News, insights and resources as they unfold. 
Stay up-to-date with the issues affecting super.

 

Backpacker super to be taxed at 95%

21 October 2016

This is AIST's submission to the Senate Economics inquiry into changes to taxation for people on working holiday visas. Included in the package of bills is a measure that will increase the effective taxation on Departing Australia Superannuation Payments to 95.75% for holders of 417/462 visas. AIST opposes this measure as we believe it to be inequitable.

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Response to Statement of Issues: Link’s possible acquisition of Pillar

20 October 2016

The Australian Competition & Consumer Commission (ACCC) has issued a Statement of Issues (SOI) regarding the possible acquisition of Pillar by Link Administration Holdings Ltd. AIST made a submission during the targeted consultation stage which contained our thoughts in regards to the proposed acquisition.

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Superannuation reform package tranche 2

10 October 2016

The second tranche of superannuation reform will implement a transfer balance cap at retirement of $1.6 million, a reduction in the concessional contributions cap to $25,000 p.a., catch-up concessional contributions, removal of anti-detriment provisions, and changes to taxation of retirement income streams.

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External Dispute Resolution Framework

07 October 2016

The Government’s review of the financial system’s external dispute resolution framework must carefully consider the needs of consumers. Due to the growth of the superannuation sector the dispute resolution framework must continue to be well quipped to deal with consumer demands and AIST believes that there is scope for improvement.

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Superannuation reform package – Budget superannuation tax measures

16 September 2016

AIST supports the deductibility of personal contributions, increased eligibility of tax offsets for spouse contributions and the revised arrangements for the low income tax offset. AIST suggests the general exclusion of defined befit funds from the deductibility measure, and a transitional mechanism for the LISTO.

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Superannuation reform package – Objective of superannuation

16 September 2016

In conjunction with other industry associations, AIST seeks that the Government consult further prior to introduction of the Bill. We seek the amendment of the primary objective to include reference to providing an adequate income that delivers a comfortable retirement.

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Submission on Productivity Commission draft report on superannuation efficiency and competitiveness

13 September 2016

AIST welcomes the Productivity Commission's draft report and its focus on developing appropriate evidence-based measures to assess the efficiency and competitiveness of the system

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Response to request for submissions: Link’s possible acquisition of Pillar

02 September 2016

While taking a neutral position on commercial matters, AIST notes that superannuation funds have increasingly limited alternatives for the provision of superannuation administration, with there being constraints to insourcing. There is already a high level of market concentration from any perspective, and any increase could also increase systemic risks.

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Data Availability and Use - AIST response to Productivity Commission Issues Paper

29 July 2016

Effective use and access to superannuation data is integral to the efficient functioning and integrity of the superannuation system. Superannuation data issues have been raised in previous inquiries and steps have been taken to address especially by the ATO,

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Technology neutrality – meeting notices and materials proposals paper

17 June 2016

This submission is AIST's response to the Government's plans to modernise financial regulation rules around the distribution of materials taking into account recent tech developments.

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