The goverment has announced (again?) that it will legislate to treat the superannuation fund beneficiary under an instalment warrant arrangement entered into under s67A of the SIS act as the owner of the asset held by the custodian trustee for income tax and will ensure there is no capital gains tax event when the last instalment of purchase price has been paid. This, in effect, equates an instalment warrant with a bare trust for tax purposes (a warrant is not a bare trust legally). The legislation is yet to be drafted but will have effect for the 2007/8 and later years.

I will add additional posts when legislation is drafted.