Money Management --- Page: 33 : 1 May 2008 Original article by Andrew Lawless
LexisNexis Summary
The Australian Government introduced new proportional withdrawal rules as from 1 July 2007. The rules require persons making superannuation withdrawals to do so from both the taxable and non-taxable components of their fund on a proportionate basis. They are intended to prevent investors trying to gain a tax advantage by either withdrawing all of their tax-free benefits or taxable benefits. The rules require a client's interests in a self-managed super fund to be aggregated for drawdown purposes, but they are not clear on what represents a "separate interest" for other super arrangements.
