Superannuation and standards of living in retirement
Report on the adequacy of the tax arrangements
for superannuation and related policy
December 2002
© Commonwealth of Australia 2002
ISBN 0 642 71202 6
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TABLE OF CONTENTS
Membership of the Committee (
PDF
format)
Terms of Reference (PDF
format)
Preface (PDF
format)
Executive Summary
(PDF format)
Recommendations (PDF
format)
List of Abbreviations (PDF
format)
List of Tables, charts and figures
(PDF format)
PART I - INTRODUCTION (PDF
format)
Chapter 1 - Introduction (PDF
format)
Terms of reference for the inquiry
Background to the inquiry
Conduct of the inquiry
Main issues arising in the inquiry
Acknowledgments
PART II - ADEQUACY (PDF
format)
Chapter 2 - Identifying and Quantifying
Adequacy (PDF format)
Introduction
Background
Objectives of the retirement incomes system
Determinants and measures of living standards in retirement
What is an appropriate target?
What will the current arrangements provide?
Access to RIM models
Chapter 3 - Closing the Adequacy Gap
(PDF format)
Introduction
Additional compulsory contributions
Voluntary contributions
Widening access to superannuation as a savings vehicle
Chapter 4 - Factors Inhibiting Adequacy
(PDF format)
Introduction
The impact of front-end taxes on adequacy
The impact of fees and charges on adequacy
The impact of rising household debt on adequacy
Chapter 5 - Adequacy for Baby Boomers
(PDF format)
Chapter 6 - Other Adequacy Issues (PDF format)
Introduction
The self-employed
Member protection
$450 earnings threshold 61
People with broken work patterns
Overall conclusions adequacy
PART III - EQUITY (PDF
format)
Chapter 7 - Equity and Tax Concessions
(PDF format)
Introduction
Income or expenditure approach
The level of tax concessions
Annual and whole of life equity issues
Chapter 8 - Annual Taxation Measures
(PDF format)
Introduction
Generic fund level taxes
Rebates for individuals rather than generic fund level taxes
Age-based deductible contribution limits
Chapter 9 - The Surcharge (PDF
format)
Introduction
Background information
Equity considerations
Application to defined benefit funds
Administration issues
Chapter 10 - Whole of Life Taxation
Arrangements (PDF format)
PART IV - INTEGRATION (PDF format)
Chapter 11 - Health and Aged Care (PDF format)
Introduction
Australias ageing population
Health care expenditure in Australia
Residential aged care expenditure in Australia
Alternatives for reform of the health system
Chapter 12 - Income Support (PDF
format)
Introduction
The age pension
Other income support
Extended working lives
Double dipping
Retirement income streams
Accessing the wealth in housing assets
Overall conclusions - integration
PART V - SIMPLICITY
(PDF format)
Chapter 13 - Simplicity
(PDF format)
Introduction
The legislative and regulatory framework
Grandfathering arrangements
The work test for making voluntary contributions
Account consolidation
Education
Overall conclusions - simplicity
PART VI OTHER ISSUES
(PDF format)
Chapter 14 - Other Issues
(PDF format)
Introduction
Other savings vehicles
Indexation of Commonwealth superannuation pensions
APRAs powers
Overall conclusions other issues
ALP Additional Comments
(PDF format)
Supplementary statement - Australian
Democrats Senator John Cherry
(PDF format)
Appendix 1 - Submissions (PDF
format)
Appendix 2 - Public hearings (PDF
format)
Appendix 3 - Documents tabled, incorporated
or received as exhibits (PDF
format)
Appendix 4 - Report on modelling assumptions
from the Institute of Actuaries of Australia
(PDF format)
Appendix 5 - Objectives of the superannuation
system (PDF format)
Appendix 6 - Previous proposals to
increase the Superannuation Guarantee
(PDF format)
Appendix 7 - Treasury cameo
modelling (PDF format)
Appendix 8 - Taxation treatment of
superannuation (PDF format)
Appendix 9 - International pension
taxes (PDF format)
Appendix 10 - Operation of superannuation
taxes on end benefits some examples (PDF
format)
Appendix 11 - Pension income and assets
test arrangements (PDF
format)
Appendix 12 - Other government concessions
and allowances for pensioners and self-funded retirees (PDF
format)
Appendix 13 - Grandfathered/sunset
provisions relating to taxation of superannuation (PDF
format)
Appendix 14 - Tax treatment on savings
vehicles (PDF format)
Appendix 15 - Chronology of superannuation
policy announcements, events and inquiries (PDF
format)
Appendix 16 - List of committee reports
1991 - 2002 (PDF format)