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Australian Lawyers and Consultants

Federal Budget Moves on Superannuation

May-June 2004

The big announcement in the government Budget was the reduction in the superannuation surcharge. Additionally on May 11, 2004, the Minister for Revenue announced that the government will introduce legislation (1) to curb schemes involving forfeiture of superannuation benefits to reserves as a technique to avoid receipt of benefits exceeding the RBL; and (2) to prevent super funds with fewer than 50 members paying some “complying” lifetime “defined benefit” pensions. The announcement is not aimed at allocated pensions operating within the lump sum RBL rules.

For further information, contact Joe Lederman at BALDWINS, Australian Lawyers & Consultants.

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