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Chartered Accountants Australia and New Zealand (CAANZ) has urged the government to consider all current reviews and inquiries, not just the FSI, when determining subsequent policy.
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CAANZ calls for holistic approach to reform
27 August 2014
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Head of Leadership and Advocacy Rob Ward said there are at least 12 reviews and inquiries currently taking place or due to commence which overlap in scope with the FSI and must be considered in all policy decisions.
“It is imperative that any recommendations made by the government in regards to the Financial System Inquiry are not made in isolation,” he said.
Highlighting the point, Mr Ward said any changes made to capital gains tax discount or the dividend imputation system need to be closely examined in respect to superannuation and retirement benefits policy.
“The broader policy objectives in regards to superannuation and the sustainability of our retirement system demand careful consideration of taxation policy in an integrated fashion and not as separate components."
“We are calling for increased integration of the numerous reviews currently underway, just finished or about to begin in order to increase transparency and consistency,” Mr Ward said.
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In its submission to the FSI, CAANZ identified specific areas of the system which require vital focus and made three primary recommendations:
• A clearer retirement income system – that promotes increased integration between the superannuation, aged pension system and the directions of tax concessions in super. Product innovation also needs to be a focus and should be encouraged
• A culture shift for financial advisory services – to ensure the provision of financial advice is provided based on trust, integrity and honesty for the benefit of the Australian public. Education requirements should not focus solely on the technical aspects but must incorporate initial and ongoing professional and ethical obligations that are continually monitored
• An agile regulatory environment – that relies on a risk assessed basis for the allocation of resources and regulatory focus in order to satisfy today’s cross-border business and regulatory environment
Mr Ward said it is important to ensure that the recommendations and the final report have the support and resources to be implemented and that relevant stakeholders have the opportunity to provide input and collaborate.
“We look forward to working with the government to ensure the outcomes will best position Australia’s evolving needs for future prosperity,” Mr Ward said.
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