Intax --- Page: 8-9 : November 2006 Original article by Kym Bailey
ABIX Summary
The Australian Government made significant changes to superannuation laws in 2006. From 1 July 2007, a retiree can take his or her super tax-free on or after the age of 60. For financial advisers, the first half of 2007 is the time to review the client's super and encourage him or her to transfer wealth to the super fund. From 1 July 2007, the opportunities to do this are reduced. A person can save a great deal of tax simply by transferring money to his or her super fund, but there are key deadlines involved. Undeducted super contributions up to $A1 million can be made between 10 May 2006 and 30 June 2007. Taxed contributions of $A100,000 per annum until 30 June 2012 are permitted for superannuants who are at least 50.
