Sean Fannin, GBST’s Technical Legislation Consultant reviews the latest legislation that could affect wealth management administration platforms.
The Australian Taxation Office recently released a cross-agency process for product providers to raise topics and issues with various Government agencies regarding certain innovative retirement income stream products. This can be done via a single email to the Australian Taxation Office, Australian Prudential Regulation Authority, Australian Securities and Investments Commission and the Department of Social Services who are involved in the cross-agency process.
Superannuation fund trustees who have or are considering developing innovative retirement income streams should consider the opportunities available with the cross-agency process to test concepts, seek information, and high-level guidance on topics and issues, and provide views on how the product meets the legislative requirements.
For those who have or are looking to offer innovative retirement income streams, consider the software systems that can administer these products. GBST’s wealth administration platform, Composer, has a long history of being able to support complex and varied retirement income stream products for the Australian market.
Disclaimer
The material included in this blog is designed and intended to provide general information in summary form on a topic which is current at the time of publication. The material may not apply to all jurisdictions. The contents are not intended to constitute legal, business, or other professional advice and is not intended to be comprehensive or a substitute for advice from a qualified professional such as a solicitor. GBST Holdings Limited ACN 010 488 874 (“GBST”) makes no statements, representations or warranties about the accuracy or completeness of the information and you should not rely on it. If GBST’s blogs contain links to other websites for further information, GBST makes no representation or warranty as to the accuracy or validity of information or material on those websites and excludes all liability for those websites. GBST will not be liable to any person for any loss or damage (whether direct, indirect, consequential, or economic), however caused and whether by negligence or otherwise, which may result, directly or indirectly, from reliance on information contained in GBST’s blog.
If you’d like access to our Legislation Specialist, please contact
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+61 2 9005 0915
dana.danieli@gbst.com
Posted in: Legislation, Superannuation, Wealth Management Administration
