Review of super limited by tax review
The Federal Government has announced the terms of reference of its review into the Australian superannuation system but has specifically excluded discussion of the Henry Tax Review.
The terms of reference was released by the Minister for Superannuation and Corporate Law, Senator Nick Sherry, who also named an expert five-person panel, which will be headed by the deputy chairman of the Australian Securities and Investments Commission (ASIC), Jeremy Cooper, who will be standing aside from his regulatory role.
The minister said the expert panel would guide what would be a substantial national project aimed at boosting the retirement savings of all Australians by increasing efficiencies, reducing costs and fees and, in turn, lifting long-term rates of return.
The panel members are industry funds stalwart Sandy Grant, former Lazard managing director Brian Wilson, AMP superannuation specialist Kevin Casey, the acting chief executive of the Australian Chamber of Commerce and Industry, Greg Evans, and Treasury deputy secretary David Gruen.
While the terms of reference of the review traverse governance, efficiency, structure and operation, the exclusion of the matters covered by the Henry Tax Review and discussion of the central clearing house arrangements mean some key issues, such as the future level of the superannuation guarantee and levels of taxation, will be limited.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.