In joint media release No 2012/004, issued 29 January 2012, the Treasurer, Wayne Swan and the Minister for Employment and Workplace Relations and Minister for Financial Services and Superannuation, Bill Shorten, announced a new Superannuation Roundtable to consider ideas raised at the Tax Forum for providing Australians with more options in retirement and improving certain superannuation concessions.
At the recent Tax Forum there was discussion about giving retirees more options in the drawdown (or "post-retirement") phase, and about better ways to target and more efficiently deliver current concessions.
The Superannuation Roundtable will progress these ideas by bringing together representatives of the superannuation industry, small business, employees and the community sector, as well as technical experts and academics.
The first stage of work for the Roundtable will discuss and examine better ways to target and deliver certain concessions. The Roundtable will need to consider offsetting savings from within the superannuation system for any proposals that have a budget cost.
As part of this initial work, the Roundtable will consider compliance cost issues raised by the superannuation industry in relation to the new higher concessional contributions cap for individuals aged 50 and over who have less than $500,000 in superannuation.
The Roundtable will subsequently examine proposals to expand options in the drawdown phase, like annuities and deferred annuities, as well as appropriate offsetting savings.
It is expected that this work will be completed by December 2012.
The Roundtable will be chaired by Mr Shorten.