The government made changes to the Taxation of Financial Arrangements (TOFA) rules. These rules govern the tax treatment of gains and losses on financial arrangements.
From 14 October 2016, the way earnings tax is calculated and paid on Term Deposits in super will change.
For a term deposit we will calculate the portion of interest accrued during the accumulation phase and pay this amount at the time of internal transfer from superannuation to pension in FirstChoice.
We’re here to help
If there is anything you would like to discuss, please contact your financial adviser or call us on 13 13 36, Monday to Friday, 8am to 7pm Sydney time.
Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) is the issuer of super, pension and investment products. This document may include general advice but does not take into account your individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) carefully and assess whether the information is appropriate for you and consider talking to a financial adviser before making an investment decision. A PDS for Colonial First State’s products are available at colonialfirststate.com.au or by calling us on 13 13 36.