ED: Superannuation data and payment standards

This legislation provides a framework and basis for the SuperStream data and payment standards.  AIST supports this legislation as a key element in the implementation of SuperStream measures to improve the administrative efficiency of the superannuation system.

ED: Disclosure of superannuation information

This legislation supports other SuperStream legislative instruments in that it will enable funds to assist their members to find and consolidate their superannuation interests.  AIST supports this legislation as an element in the implementation of SuperStream measures to encourage superannuation account consolidation.

ED: Payslip reporting of super contributions

AIST supports the legislation requiring payslip reporting of superannuation contributions.  Our key recommendation is that the EM be amended to note forthcoming Regulations to require the reporting of actual contributions paid from 1 July 2013, consistent with the Government's policy announcement of September 2011.

ED: Limiting the Trading Stock Exception for Superannuation Entities

AIST supports the amendments is to ensure that any gains or losses on certain assets of a superannuation fund will be taxed under the capital gains tax (CGT) provisions and to remove any doubt about the extent of the CGT primary code that may arise for the superannuation industry if some superannuation funds treat certain assets as trading stock.  AIST also supports the transitional rules that apply, which effectively mean that the amendments are not retrospective.

Joint submission to ATO with IFSIB: TPD deductibility

AIST's submission on draft tax ruling TR 2011/D6 - Income tax: deductibility under subsection 295-465(1) of the Income Tax Assessment Act 1997 which deals with the deductibility of which parts of insurance premiums are deductible to superannuation funds.

Inquiry: Future of Financial Advice (FOFA) Bills 2011

2012-2013 Commonwealth Budget

Submission to the Treasurer

Cost Recovery Impact Statement

AUSTRAC has released its revised Cost Recovery Impact Statement - Exposure Draft that outlines AUSTRAC's revised supervisory levy model and charging structure. The key revisions relate to the large entity component charging tiers as well as introducing a cap on the transaction reporting component payable by a group of leviable entities.

AIST's main concern relates to the large entity component levy and the applicable earnings measure with respect to superannuation funds. As stated in the ED, the earnings measure for the purposes of this component is earnings before income tax expense, net financing costs, depreciation and amortisation (EBITDA).

Response to Exposure Draft: Refund of Excess Concessional Contributions

Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012

The Government has announced its decisions on key design aspects of its Stronger Super reforms, and is now proposing to implement these reforms in several tranches of legislation: of which this Bill is the second tranche.