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ASFA in Focus August & September 2023

In this edition:

Government and regulator update

Research and submissions

Media

Events and Learning

Government and regulator update

During August ASFA met with the Assistant Treasurer’s office to discuss current superannuation and retirement income policy issues including: 

  • Non-arm’s length expense (NALE) rules for superannuation funds 
  • Consultation on the Delivering Better Financial Outcomes package 
  • The Aged Care Taskforce review into funding arrangements for aged care 
  • Financial Accountability Regime (FAR) legislation  
  • Consumer service standards for superannuation 
  • Transition arrangements for legislation to reverse the Full Federal Court decision in Federal Commissioner of Taxation v Douglas  

Research and submissions

ASFA made a submission to APRA and ASIC on the Financial Accountability Regime (FAR) – Proposed Regulator Rules. The submission calls for consistency between the FAR Bill regarding accountability and the provision of information.

ASFA made a submission to the Attorney General’s Department on the Modernising Document Execution: Consultation on proposed reform to the execution of Commonwealth statutory declarations. ASFA’s submission was supportive of the proposal to make permanent the e-execution and digital execution of statutory declarations (in addition to requiring wet-ink signatures and in-person witnessing).

ASFA made a submission to the Australian Taxation Office on the interaction of non-arm’s length income and capital gains tax provisions: Draft Taxation Determination TD 2023/D1. The submission requests several technical amendments and calls for additional examples.

ASFA made a submission to the Australian Law Reform Commission – Financial Services Legislation: Interim Report C – ALRC Report 140. ASFA were supportive of many of the recommendations, calling for clarity around the requirement for disclosure documentation.

ASFA made a submission to Treasury on climate-related financial disclosure. ASFA supports the adoption of internationally aligned standards for climate-related financial disclosure and the Australian Accounting Standards Board (AASB) formally establishing detailed disclosure standards.  ASFA supports an appropriate phasing of the requirements over time and welcomes the proposal to incorporate a phased implementation approach.

Media

ASFA’s Retirement Standard was featured in Financial Standard, Super Review, and NT News.

ASFA’s research on average superannuation balances was featured in an article in Super Review.

ASFA was quoted in an article talking about claims handling processes in NT News.

Events and Learning

The ASFA Events and Learning team will be delivering the following learning workshops in September: 

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