The Australian Financial Review --- Page: 14 : 23 February 2007 Original article by Tina Perinotto
ABIX Summary
There have been changes to the superannuation regime in Australia. From 1 July 2007, Australians aged 60 and over will be able to take their super tax-free. The Australian Government gave pre-retirees a window where they could invest up to $A1 million in post-tax contributions to super. The cut-off date for such contributions is 30 June 2007. This has sparked a frenzy, where many pre-retirees have sold investment property in late 2006 and early 2007, to put the bulk of the sale money into super before the cut-off date. Real estate agents have reported that many sellers are keen to sell in time to contribute the money to super. This sell-off could lead to a shortage of rental properties.
