The Australian Financial Review --- Page: 41 : 24 November 2007 Original article by John Wasiliev
LexisNexis Summary
Excessive superannuation contributions can incur hefty penalty taxes. The Australian Taxation Office reports that it received 217 requests to withdraw almost $A228 million in super contributions for 2006-07 due to excessive non-concessional contributions. Some 70 per cent of the requests were from do-it-yourself funds. Lawyer Daniel Butler attributes the figures to confusion about new super rules. Butler stresses the need to check prior contributions from all sources before making new ones, and says plenty of time should be set aside for complicated transactions.
