The superannuation system is designed to help Australians provide for their retirement without relying too heavily on the Age Pension. It is a system that is both tax-effective and cost-efficient. Superannuation legislation has developed over the years to provide benefits to individuals:

Late 19th Century - Private companies begin providing super for select employees

Post 1945 - Super becomes more recognised as an employee benefit but is biased towards executive level and public sector employees

60s, 70s & 80s - Government inquiries find high costs, low returns, employee discrimination and restricted benefits hinder the ability of individuals to save

1983 - Tax changes introduced to encourage the holding of benefits in the super system until retirement, and accessing benefits as income streams rather than lump sums

Only 40% of employees are taking part in super at this stage

1988 - Tax introduced on super plan income;
- Deductions on personal contributions increased;
- Tax on lump-sum benefits decreased;
- Tax rebate for super pensions and annuities introduced;
- System of RBLs introduced

1991/1992 – Introduction of compulsory super contributions (SG) by employers

1992-2002 – Contributions increase from minimum levels to 9% of salary

1983-1995 – Super coverage for women increases from 25% to 85%!
- Super fund assets grow from $40billion to over $180billion

1997 – 92% of the workforce is covered by super

Recent proposals - Government co-contribution scheme

- Introduction of a tax rebate for contributions made on behalf
of non working spouses
- Increase age limit for personal contributions to age 70