Superannuation legislation has developed over the years to provide benefits to you. Here is the story so far:

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 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

2005 - Government co-contribution scheme
- Splitting super contributions

2006-2007: Sweeping changes introduced, including:
- Abolition of tax on lump sums and pension payments made to members over 60
- Abolition of Reasonable Benefit Limits (RBL)
- New minimum standard rules for pensions and annuities
- Removal of compulsory cashing of superannuation benefits for those over age 65
- Introduction of penalty tax caps on the amount which may be contributed to super
- Extension of co-contribution scheme to the self-employed, and
- Simplification of tax calculations through the introduction of streamlined components

Super is about helping you to achieve the lifestyle you want in retirement.