What Simplified Superannuation is bringing

Australia’s superannuation system’s objective is to assist and encourage people to achieve a higher standard of living in retirement than would be possible from the age pension alone.

With an ageing population, the effective operation of retirement income strategies is critically important to Australia’s future.

In regulating and administering the self managed superannuation funds, the Tax Office is contributing to a retirement income policy that has enduring social impacts.

Encouraging taxpayers to direct their savings into superannuation together with the Super Guarantee from employers has seen total superannuation assets rise from $519 billion in 2001 to over $945 billion by September 2006 ².

Not only are Australian superannuation assets approaching a trillion dollars in value but the aspirations and security of many Australians are similarly committed.

It behoves the Tax Office to be innovative in designing new business processes and investing in new technologies to support the new measures and to do so in a way that adds public value.