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25 August 2017
AIST supports the display of product names in ATO Online, but recommends changing the current listings of product names in the Fund Validation Service to improve fund name recognition by members. However, resolution of this issue does not address AIST’s wider concerns about the proposed online choice of fund form.
21 August 2017
This submission reiterates AIST’s strong support for the legislated but not yet implemented system for selecting default superannuation funds. Even without the enhanced quality filter arising from the legislated system, the existing model has delivered out-performance for default members and provided many benefits to the greater economy.
11 August 2017
AIST welcomes the proposed changes which will remove loopholes that allow employers to reduce the Superannuation Guarantee (SG) entitlements of employees who use salary sacrifice arrangements.
This submission raises a number of concerns about the Government’s Accountability and Member Outcomes Bill.
Submission to the Black Economy Taskforce on increasing superannuation compliance. AIST recommends the Taskforce support existing initiatives (eg, SuperStream and Single Touch Payroll, new superannuation reporting in preference to the Taskforce’s suggestions on the New Payment Platform.
04 August 2017
In response to this exposure draft, AIST points out that the First Home Super Savers Scheme has serious administrative issues that require resolving before implementation could be considered. We also note significant problems associated with the policy intention of the measure. AIST also points out that the downsizing measure is not well targeted.
28 July 2017
In this submission, AIST argues that the function of codes is to fill gaps, lift standards and promote leading practice rather than being the first line of defence for serious systemic issues. The need for industry codes and co-regulation is difficult to assess due to uncertainty, and there are gaps in the regulatory framework that need to be fixed as a matter of priority.
This paper from the Insurance in Superannuation Working Group outlines proposals that seek to enhance member insurance outcomes by improving access to timely and relevant information.
27 July 2017
Relief application: Disclosure of fees and costs for superannuation products
26 July 2017
This ATO consultation seeks feedback on the design of the online choice of fund form.