The Australian Financial Review --- Page: 28 : 19 January 2007 Original article by Fleur Anderson
ABIX Summary
Superannuation changes scheduled for 1 July 2007 may have overlooked a 15% tax on inherited superannuation payments. Several accounting organisations have pointed out to the Australian Government that if a person under the age of 60 dies with superannuation remaining, the remaining family members will need to pay 15% tax on the amount. The Australian Labor Party asserts that this situation equates to a death tax and is planning legislative amendments. Criticism has also come from the National Institute of Accountants, which believes that, as the legislation was introduced just prior to Christmas, there has been insufficient time to analyse and digest the fine print.
