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Extension of CGT rollover relief welcomed
The Investment and Financial Services Association (IFSA) has welcomed the Government’s announcement this week that it will be extending the optional capital gains tax (CGT) rollover for complying superannuation funds that merge.
IFSA deputy chief executive John O’Shaughnessy said the initiative would minimise the impediments confronted by superannuation funds in streamlining their operations.
“Initiatives such as this are practical measures the Government can take to place downward pressure on superannuation fees and charges,” he said.
The Minister for Superannuation and Corporate Law, Senator Nick Sherry, said the decision to extend the optional CGT arrangements had followed consideration of issues raised in the process of industry consultation.
He said the Government would be extending the period of application of the rollover by a year to June 30, 2011, which would allow superannuation funds wanting to use the facility more time to do so.
AUTHOR
Mike Taylor
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