The last major overhaul of the superannuation rules was 1.7.07 and perhaps the biggest overhaul before that was in 1988 when the Hawke-Keating government brought in a wave of reforms, the most notable the contributions tax.
However it wasn’t long after 1.07.07 that a number of other reviews were undertaken proposing further changes to the law, these included:
- Henry Review (Australia’s Future Tax System) – commencing in 2008, and concluding with 138 recommendations in its final report in December 2009. Further information can be found at www.taxreview.treasury.gov.au
- Harmer (Retirement Incomes) – concluding in 2009 with reports available at:
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Intro – http://www.fahcsia.gov.au/about-fahcsia/publications-articles/corporate-publications/budget-and-additional-estimates-statements/pension-review-report
- Report – http://www.fahcsia.gov.au/about-fahcsia/publications-articles/corporate-publications/budget-and-additional-estimates-statements/pension-review-report
- Cooper Review (Australian Superannuation System) – commencing in May 2009 and concluding with the final report on 5.7.10 and 177 recommendations of which the government has stated it supports in principle 139 of the recommendations. A copy can be found at www.supersystemreview.com.au
Working groups have been formed to provide more technical input into the implementation of these reforms of which parts of these reforms have become law and others still in progress.
