The accuracy of the content is not guaranteed. Please rely only on the authorised document. The Assistant Treasurer, Senator Rod Kemp, today announced that the Government will introduce amendments to the taxation law to facilitate a change in the status of constitutionally protected superannuation funds. The assessable income of constitutionally protected superannuation funds that become taxed superannuation funds will include the amount that would be assessable if member benefits were rolled-over from an untaxed source to a taxed source. The amendments, which will apply from 1 July 2000, will assist the restructure of State public sector superannuation funds that are currently exempt from tax and allow them to operate as taxable superannuation funds. The change to the tax status of these funds is a key element of the movement into the taxed environment of State public sector authorities undergoing a privatisation process and will enable members of these funds to access the pension rebate. In addition, in response to a request from the South Australian Government, the Income Tax Regulations will be amended with effect from 1 July 2000 to remove the Electricity Trust of South Australia Superannuation Fund from the list of constitutionally protected superannuation funds once the amendments receive Royal Assent. MELBOURNE
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