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 New Business Tax System (Miscellaneous) Bill (No.2) 2000 to allow members of self-managed superannuation funds adequate time to adjust to the changes to the tax treatment of capital gains for complying superannuation funds when converting from the accumulation phase to the pension phase. As a transitional arrangement, self managed superannuation funds and small APRA funds will be exempt from tax on capital gains accrued before 1 July 2000 on assets transferred from the accumulation phase to the pension phase prior to 1 July 2005. These funds will be taxed on the capital gain accruing between 1 July 2000 and the date the asset is transferred to the pension phase. These transitional arrangements will allow members of self-managed funds who are close to retirement to continue with their current retirement plans and give sufficient time for others to adjust their retirement plans having regard to the new measures. CANBERRA
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