The Superannuation Guarantee (Administration) Amendment Bill has entered the House of Representatives today with the support of associations and government, with Minister Bil Shorten introducing the abolishment of the age limit.
In addition to increasing the Superannuation Guarantee charge from 9% to 12%, Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, also asked that the SG age limit be abolished. “We are living longer than ever before. Australians are reorganising their lives to adapt to longer life. So we must change our laws to move with the new rhythms of life,” said Shorten.
ARTICLE Elise Burgess, Financial Standard
People who choose to keep working after they turn 75 will be entitled to superannuation contributions from employers, under a plan to end discrimination against older workers. The surprise announcement came as the government unveiled legislation removing all taxes on super contributions for the 3.6 million workers earning less than $37,000 a year. The assistant treasurer, Bill Shorten, yesterday said the government would abolish a cap that prevents older workers from receiving super contributions, in a bid to make the system fairer and encourage workforce participation. Employers presently have no obligation to make super contributions for workers who are 70 or older.
ARTICLE Clancy Yeates, The Age, Page 3