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Wednesday, 13 June 1984
Page: 2899

Senator WALSH (Minister for Resources and Energy)(11.21) —I am advised that the answer to Senator Messner's last question is that the trustee of the superannuation fund is required to register. As to the other more general matters he raised, the Commissioner of Taxation will be reviewing his guidelines following the passage of this legislation. Senator Dame Margaret Guilfoyle asked a question about treatment of redundancy payments. I am advised that if the amount paid exceeds that which would normally be paid for a voluntary retirement, 5 per cent of that excess will be included as taxable income in the year in which it is received. In other words, the previous treatment for lump sum payments will apply.