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The Henry Review presents a golden opportunity to reform the structure of incentives around superannuation to make them more transparent, equitable and efficient.
In a supplementary submission to the Henry Tax Review in September 2009 the Industry Super Network charted a new method to deliver simpler and fairer concessions on super contributions.
The ground breaking proposal significantly simplified the delivery of concessions on super contributions by sweeping away up to seven different contribution concession arrangements into one simple Government co-contribution.
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ISN submits that there is an urgent need to reform the regulatory framework for financial services in Australia. ISN advocates the introduction of a legal obligation on financial advisors to act in the best interests of their clients. Central to this obligation is the banning of conflicted remuneration practices (including commissions) which have embedded serious material conflicts of interest in the mainstream financial advice industry.
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