While all care has been taken to ensure the accuracy

of the information presented, QMV Super Solutions

is not responsible for any loss or damage suffered in

relying on the information presented.

QMV

QMV Super Solutions specialise in the delivery of world-class technology

and business solutions for the superannuation and wealth management

industries. With a fresh approach to solving complex process issues, our

tailored solutions are delivered by a bright young team who are experts

in their fields, and passionate about results.

qmvsupersolutions.com

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