The Australian Financial Review --- Page: 42 : 19 May 2007 Original article by John Wasiliev
ABIX Summary
A new income tax concession will apply to pensions from 1 July 2007. It means that people aged over 60 who receive regular income from a self-managed superannuation fund will qualify for income tax-free benefits. David Shirlow, of Macquarie Bank, explains that pension income will be classed as non-assessable, non-exempt income from the start of the new financial year. Such income is treated as a special category by the Australian Taxation Office. Martin Murden, of Partners Super Services, notes that pension income will still attract taxes other than income tax. This may include stamp duty and land tax.
