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Promoting an effective regulatory framework for the industry [top] In March 2008, it was announced that, as part of the Council of Australian Governments (COAG) Reform Agenda, the Commonwealth would be assuming responsibility for the regulation of trustee companies. The TCA is liaising with Treasury about the new arrangements, which are expected to apply from July 2009. Trustee corporations are already subject to certain Commonwealth legislation in respect of some of their ‘non-traditional’ activities, ie:
Seeking the ability to charge realistic fees for trustee services [top] It should be noted that there is no lack of competition in the products and services offered by trustee corporations - this comes both from within the industry and from other financial service providers, such as accountants, solicitors, financial planners and banks, which provide some of the same products or services. We believe that adequate protection for beneficiaries/clients is provided by:
Promoting equitable taxation of trusts [top] In fact, the vast majority of trusts are created for legitimate reasons, including protecting the interests of minors and the disabled, and for charitable purposes. Those arrangements generally are merely conduits through which assets can be invested and maintained during the beneficiaries' lives or for the benefit of future generations. The TCA seeks to ensure that any Government proposals for reform of the taxation system do not have unintended, adverse consequences for the legitimate use of trusts or for their beneficiaries. Seeking equitable APRA levies on superannuation funds [top] Several TCA members act as Registrable Superannuation Entity Licensees (RSEL) for many Small APRA Funds (SAFs). These are superannuation funds with less than 5 members who do not themselves wish to take on the responsibilities of also being trustees of those funds. We believe that the system for calculating APRA's supervisory levies, which includes a flat fee of $500 pa per SAF, results in SAFs incurring a disproportionate share of the cost of APRA's supervision of the superannuation industry. The Government has acknowledged that supervisory costs per fund are lower the greater the number of funds under the same trustee – in this regard, it is relevant to note that the great bulk of SAF business is handled by 3 TCA members. Promoting effective protective arrangements for the elderly [top]
We have submitted to the Government that:
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