27 Feb 12 Superannuation Roundtable meets for the first time
In media release No 2012/007, issued 23 February 2012, the Minister for Employment and Workplace Relations and Minister for Financial Services and Superannuation, Bill Shorten, announced that the inaugural meeting of the Superannuation Roundtable had been held in Sydney on the same day.
The Roundtable delivers on a commitment made at the 2011 Tax Forum for the Government to work with industry, community groups and other stakeholders about how best to implement the Government's ambitious reform agenda for superannuation. The Roundtable was developed with a particular focus on the operation of superannuation post-retirement and will look broadly at ways to improve the confidence of consumers in retirement.
Mr Shorten said that there was agreement around the table that a priority going forward is to get better information around the current distribution of tax concessions. Participants also agreed it would further discuss ways to provide a better deal for women in regards to superannuation.
Mr Shorten said that the Roundtable also had productive discussions about the administration of concessional caps for over 50s. From July 1 2012, Australians over 50 with superannuation balances of less than $500,000 will benefit from a $50,000 concessional cap.