In the media

Halting scheduled increase to SG would reduce retirement incomes and increase future Age Pension expenditure: ASFA
ASFA – 05 January 2016 - According to ASFA estimates, a retained SG of 9.5 per cent would result in around 40 per cent of retirees relying on the full Age Pension by 2050. More...

Super funds anxious about unlisted portfolio disclosures
MEDIA – 04 February 2016 - Proposed new portfolio disclosure holdings arrangements for superannuation funds could undermine the investment approach of industry and retail superannuation funds heavily exposed to direct and unlisted investments. More...

Treasury revises cost of super tax concessions
MEDIA – 02 February 2016 - The estimated cost of superannuation tax concessions to the federal government this year has been revised down by about $4 billion according to the latest Treasury figures. More...

ASIC releases guidance on new protections for small businesses against unfair contract terms
ASIC – 02 February 2016 - ASIC has today released an information sheet about new protections for small businesses from unfair contract terms in standard form contracts. More...

ASIC update on red tape reduction
ASIC – 28 January 2016 - ASIC has provided a further update on its work to cut red tape and reduce compliance costs. It also outlines ASIC's plans for future deregulatory work. More...

Proposed amendments to product dashboard requirements - reporting requirements
AIST – 29 January 2016 - while AIST is pleased to see that greater coverage of Choice products is included, AIST is concerned that qualifying choice investment option definition should include all Choice options. Certain products (e.g. platforms and legacy products) are excluded. Select investment option reporting should in line with MySuper reporting. More...

Morrison won't rule out super tax rebate
MEDIA – 27 January 2016 - Federal Treasurer Scott Morrison has indicated tacit support for changes to super contributions tax that would see those in the accumulation phase taxed at their personal income tax rate with a 15 to 20 per cent rebate. More...

Extending superannuation choice to enterprise agreements and workplace determinations
AIST – 27 January 2016 - AIST supports the principle of choice in superannuation but argues this has to be provided in a way that does not leave consumers worse off, and operates in an environment of meaningful disclosure and consumer protections. More...

Improved Superannuation Transparency
AIST – 25 January 2016 - While AIST strongly supports the greater alignment of MySuper and Choice disclosure through the introduction of Choice dashboards, AIST is concerned that certain products (including platforms and legacy products) – in which there is considerable member money invested - are excluded. More...

Reminder: ASIC consultation: 'sunsetting' class order about financial calculators
ASIC – ASIC is proposing to remake its class order on generic financial calculators. The class order is due to expire ('sunset') on 1 April 2016. The new instrument would continue the relief currently given by [CO 05/1122] Relief for providers of generic calculators with some changes. Submissions on CP 249 are due on 12 February 2016. More...

Current Government Consultations

Scrutiny of Financial Advice
Government – 2 February 2016 – On 2 February 2016, the Scrutiny of Financial Advice to the Senate Economics References Committee was granted a further extension to report by 31 August 2016. More...

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