tom garcia

Policy and Regulation

The Government’s contradictory super changes

The contradictions at the heart of the Government’s proposals for scrapping default awards and prescribing at least a third of independent trustees on superannuation boards have been highlighted by the AIST. Tom Garcia, chief executive of the AIST, made the comments to Investment Magazine, but used a similar logic when speaking before the Senate Economics […]
Policy and Regulation

Industry bodies react to proposed changes to ASIC’s funding

Industry bodies have given mixed reactions to the Assistant Treasurer’s issuing of a consultation paper which is seeking stakeholders’ views on changing the financing of the Australian Securities and Investments Commission (ASIC) to an industry funding model. The new model would be based on the Government’s Cost Recovery Guidelines where the cost of regulation would […]
Industry View

Are super fund fees too high?

Open competition is one way of reducing fees, but is no guarantee of higher returns. Tom Garcia, chief executive of AIST, makes the case for collective ideas on reducing fees that do not impact on returns. Plenty of people seem to think super fund fees are too high, but like many of the meaty issues confronting Australia’s […]

Independent proposal condemned as a sledgehammer approach by Garcia, but ASFA is in favour

The Australian Institute of Superannuation Trustees’ (AIST) submission, in reply to the draft legislation to change the governance structure of super funds, has heavily condemned the approach of the Government as risky and not supported by evidence. By contrast, the Association of Superannuation Funds of Australia (ASFA) says the proposal reflects changing community expectations, the […]
Industry View

AIST viewpoint: budget hits median income earners

Statistical analysis of the Budget changes to super show the Government has cut back on overall fairness to all Australians in terms of tax concessions. Ton Garcia, chief executive of the Australian Institute of Superannuation Trustees explains why.   Last month this column examined the issue of fairness – or to be more precise – […]
Policy and Regulation

Removing superannuation from tax debate disappointing

A leading tax expert has expressed disappointment as the Government continues with its “blinkered” decision to remove superannuation from the tax debate. John Randall, superannuation partner at Deloitte, said the point of a review process was to have a serious, holistic think about what’s going to happen, but if GST, superannuation, or even fringe tax […]
Industry View

AIST viewpoint: a fairer tax system for all

New research that details who gains the most from tax concessions in super should be a key driver in tax reforms this year, says TOM GARCIA chief executive of AIST. There can be no debate that super needs to be taxed concessionally. But at what point do we draw the line in the name of […]
Investment Strategy

Awards night draws near

A who’s who of industry association chief executives and leading regulators are to present the trophies at the Conexus Financial Superannuation Awards 2015 in four weeks’ time. The awards, held at the Ivy in Sydney, at a special black tie event at 6.30pm on May 20, will recognise the best large, medium and small superannuation […]