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INDEPENDENT DIRECTORS
Assistant Treasurer Josh
Frydenberg has released
exposure draft legislation
proposing that all Australian
Prudential Regulation Authority
(APRA) regulated
superannuation funds have a
minimum of one third
independent directors on their
trustee board and an
independent chair. Trustees will
be required to report on
whether they have a majority of
independent directors, on an ‘if
not, why not’ basis, in their
annual report.
Source: Assistant Treasurer
APRA is proposing amendments
to Prudential Standard SPS 510
Governance and the
introduction of a new standard,
Prudential Standard SPS 512
Governance Transition to
facilitate the change.
Source: APRA
TAX DISCUSSION PAPER
In its submission in response to
the Tax Discussion Paper, CPA
Australia has suggested a move
to an EET model of taxing
expenditure (benefits)
superannuation funds rather
than the current approach of
taxing income (contributions
and earnings).
Source: CPA Australia
PUBLIC SECTOR SUPER
Legislation was introduced to
Parliament establishing a new
military superannuation scheme
for members of the Australian
Defence Force (ADF). The new
military superannuation
scheme, to be known as ADF
Super, will allow ADF members
to exercise choice of fund,
including the default option of
the military superannuation
fund.
Source: Commonwealth Parliament
AGED PENSION MEANS TEST
Changes to the Aged Pension
means test passed Parliament,
including an increase in the
assets test free areas and the
taper rate by which a pension is
reduced once the free areas
are exceeded (from 1 Jan.
2017) and a 10% cap on the
deductible amount for a
defined benefit income stream
that can be excluded from the
income test (from 1 Jan. 2016).
Source: ComLaw
FOFA REFINEMENTS
Minor technical changes to the
Future of Financial Advice
(FoFA) are proposed, intended
to alleviate unintended
consequences which arose
after the laws were legislated.
The proposed amendments will
largely clarify ambiguity in the
existing arrangements.
Source: IFA
REGULATION
Senator John Williams has
outlined evidence of insider
trading, front running,
misrepresentation of
performance figures and
cheating on exams at IOOF,
speaking under Parliamentary
privilege. IOOF has also been
the subject of allegations that
its IT systems are riddled with
issues, an allegation the
company strongly denies
Source: SMH
LIFE INSURANCE
An agreement to transition from
high upfront commissions to
alternative remuneration
models has been reached
between the Association of
Financial Advisers (AFA), the
Financial Planning Association
(FPA) and the Financial
Services Council (FSC). The
agreement will see upfront
commissions capped at 80%
from January 1 2016, 70% from
July 1 2017, before settling at
60% from July 1 2018.
Source: Financial Standard
APPOINTMENTS
First State Super has appointed
two new directors, with Jocelyn
Furlan and Gary Thomas both
appointed for three year terms,
representing members and
employers.
Source: Financial Standard
SuperBrief Independent & Concise
Issue #25 of 2015: Friday, 26th
June