Tax Office warns on super rules
The tax office has warned that the 8 per cent of superannuation funds that still do not having a tax file number attached will be taxed at 46.5 per cent. Personal contributions cannot be made to super funds which do not have a TFN so also miss out on any government co-contribution. The ATO is also assisting people who mistakenly paid over the $1 million into their super account this year which, if not rectified, would be taxed at 46.5 per cent. Assistant commissioner Stuart Forsyth said “People who may have inadvertently breached the cap because of special circumstances should write to the Tax Office or give them a call as soon as they become aware of the problem”.