Currently, the CGT roll over for assets of small superannuation funds on marriage breakdown applies only to the spouse who benefits from a payment split made under the Family Law Act 1975 and only to the assets subject to the payment split. These assets can be rolled over only to another small superannuation fund.
The amendment recognises that it is often in the interests of spouses in a marriage breakdown not to continue to provide for their future superannuation arrangements through a single small superannuation fund. The amendment will also provide greater choice of fund to the spouse whose interest is transferred.
For a copy of the Minister for Revenue's press release, No 2007/46, 8 May 2007, go here