
CareSuper chair, and is open to
professionals involved with
profit-for-members
superannuation funds.
Source: Financial Standard
APPOINTMENTS
Former UniSuper chief
investment officer David St John
has joined PwC as an advisor in
its consulting division investment
unit.
Source: SuperReview
Julie George has been
appointed to the First Super
board as an employer
representative director.
Source: First Super
Challenger has appointed Ian
Saines, formerly of the
Commonwealth Bank, as the
chief executive for its funds
management division.
Source: ASX
SuperBrief Independent & Concise
Issue #5 of 2015: Friday, 6th
February