The Australian Financial Review --- Page: 41 : 19 January 2008 Original article by John Wasiliev
LexisNexis Summary
Trustees of do-it-yourself (DIY) superannuation funds must take care not to make excessive contributions. Penalty taxes can absorb up to 93 per cent of an excess super contribution. An interpretive decision by the Australian Taxation Office in December 2007 highlights that the 30-day rule is not as accommodating as some super advisers hoped. The rule led advisers to advocate that trustees establish a system of ongoing checks for contribution errors, and ensure any errors were corrected within 30 days.
