The complexity of the current system of end benefits taxation puts a significant burden on superannuation funds.
For example, the reasonable benefit limits require funds to report EVERY payment of a benefit to the Australian Taxation Office. The ATO received 676,000 reports for RBL purposes in 2004-05.
It has been 110 days since the Budget, when the Government committed to sweep away this red tape burden.
Yet Kim Beazley still refuses to back the Government's red tape slashing reforms.
Kim Beazley's failure of nerve on the Coalition's plan to simplify and streamline superannuation demonstrates once again the weakness of his leadership.