The Federal Government has announced it will be conducting a new Superannuation Roundtable to consider points raised in the Tax Forum held last year.

 

The announcement comes as the Federal Government has moved to abolish the age limit on the superannuation guarantee, while also making moves to increase the rate from 9 per cent to 12 per cent.

 

The Roundtable will aim to progress the key points of the planned superannuation reform 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 the Roundtable will aim to discuss and consider the best possible ways to target and deliver certain concessions, while considering how to offset 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.

 

The Roundtable will be chaired by the Minister for Employment and Workplace Relations, Minister for Financial Services and Superannuation, Bill Shorten and is expected to be completed by December. It is expected to meet for the first time late next month.