As at February 2008, it appears a number of questions still exist regarding the tax treatment of payments from a superannuation fund. Under Australia's simplified super system, individuals aged over 60 years may make a tax-free lump sum withdrawal from their fund. In the event a super fund is in the accumulation phase in the first half of a year, is in the pension phase in the second, and has segregated all the assets, no actuarial certificate is required. Furthermore, if the assets in the pension-phase account of a self-managed super fund generate franking credits, the Australian Taxation Office will issue a refund to the fund.
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