Transition to Retirement Income Streams (TRIS) ‘integrity’ changes – income in fund on supporting assets no longer exempt (15%) and concessions on receipt also changed
The measure – The Government will remove the tax exempt status of income from assets supporting TRIS. These earnings will now be taxed concessionally at 15 per cent. Individuals will also no longer be allowed to treat certain superannuation income stream payments as a lump sum for tax purposes. [Treasury website – Super Changes] The issue –…