The Australian Financial Review --- Page: 31 : 21 March 2007 Original article by Jonathan Barrett
ABIX Summary
Couples owning a business can each contribute $A1m into superannuation before new rules take effect on 1 July 2007. They can also contribute another $A1m each from the proceeds of selling the business. However they must have owned the business assets for 15 years. Business owners may also decide to transfer assets into super, but they must first consider the costs of stamp duty and capital gains tax. If the cap on super contributions is breached there can be severe tax consequences.
