- Bystanders Represent Quarter of Workplace Deaths;
- Government Consults on Annuities;
- Accountants Push for Tax Deductible Advice
Bystanders Represent Quarter of Workplace Deaths
Of the more than 200 people killed in work-related accidents in 2013, one-quarter were simply in the ‘wrong place at the wrong time’, according to lifeinsurancefinder.com.au.
The online insurance service conducted an investigation into Australian workplace deaths, finding that 25% of those killed in workplace accidents were bystanders.
Bystander deaths occurred every month last year, with the highest number of fatalities in July, when nine bystander deaths were recorded. Transport, postal and warehousing industries recorded the highest number of bystander deaths in 2013.
Michelle Hutchison, Money Expert for lifeinsurancefinder.com.au, said that workers were at risk of injury or even death from the moment they entered their workplace.
“These unfortunate bystanders weren’t at fault or responsible for their fatalities,” Ms Hutchison said. “In fact, 37 of the 54 bystanders killed, happened from public road incidents. It is a case of wrong place, wrong time.”
Government Consults on Annuities
The Treasury has issued a discussion paper on the regulation of retirement income streams, and is currently seeking industry feedback on the barriers restricting the development of these products.
The paper has been developed as part of the Government’s pre-election commitment to review:
- The regulatory barriers restricting the availability of relevant and appropriate income stream products in the Australian market
- The minimum payment amounts for account-based pensions, to assess their appropriateness in light of current financial market conditions
In the foreward to the paper, Senator Mathias Cormann said it appeared that current regulations have restricted the development of deferred lifetime annuities—income stream products that allow retirees to achieve income security in their later years.
“This discussion paper forms the basis for consultation on facilitating these products by extending concessional tax treatment to them,” he said.
Submissions remain open until 5 September 2014.
Accountants Push for Tax Deductible Advice
The recently released Financial System Inquiry (FSI) Interim Report makes a strong case to support tax deductible financial advice, according to the Institute of Public Accountants (IPA).
“The FSI has recognised that comprehensive financial advice can be costly, and there is consumer demand for lower-cost scaled advice,” said IPA CEO, Andrew Conway.
Mr Conway said the tax deductibility of financial advice would considerably increase financial literacy, boost affordability and accessibility and reduce demands on public funding.
He added that IPA members were well positioned to assist Australians with their financial planning needs because more than 70% already seek the services of a tax agent.
“While the Future of Financial Advice reforms have been introduced to increase consumer protection and provide a level playing field to deliver competitive, affordable advice, we support any policy initiative that makes this a reality,” Mr Conway said.
