The Australian Financial Review --- Page: 53 : 25 January 2007 Original article by John Wasiliev
ABIX Summary
Australians can make after-tax contributions to their superannuation fund of up to $A1m before 30 June 2007. However many do not realise exceeding this amount could be costly. Excess will almost certainly be taxed at 46.5 per cent. The limit includes spouse contributions. The new legislation had a side effect of reducing the opportunities for funds to return excess amounts. Contribution limits, rather than benefits limits, are a big feature of the changes. From 1 July 2007 after-tax contributions will be limited to $A150,000 a year or $A450,000 once every three years.
