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On 24 February 2010, the Taxation Institute lodged a submission with Treasury on the draft regulations and an example Product Disclosure Statement (PDS) for superannuation and managed investment product disclosure which was released for public comment on 21 December 2009. The submission states that the tax information from the simplified PDS is too simplified and should contain more information, including:
  • the tax treatment if a pension is withdrawn;
  • the tax on excess contributions as these are severe penalties and members need to be put on alert;
  • the TFN information is largely irrelevant as most supply their TFN;
  • there is no mention of the CGT discount that superannuation funds obtain, franking credits or the fact that CGT is the primary code; and
  • there should be a statement that tax advice should be obtained from a recognised tax professional such as a lawyer or accountant who is registered under the Tax Agent Services Act.
For a copy of the submission, go here.

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