POWERED BY MOMENTUM MEDIA
(Jun-2005): Interdependency clarification
The Federal Government has moved to clarify the so-called interdependency arrangements relating to the taxation of superannuation tax benefits.
The Assistant Treasurer, Mal Brough, last month released the draft regulations relating to the interdependency arrangements which followed Australian Democrat and Australian Labor Party pressure last year for the recognition of same sex relationships.
However, while broadening the interpretation of interdependent relationships, the new regulations make it clear that they must be more than just arrangements of convenience or a relationship between friends.
The draft regulations also make clear, however, that the interdependent relationships will not be recognised if one or other of the parties died before July 1, last year.
In explaining the Government’s approach, Brough said that the draft regulations were intended to provide a number of elements that would assist in determining whether an interdependency relationship exists, as well as confirming a number of specific situations in which an interdependency relationship did not exist.
He said the Government would be accepting submissions on the draft regulations until June 17.
AUTHOR
Mike Taylor
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