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SuperBrief Independent & Concise

Issue #18 of 2015: Friday, 8th May

AGE PENSION

The Minister for Social Services,

the Hon. Scott Morrison, has

announced new changes to

the Age Pension, in an effort to

make a fairer and more

sustainable system. The

changes will see an increase to

the asset free area for home

owners, with an increase from

$202,000.00 to $250,000.00 for

single pensioners, and from

$286,500.00 to $375,000.00 for

married couples; an increase to

the taper rate from a rate of

$1.50 to $3.00, reversing

changes made by the Howard

Government in 2007; and the

abolishment of last year’s

Budget measure to restrict

pension increases to the

Consumer Price Index (CPI). The

changes will take effect from

January 2017.

Source: The Hon. Scott Morrison

EARLY RELEASE

The Government has

announced amendments to

the provision for accessing

superannuation for people

suffering a terminal illness. The

amendment will see the life

expectancy period for terminal

illness increased to 24 months,

from the current 12 months. The

change will take effect from 1

July 2015.

Source: Treasury

REPORTING

The Australian Securities &

Investments Commission (ASIC)

has introduced human

readable financial reporting

using inline XBRL (iXBRL).

Companies have been able to

voluntarily use the XBRL

reporting for financial

information to investors since

2010, with this change removing

the requirement for separate

paper or PDF based

submissions.

Source: ASIC

RETIREMENT

A new report from Mercer titled

Retirement Income: A

Framework for a complex

problem has proposed a new

framework for determining the

adequacy of retirement

products and strategies. The

report proposes shifting away

from the current focus on short-

term investment returns, and

instead introduces a framework

and modelling approach to

help funds understand

member’s retirement needs

and expectations, and the

likelihood of different retirement

strategies in reaching those

goals.

Source: Mercer

FINANCIAL ADVICE

The Australian Securities &

Investments Commission (ASIC)

has announced that it will be

producing a regulatory guide

on review and remediation

programs, aimed at financial

services licensees. ASIC has

said that the guide will build on

its recent experience

negotiating a number of major

remediation programs, in

addition to several previously

published dispute resolution

guides.

Source: ASIC

FINANCIAL CRIME

The Government has

announced the establishment

of the Serious Financial Crime

Taskforce, providing funding of

$127.6 million of a four year

period. The new taskforce will

continue the work done under

Project Wickenby, which finishes

this year, and will focus on

superannuation and investment

fraud, identity crime, and tax

evasion.

Source: Treasury

TAXATION

The Treasurer, the Hon. Joe

Hockey, has ruled out and

superannuation tax changes in

the upcoming Federal Budget.

Source: Money Management