[661] Tax Commissioner's super myths, facts and tips
Thu May 3 2007
Weekly Tax Bulletin --- Page: 606 : 20 April 2007 Original article by Terry Hayes
ABIX Summary
The Australian Taxation Office has sought to clarify a number of myths it says have developed as a result of the recent superannuation changes. One myth, according to the Office, is that members of a super fund do not have to worry about supplying their tax file number (TFN) to the fund, because the employer will take care of it. It is also a fallacy that people can claim a deduction on interest if they borrow money in order to put it into their super fund. It is not correct that all people over 60 can take money out of their super fund tax-free, with the ATO noting this only applies to taxed funds, and can also depend on how the money is taken out.
