Great News

Great News

A couple of weeks ago we referred to the contentious limited recourse borrowing proposal that would see the debt counted as an asset for total super balance purposes. The good news is that it is missing from the Bill that has just been tabled in Parliament. The first part is still there but it merely states that, where a pension debt is paid from an accumulation account, it should be a credit to the transfer balance account. This is not unreasonable.
The nasty bit is not dead and buried yet though. Further consultations are being entered into but let’s hope that common sense prevails.