14 July, 2016

Superannuaton Passed

In the Budget, Treasurer John Kerin announced that from 1 July 1992 , under a new system to be known as the Superannuation Guarantee

Peer Review

World Bank endorses Australia s three pillar system for the provision of retirement income as world s best practice. .

1994
1995

Competition

Shadow Treasurer Peter Costello called for employee choice and for funds to compete for business

Asset Pool Grows

Superannuation assets $245.3bn

2002
2003

Superannuation assets $546.8bn, 65.2% of GDP, 90% of employed persons have employer provided superannuation.

Equality

Same-Sex Relationships (Equal Treatment in Commonwealth Laws Superannuation) Bill 2008

2008

Lets have a reivew

Minister Sherry announces Review into the governance, efficiency, structure and operation of Australia’s superannuation system.

2009
2009

Great to be a Boomer

Limit on concessional contributions (formally known as tax deductible contributions) reduced from $50 000 p.a. to $25 000 p.a. for 2009–10 and later years. This limit is indexed to changes in AWOTE (if those changes are sufficiently large enough).  Transitional measures remain in place for those over 50 years of age to 2011–2012. Annual limits on non-concessional contributions (i.e. after tax contributions) are now 6 times the limit on concessional contributions for those under 50 years of age (i.e. 6 times $25 000 or $150 000 p.a. for the 2009–10 year).