Money Management --- Page: 22/24 : 1 March 2007 Original article by Graeme Colley
ABIX Summary
Australian investors can make after-tax contributions of up to $A1 million into their superannuation fund, provided they do so within a certain timeframe. They have from between 9 May 2006 and 1 July 2007 to do so; after 1 July 2007 a cap of $A150,000 on after-tax contributions, also known as non-concessional contributions, will apply. Someone with a property worth $A1.2 million that was acquired prior to the introduction of capital gains tax, could sell the property and invest most of the proceeds in their fund if they are suitably eligible. If they do not receive more than 10 per cent of their income from employment, they could also qualify for a tax-deductible contribution in excess of $A100,000 on a contribution of $A1 million.
