This paper is designed to provide readers with a summary of superannuation taxation, contribution, preservation and payment rules.

IMAGINE THE OUTCRY if Fair Work Australia decided that the minimum wage had to be increased so every family could afford a huge $4000 fridge, the latest wide screen TV, extensive travel and a flutter on the pokies. Business would condemn the Rudd government’s new industrial relations body as a throwback to the bad old...

Since July 2005, the great majority of Australia’s ten million workers have been able to choose their superannuation fund. When it was introduced, the Coalition Government represented the Choice of Fund policy as a major victory for consumers. In reality, the majority of Australians have derived little benefit from greater choice and competition in the...

While much of the superannuation system has remained unaltered by these changes, many aspects have been comprehensively altered, especially the taxation of the benefits when paid to the individual. This paper outlines these and subsequent significant changes to Australia’s superannuation system since 1 July 2007.

Retirement income and superannuation have been significant themes for the federal government since Federation. In common with other countries Australia’s retirement income system has three component parts or pillars as they are known. The social security Age Pension is its foundation. The compulsory superannuation contributions under the Superannuation Guarantee regime is its second pillar. The...