AUSTRALIA - Treasury secretary Ken Henry has launched a discussion paper on Australia's Future Tax System (AFTS), as part of a review which will also examine the adequacy of pensions and retirement incomes.
As part of that review, an investigation will be conducted into measures to strengthen the financial security of seniors, carers and people with disability.
Treasurer Wayne Swan commented: "Long term reform of our tax and welfare systems is a key way to secure our economic foundations for the future, create wealth, spread opportunity and reward working Australians.
"The AFTS Review will play a vital role in modernising Australia's economy to meet the great economic, social and environmental challenges of the 21st century.
"Meeting these future challenges - like climate change, the ageing population, new technologies and rapid globalisation - will require a tax system that is as fair and efficient as possible and the AFTS Review will help achieve that goal."
The Review Panel, which will provide a final report to the treasurer by the end of 2009 has invited submissions. The discussion paper is available at www.taxreview.treasury.gov.au.
The Pensions and Lifetime Savings Association (PLSA) has revamped the standards for its Pension Quality Mark (PQM) in a bid to raise the quality of single-employer defined contribution schemes.
People approaching retirement are "systematically misjudging" their longevity and undervaluing annuities, the Institute for Fiscal Studies (IFS) says.
Professional Pensions is holding a breakfast briefing on engaging defined contribution (DC) members on 7 February.
Panellists at a PP webinar discuss October's High Court judgment on GMP equalisation, how schemes have responded, what their strategies should be, and how the industry can approach it.