Published on 01 Apr 15
by "THE TAX SPECIALIST" JOURNAL ARTICLE
Since the introduction of compulsory employer contributions in the form of the superannuation guarantee contribution system for employees in 1992, Australia’s superannuation asset has grown significantly to almost $1.8tr with one-third of all superannuation assets held by self-managed superannuation funds. With simplification of the superannuation scheme from 1 July 2007, the Australian retirement income system has seen a dramatic change in the way retirement savings are accumulated, administered and ultimately paid. To ensure that superannuation assets are maintained for funding retirement and not used as an estate planning or wealth creation vehicle, contribution restrictions coupled with taxation measures have been deliberately imposed to limit accumulation.
Frederick is the Principal at FM Mahar & Associates.
Current at 1 April 2015
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