Business Services Industry
Splitting assets in break-up will be easier from July.
Australasian Business Intelligence, May, 2007
Byline: John Wasiliev
May 13, 2007 (The Australian Financial Review - ABIX via COMTEX) -- The 2007 Budget attempts to overcome a problem that arises when separating couples split their superannuation. The issue concerns capital gains tax (CGT) rollover relief, which is not available when the do-it-yourself super funds of the spouse with less super are transferred to a new fund. An Australian Taxation Office ruling confirms that CGT is payable on the super of a divorcee who transfers his or her own savings to another fund. New laws will permit a spouse who switches all of the interest out of a fund to escape paying the CGT.
Publication Date: 12 May 2007
AUSTRALIAN TAXATION OFFICE
FARRAR GESINI AND DUNN
AUSTRALIA....
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