Senator Helen Coonan, the Federal Minister for Revenue and Assistant Treasurer, has reaffirmed the Government’s pledge to implement its superannuation election promises, adding that her priorities also include introducing choice of funds and providing incentives to encourage retirement savings.
She expects to reintroduce choice of fund into Parliament by the middle of the year.
“My immediate priorities are to develop the legislation to implement the raft of policies announced during the election to take effect from July 1, 2002. The exception is for splitting of superannuation, which is due to be implemented by July 2003,” Coonan says.
These measures, she says, are designed to significantly enhance the overall attractiveness, accessibility and security of super.
They include reducing the superannuation surcharge from 15 per cent to 10.5 per cent over the next three years, increasing the tax deductible threshold for super contributions by the self-employed, and co-contributions of up to $1,000 per annum for personal contributions of low income earners to encourage saving.
