shopping_cart

Your shopping cart is empty

Release of draft regulation to provide tax certainty … maybe

Published on 01 Apr 13 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

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).

Author profile:

Thalia KALABOUKAS
Thalia is a Solicitor with Maurice Blackburn Cashman Commercial, Lawyers. She advises accountants, financial advisers, high net-worth individuals and superannuation fund trustees on superannuation, financial services disclosure, estate planning, trust and taxation issues affecting superannuation and worker entitlement funds.
Current at 28 November 2006 Current at 11 February 2013 Click here to expand/collapse more articles by Thalia KALABOUKAS.
 

 

Copyright Statement
click to expand/collapse