ATO letter drop warns of action on tax file numbers
Fri May 11 2007
The Age --- Page: B5 : 11 May 2007 Original article by Max Newnham
ABIX Summary
Australians must ensure that their superannuation fund has their tax file number, otherwise their benefits will attract the highest tax rate. However, the super reforms that take effect on 1 July 2007 mean that fund members who are 60 and older will most likely not be required to lodge a tax file number declaration form. Meanwhile, the so-called "simplified superannuation" regime will generally allow those over the age of 60 to withdraw money from their fund when the need arises, rather than taking their benefit in a single lump sump.
