Press Release - Government to legislate important super adequacy measures [07/05/2013]

Minister for Financial Services and Superannuation Bill Shorten today confirmed that the Gillard Government will introduce legislation to deliver two key measures which will help drive the adequacy of retirement savings in Australia. 'The Government believes that it is important to allow people who have not had the benefit of the Superannuation Guarantee for their entire working lives to have the ability to contribute more to their super as their retirement age approaches.'. In addition, the Government will tax excess concessional contributions at the individual's marginal tax rate plus an interest charge, rather than the top marginal tax rate.

Source: http://media.australia.gov.au/notify/click.cgi?url=http%3A%2F%2Fmfss.treasurer.gov.au%2FDisplayDocs.aspx%3Fdoc%3Dpressreleases%2F2013%2F031.htm%26amp%3BpageID%3D003%26amp%3Bmin%3Dbrs%26amp%3BYear%3D%26amp%3BDocType%3D0&collection=releases&rank=14&auth=MaYsTfdrtjzCwqfq%2B236KA

cnn headline news world news headlines news world news international