Contact: John Randall
Deloitte
Superannuation Partner
0414 801 984

Contact: Louise Denver
Deloitte
Financial Services Communications
0414 889 857

“It was disappointing that the Treasurer did not take the opportunity to make changes to the treatment of Capital Gains Tax for divorcing couples effective immediately,” said Deloitte Superannuation partner John Randall.

The Treasurer has announced that, with effect from 1 July 2007, taxation changes will be made to allow one spouse in a marriage breakdown to transfer their entire in specie interest in a small superannuation fund to another complying superannuation fund without an immediate capital gains event.

Randall said, “The impact of the Treasurer’s announcement will be to keep separating couples investing together for longer.

“Couples who were in the throes of splitting their assets, including superannuation assets, will now have to defer those arrangements until after 30 June 2007 if they want to get the CGT deferral.”

“The Treasurer should have made these changes effective immediately,” Randall said.

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