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SuperBrief Independent & Concise
Issue #14 of 2015: Friday, 10th April
TAXATION
Treasury has released draft
legislation for a proposed new
tax system for managed
investment trusts (MITs) which it
says “will modernise the tax
rules for eligible MITs”. The
proposed changes include an
attribution model for
determining member tax
liabilities; the ability to carry
forward understatements and
overstatements of taxable
income; deemed fixed trust
treatment under the income
tax law; upwards cost base
adjustments to address double
taxation; and legislative
certainty about the treatment
of tax deferred distributions.
Submissions for comment on the
new legislation are open until
the end of April.
Source: Treasury
A new report from The Australia
Institute titled “Closing the tax
loopholes: A Buffett rule for
Australia” is recommending a
“Buffett Rule” for the Australian
tax system. The rule would
create a tax floor such that tax
earnings over a certain level
can’t reduce high income
earners tax rate below a certain
level, which would close current
loopholes allowing high income
earners to essentially pay zero
tax.
Source: The Australia Institute
RETIREMENT
A survey conducted by Super
Review during the recent
Conference of Major
Superannuation Funds found
that the majority of
superannuation fund executives
and trustees were against the
abolishment of lump sum
payments, but were in favour of
having access to lump sum
payments conditional.
Source: Super Review
In the wake of the release of
the Intergenerational Report, a
survey by EquipSuper found
that nearly 75% of respondents
could see “no positives” to
remaining in the workforce
longer, and that the adequacy
of superannuation and pension
balances isn’t the biggest
contributing factor when
deciding whether to do so.
Source: Super Review
ADVICE
A new report from KPMG titled
“Banking on the future – The
expectations of the Gen Y
professional” shows that 80% of
well-educated Gen Y
professionals don’t believe they
need any financial advice
further to what they can
achieve with their own
research.
Source: Financial Standard
POLICY
The new Committee for
Sustainable Retirement Incomes
(CSRI) has been established,
tasked with examining
Australia’s retirement income
system. Unlike a number of
previous reviews, this
committee, headed by Dr
Michael Keating, will look at the
entire system in an integrated
and comprehensive manner,
rather than focusing on only
select elements. The
committee’s first agenda items
will include a submission to the
government on the findings
from the Financial System
Inquiry (FSI), as well as a major
conference that will include
relevant community and policy
stakeholders.
Source: Financial Review
APPOINTMENTS
Former QSuper executive Helen
Davis has been appointed as
the chair of the Superannuation
Complaints Tribunal (SCT),
taking up a five year position.
Source: Treasury
The Australian Council of
Superannuation Investors (ACSI)
has appointed Louise Davidson
as its new CEO. Ms Davidson will
leave her current role at Cbus
and join ACSI in late April.
Source: Investor Daily