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The government has released draft legislation addressing the taxation of military superannuation benefits following the Commissioner of Taxation v Douglas decision.
Following the Full Federal Court decision, Commissioner of Taxation v Douglas, the government this week has released a draft bill to ensure that the decision only affects the schemes and benefits specifically outlined in the decision.
The Douglas decision found that certain veterans’ invalidity pension payments in the Defence Force Retirement and Death Benefits (DFRDB) and Military Superannuation Benefits (MSB) schemes are superannuation lump sums for income tax purposes rather than superannuation income stream benefits.
Read more at SMSF Adviser