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Concern on shape of CGT rollover changes
The Association of Superannuation Funds of Australia (ASFA) has told the Treasury that some proposed transfers relating to the merger of superannuation funds have been placed on hold because of uncertainty about the final shape of new legislation impacting Capital Gains Tax (CGT).
The Government has moved for the legislative amendments to make it easier for superannuation funds to merge without undue cost to their members.
In a submission to the Treasury on proposed new legislation, ASFA welcomed the broad thrust of the new laws but warned that the changes had “introduced some requirements which were either unclear, or result in a loss of relief in circumstances where the (Government’s) policy clearly intended relief to apply".
“Critically, some transfers which have already been undertaken and for which the relief was intended, may now not be able to access the relief based on the specific conditions in the Exposure Draft to qualify for relief,” the submission said.
It said the uncertainty created by the draft legislation had also resulted in proposed transfers being placed on hold while the situation was clarified through the passage of legislation.
AUTHOR
Mike Taylor
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