Money Management --- Page: 52 : 19 April 2007 Original article by Mike Fitzsimons
ABIX Summary
There are a number of reasons why financial planners should urge clients to make sure their superannuation fund has their tax file number (TFN). Firstly, as from 1 July 2007, any concessional contribution made into a fund where a TFN is not supplied will be taxed at a rate of 46.5 per cent. Also, funds will not be permitted to accept any after-tax contributions for accounts with no TFN. The Australian Taxation Office is believed to be writing to as many as 2.7 million people before the end of April 2007, stating it will be passing the details of their TFN to their super fund unless the person objects.
