2007 Budget announcements

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Extending small superannuation CGT rollover on marriage breakdown

On 8 May 2007, as part of the Budget, the Government announced that it intends to change the law to provide CGT rollover to small superannuation funds to allow one spouse in a marriage breakdown to transfer their entire in specie interest to another complying fund without there being an immediate liability to CGT.

The change recognises that it is often in the interests of separating spouses to continue to provide for their future superannuation arrangements through a single small superannuation fund and will provide greater choice of fund to the spouse whose interest is transferred.

The Government intends that the change will apply from 1 July 2007.