The soon-to-be announced key tax reforms by the Rudd administration is seen to be a big boost for superannuation savings funds, which could mean bigger benefits for Australian pensioners, it was reported.

Prime Minister Kevin Rudd is set to announce a major overhaul in the country's tax policies after Treasury secretary Ken Henry submit his comprehensive review of Australia's taxation. The tax review is seen to propose new taxes for the wealthy and corporate giants but provide tax breaks for marginalized sector, including small businesses.

Industry analysts predict that the tax review will boost superannuation funds and benefit small time investors. But big corporations will be hit hard with the proposed Super Profits Tax. The tax is aimed at getting a bigger chunk from the country's booming resources industries and see the mining sector slapped with a 40 percent tax.

However, the self-employed and small time businessmen will enjoy tax breaks under a simplified quarter income tax return policy.

Treasurer Wayne Swan, will release to the public the 1000-plus page report on Sunday. The report mostly took the proposals of Henry.

Swan said that the tax overhaul was a result of a decade-long review of Australia's tax system. He said it would be completely unrealistic to think of reforming the whole tax system in two years or in one term.

"We can't necessarily legislate all of these things in the budget because when you are in engaged in tax reform, you have to go through a consultative process. Tax reform can't just be announced one day and implemented the next ... it takes some years to put in place," he said.