The Australian Financial Review --- Page: 9 : 31 May 2007 Original article by Fleur Anderson
ABIX Summary
Australia has a new superannuation regime. From 1 July 2007, Australians aged 60 and over will be able to take their super free of tax. New laws allow a contribution of up to $A1 million to super before 1 July 2007, as part of the transition. The Australian Government ran an advertising campaign telling taxpayers about the changes and many have flocked to put extra money into their super accounts. Official figures show that Australian assets held in managed funds lifted by 5% to $A1.15 billion in the first three months of 2007. Many Australians may sell major assets to put money into super instead.
