The Australian --- Page: 5 : 28 March 2007 Original article by Tony Negline
ABIX Summary
Legislative changes on superannuation due to come into effect on 1 July 2007 should simplify things for most Australians. Instead of eight components there will be two - taxable and tax-free. From 1 July, pre-July 1983 income becomes tax-free, while everything after that date is taxable. It becomes a little complicated if the person is under 60 and chooses to take some of the superannuation as a pension. If a pensioner is over 60 on 1 July, then the new rules will automatically apply. Social security benefits will continue to be assessed on the same basis as at present.
