Independent Financial Adviser --- Page: 28-29 : 5 February 2007 No author supplied for original article
ABIX Summary
New rules for deductible personal contributions will take effect in Australia on 1 July 2007. Age-based limits will be removed in favour of an annual cap of $A50,000. Qualifying self-employed people will be able to obtain a full tax deduction on their personal superannuation contributions. One of the eligibility criteria is that the contribution cannot give rise to a tax loss. Contributions can only be claimed in the income year in which they are made. The cap on undeducted contributions, or non-concessional contributions, is $A150,000 per year.
