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QMV INDEPENDENT DIRECTORS

Assistant Treasurer Josh

Frydenberg has released

exposure draft legislation

proposing that all Australian

Prudential Regulation Authority

(APRA) regulated

superannuation funds have a

minimum of one third

independent directors on their

trustee board and an

independent chair. Trustees will

be required to report on

whether they have a majority of

independent directors, on an ‘if

not, why not’ basis, in their

annual report.

Source: Assistant Treasurer

APRA is proposing amendments

to Prudential Standard SPS 510

Governance and the

introduction of a new standard,

Prudential Standard SPS 512

Governance Transition to

facilitate the change.

Source: APRA

TAX DISCUSSION PAPER

In its submission in response to

the Tax Discussion Paper, CPA

Australia has suggested a move

to an EET model of taxing

expenditure (benefits)

superannuation funds rather

than the current approach of

taxing income (contributions

and earnings).

Source: CPA Australia

PUBLIC SECTOR SUPER

Legislation was introduced to

Parliament establishing a new

military superannuation scheme

for members of the Australian

Defence Force (ADF). The new

military superannuation

scheme, to be known as ADF

Super, will allow ADF members

to exercise choice of fund,

including the default option of

the military superannuation

fund.

Source: Commonwealth Parliament

AGED PENSION MEANS TEST

Changes to the Aged Pension

means test passed Parliament,

including an increase in the

assets test free areas and the

taper rate by which a pension is

reduced once the free areas

are exceeded (from 1 Jan.

2017) and a 10% cap on the

deductible amount for a

defined benefit income stream

that can be excluded from the

income test (from 1 Jan. 2016).

Source: ComLaw

FOFA REFINEMENTS

Minor technical changes to the

Future of Financial Advice

(FoFA) are proposed, intended

to alleviate unintended

consequences which arose

after the laws were legislated.

The proposed amendments will

largely clarify ambiguity in the

existing arrangements.

Source: IFA

REGULATION

Senator John Williams has

outlined evidence of insider

trading, front running,

misrepresentation of

performance figures and

cheating on exams at IOOF,

speaking under Parliamentary

privilege. IOOF has also been

the subject of allegations that

its IT systems are riddled with

issues, an allegation the

company strongly denies

Source: SMH

LIFE INSURANCE

An agreement to transition from

high upfront commissions to

alternative remuneration

models has been reached

between the Association of

Financial Advisers (AFA), the

Financial Planning Association

(FPA) and the Financial

Services Council (FSC). The

agreement will see upfront

commissions capped at 80%

from January 1 2016, 70% from

July 1 2017, before settling at

60% from July 1 2018.

Source: Financial Standard

APPOINTMENTS

First State Super has appointed

two new directors, with Jocelyn

Furlan and Gary Thomas both

appointed for three year terms,

representing members and

employers.

Source: Financial Standard

SuperBrief Independent & Concise

Issue #25 of 2015: Friday, 26th June