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A new determination of an interest in a superannuation fund

Published on 01 Jun 09 by "THE TAX SPECIALIST" JOURNAL ARTICLE

New provisions introduced into the Superannuation (Unclaimed Monies and Lost Members) Act 1999 (Cth) (SUMLMA) by the Temporary Residents’ Superannuation Legislation Amendment Act 2008 (Cth) and the Superannuation (Departing Australia Superannuation Payments Tax) Amendment Act 2008 (Cth) will effectively deny former temporary residents concessional superannuation tax treatment on all currently invested and future funds. This article explores the operation of new Part 3A of SUMLMA, its risks for trustees and the issues in determining a superannuation interest in a fund.

Author profiles:

Author Photo - Damien Lockie CTA-Life
Dr Damien Lockie CTA-Life
Dr Damien Lockie, FTIA (Life), is a Barrister-at-Law at the Victorian Bar and an Adjunct Professor of Law at Bond University. Dual qualified in law and accounting, Damien has over 30 years experience as a Solicitor, Accountant and advocate specialising in property and environmental laws and federal and state revenue laws. Current at 01 March 2012 Click here to expand/collapse more articles by Damien L LOCKIE.
 
Tim Galvin
Tim is a Senior Taxation Manager with BDO Kendalls. Current at 01 June 2009 Click here to expand/collapse more articles by Tim GALVIN.
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