Super made simple from 2007

Superannuation may be baffling for many, but that may be change next year. The federal government plans to overhaul the retirement savings system to get rid of complex rules and limits that make it hard to follow. Proposals (which are subject to consultation) include abolishing the current taxes on both super lump sums and pension income from age 60; abolishing the reasonable benefit limits that restricst the amount you can take out of super with tax concessions and allowing older people to keep their money in super, regardless of whether they're still working. In addition, new rules may allow super contributions up to age 75, and allow the self employed a full tax deduction on their super contributions and access to the government co-contribution.