Flexible super caps canvassed for women
Women may be allowed access to more flexible superannuation contribution cap arrangements, under options being actively considered by the Federal Government.
The Assistant Treasurer, Josh Frydenberg, canvassed the more flexible options for people with broken work patterns in an address to the Tax institute, directly referencing the recent ANZ Women's Report confirming that women earn on average $700,000 less than men over a 45-year career.
He said the tax reform process had provided the Government with an opportunity to address the issue.
"The tax reform process gives us the opportunity to see if there is anything more that can be done, particularly around the flexibility for contributions," Frydenberg said noting that submissions received during the Tax White Paper process had referenced proposals to change the rules on contributions, especially increasing the flexibility of caps.
He said submission also indicated that there was considerable interest in facilitating catch-up contributions by people with broken work patterns.
The Assistant Treasurer's comments come as Money Management prepares to next month host a discussion on addressing women's retirement incomes disadvantage.
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