However, before the introduction of compulsory superannuation in , the hundreds of small superannuation schemes that existed were available to no more than 50 per cent of the working population. Peter Martin, an economics correspondent for Fairfax Media, says that the reasons for the introduction of the Superannuation Guarantee by the Keating Labor government were political as well as economic.
And so that was the deal, that all awards had to give employees 3 per cent of their salary paid not as salary but into superannuation funds. As it happens Labor didn't lose the next election, it lost the election a few years later in But there were all of these trade union officials who were worried about their own personal futures.
So they managed to find their way onto industry super boards—you know, the building industry, the media industry, transport industry—they managed to get themselves, shall we say, guaranteed employment in an industry that was going to grow. The European pension system is similar to our superannuation system, according to Francis Castles, an emeritus professor specialising in comparative social policy at the Australian National University.
Superannuation Industry Supervision Act , no. World Bank endorses Australia s three pillar system for the provision of retirement income as world s best practice. FitzGerald report advocates increasing household savings via superannuation, but recommends that national savings be increased by increasing public sector savings.
Superannuation s role in increasing national savings no longer seen as important. This is a significant change in the policy rational for superannuation system.
Pension age for eligible women to be raised to 65, in a phased process. Social Security Legislation Amendment Act no. In the budget speech Treasurer Ralph Willis outlined plans to pay previously announced tax cuts into employee s superannuation funds. Government to make matching contributions. The principal of matching government superannuation co-contributions established.
Shadow Treasurer Peter Costello called for employee choice and for funds to compete for business. APRA Insight Budget speech 20 August Wallis Financial System Inquiry, established by Treasurer Costello in May , advocated superannuation choice and other changes to the superannuation system. Wallis Financial System Inquiry. Maximum age for SG contributions increased from 65 to Retirement Savings Accounts Act , no.
Taxation Laws Amendment Act No. Limited access to superannuation possible on compassionate grounds. Limited access to superannuation possible if member is in severe financial hardship. This is defined as being in receipt of commonwealth income support for a continuous period of 26 weeks or a cumulative period of 39 weeks. Age pension means test for retirement income streams revised. Pension Bonus scheme introduced. A person could accrue a pension bonus payment by deferring claiming the pension while still working.
Australian Prudential Regulation Authority established on 1 July APRA is the lead superannuation regulator. The Australian Securities and Investments Commission also took a significant role in the regulation of superannuation.
The Australian Taxation Office continued to carry out some regulatory functions and administer the superannuation taxation legislation. The Insurance and Superannuation Commission ceases to operate on the same date. These changes were in response to the recommendations of the Wallis Inquiry. Australian Prudential Regulation Authority Act , no Superannuation Legislation Amendment Act No.
Financial Services Reform Act is designed to be a single licensing and disclosure approach for all financial services, including superannuation. Commenced in March Financial Services Reform Act , no. Maximum age for superannuation contributions increased from 70 to 75 for people working at least 10 hours a week. Temporary residents permanently departing Australia may withdraw their accumulated superannuation benefits before their preservation age.
This does not apply to New Zealand residents. Superannuation assets able to be divided between the parties in a marriage breakdown. Superannuation co-contributions policy takes effect in respect of personal or undeducted contributions made after this date. On 25 February , the Treasurer released A more flexible and adaptable retirement income system as part of Australia s Demographic Challenges announcement. Amongst other things this report proposed to allow access to a person s superannuation, in the form of an income stream, before they had left the work force i.
A more flexible and adaptable retirement income system. Superannuation Safety Amendment Act enacted changes to regulation of superannuation. All superannuation trustees of large eligible funds have to be licensed from 1 July Trustees of SMSFs do not have to be licensed. Superannuation Safety Amendment Act , no. Superannuation regulations changed to allow the portability of money between different superannuation accounts.
Employee choice of fund passed Senate in June, to come into operation from 1 July Tax free payment of superannuation benefits can be made to the surviving partner on an interdependent relationship.
An interdependent relationship can encompass same sex couples, or a relationship where one person is financial dependent on another person. For example, were a son or daughter is financially supporting a parent. Work test governing contributions made under age 65 ceased to operate. Work test remains for contributions made above age Treasurer Costello announced in the Budget the abolition of the Superannuation Surcharge. Changes take effect from 1 July Treasurer's Budget speech Transition to Retirement Pensions available.
A member may commence to receive a transition to retirement pension without having to leave the workforce or retire. Choice of Superannuation Fund takes effect. Contributions Splitting took effect. A Member s SG and other contributions may be split with their spouse. In the Budget, Treasurer Costello announced plans to simplify superannuation. Simpler Super includes:. Implementation date is 1 July Most Simplified Superannuation amendments take effect.
Bulk of operating superannuation tax law now in the Income Tax Assessment Act Prudential and operational aspects now largely in the SIS Act. Residual parts of superannuation law remain in Income Tax Assessment Act Tax free benefits able to be paid to those with a terminal illness. Minister for Finance and Assistant Treasurer Press Release, Australians with a terminal illness now able to draw their super tax free.
Employee s ability to recover unpaid superannuation amounts from employers that have ceased operating enhanced. Sub paragraph 1 e Corporations Act Minister for Superannuation and Corporate Law Sherry announced the establishment of a Superannuation Advisory Group to advise on matters relevant to current or prospective. Press Release Peak superannuation advisory group established.
The first was low-cost, high-cover life and disability insurance for members through super. Nowadays, Industry SuperFunds negotiate on behalf of millions of members, to help them get a better deal on insurance, especially those members in high-risk jobs. Industry super funds work for their members behind the scenes too. Along the way, they helped make super better for everyone — especially their members. See assumptions page for more details.
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