09 Aug 066 A plan to simplify and streamline superannuation - ATO factsheetThe ATO has published a brief factsheet on the Government's Plan to simplify and streamline superannuation, announced in the 2006-07 Budget. The ATO notes that on 30 June 2006, 2 modification declarations were registered, providing that during the period 10 May 2006 to 30 June 2007 a superannuation fund trustee or RSA provider is not required to compulsorily cash a member’s benefits where:
- the member is aged between 65 and 74 and does not meet the current work test, or
- the member is aged 75 or over.
This allows members in these circumstances (and subject to the rules of the fund) to delay cashing their benefits until the new plan is legislated. This applies equally to self managed superannuation funds.
For a copy of the ATO factsheet, go here
For a copy of Superannuation Industry (Supervision) modification declaration No 3 of 2006, go here