Financial and Auditing Requirements draft Bill

AIST submission to Treasury

AIST supports the policy intent of improving transparency and compliance but does not support the legislation in its current form. Other changes introduced by the Government better increase disclosure and accountability.

The proposed changes will add significant costs that will ultimately be borne by superannuation members.

AIST calls for a Regulatory Impact Analysis to be conducted that would help identify the specific problem being addressed, determine the scale of the problem, and assess the impact to members and superannuation entities.

The Analysis would also calculate the potential cost burdens or savings and provide clarity of the benefits of the proposed measures.

 

Read the full submission here: