Weekly Tax Bulletin --- Page: 2075 : 8 December 2006 Original article by Stuart Jones
ABIX Summary
Members of Australian superannuation funds who do not provide tax file numbers (TFNs) will be taxed at a higher rate. "No-TFN contributions income", where a TFN has not been quoted to a fund by 30 June each year, will be taxed at 46.5 per cent, rather than 15 per cent. Legislation will be amended so that the declaration of a TFN to an employer authorises the employer to provide the TFN to the member's super fund.
