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Thursday, 26 May 1983
Page: 1034

Mr MOORE —My question, which is directed to the Treasurer, arises out of attachment B to the economic statement. Does the Treasurer recall saying that if lump sums received by the executor or the dependants of a deceased person represent amounts from superannuation funds they will be treated within the new arrangement, as though they had been received by that person while living? Drawing the distinction between a benefit paid to a living person and a benefit paid to a deceased, does this mean the Government is now involved in a policy of death duties?

Mr KEATING —The principle which the Government articulated in the statement last week holds up in all cases. Yesterday a similar question was asked by the honourable member for Mitchell in respect of a widow. If a widow were to receive from an estate a lump sum that lump sum would be taxed at the rate of 30 per cent. If, however, that was invested in an annuity it would be exempt from tax. I have indicated also that the Government will look at making the income from annuities very much more attractive than it would otherwise be. That was the purpose of the superannuation scheme in the first place.