Source: Taxation In Australia Journal Article
Published Date: 1 Apr 2013
The government has announced that it intends to amend the law, with effect from 1 July 2012, to allow the tax exemption for earnings on assets supporting pensions to continue following the death of a member in pension phase until the deceased member’s benefits have been paid out of the fund. A draft regulation to that effect has been released. This follows an opinion expressed by the Commissioner of Taxation, in relation to a draft ruling, that, from 1 July 2007, a pension ceases on the death of a member unless the fund’s trust deed or pension documentation provides that a pension dependant is automatically entitled to receive the pension on the death of the member.
This article examines the draft regulation and points out that it remains unclear what will be the situation between the date of effect of the draft ruling (1 July 2007) and the draft regulation (1 July 2012).
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