The Australian Financial Review --- Page: 1/8 : 18 January 2007 Original article by Fleur Anderson
ABIX Summary
The Australian Government is under pressure to abolish inheritance tax on superannuation savings. The Government's super reforms have neglected the tax on death benefits, which forces people who inherit assets in a super account to pay tax of 15 per cent if they are not a dependant. Super can be restructured to avoid paying inheritance tax, but people whose parents die suddenly without rearranging their affairs are unfairly affected. Twenty submissions on shortcomings in proposed super laws are being considered by a Senate economics committee, which will report on 7 February 2007.
