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INTER-GENERATIONAL REPORT

Treasury has published its

quinquennial report into the

long-term sustainability of

current government policies

and how demographic

changes may impact on

economic growth, the

workforce and public finances

over the next 40 years.

The report anticipates potential

changes to several aspects of

superannuation system public

policy. The review of the tax

system, in particular

concessional taxation and

improving the way in which the

superannuation system

transforms savings into

retirement income streams, are

the key superannuation themes

in the report.

Source: Treasury

FINANCIAL CRIME

The Australian Taxation Office

(ATO) has announced two

taskforces intended to combat

expanding threats from phoenix

businesses and the misuse of

trust structures. Acting Deputy

Commissioner Will Day said that

agencies involved in the fight

against tax crime now have

extended information sharing

powers.

Source: Dynamic Business

MOVERS & SHAKERS

Tasplan Super chief executive

Neil Cassidy has announced

that he is stepping down from

the role after nearly 24 years'

involvement with the

Tasmanian industry fund.

Source: Tasplan

EXCESS CONTRIBUTIONS TAX

The Tax and Superannuation

Laws Amendment (2014

Measures No.7) Bill 2014 passed

legislation through

Commonwealth Parliament.

The Act removes punitive tax

rates on excess superannuation

contributions. The amendments

also include changes to capital

gains tax rules, and involuntary

super rollovers, and it will also

move tax complaints

investigation to the inspector-

general of tax.

Source: ComLaw

TFN PRIVACY

The ATO has released Privacy

(Tax File Number) Rule 2015,

regulating the collection,

storage, use, disclosure, security

and disposal of individuals’ Tax

File Number information. The

TFN Rule replaces the previous

TFN Guidelines and contains

two differences.

Source: ComLaw

INFRASTRUCTURE INVESTMENT

Industry Super Australia Chair,

Peter Collins has asserted that

infrastructure investment

partnerships between

government and the

superannuation system

presented a major opportunity

to boost productivity in Australia

and globally. Speaking at the

opening of Innovations in

Infrastructure: Beyond G20, Mr

Collins said that global and

domestic infrastructure investors

should team up with

governments to help explain to

the general community the

challenges and opportunities of

long term public-private

partnerships in funding,

financing and operating critical

infrastructure.

Source: Industry Super Australia

SMSF

According to FinaMetrica, most

self-managed super funds

(SMSFs) are failing to realise the

risks of predominately investing

in Australian assets.

While Australian shares made

up 32 per cent of all SMSF

assets, international shares

made up only 0.4 per cent of

assets.

Source: Money Management

SuperBrief Independent & Concise

Issue #9 of 2015: Friday, 6th March