The Age --- Page: B2 : 2 March 2007 Original article by Max Newnham
ABIX Summary
The 30 June 2007 deadline to make undeducted contributions of up to $A1m into superannuation has generated a number of questions. For example, queries have been issued as to how super contributions and funds accumulated in a super fund are taxed. Salary sacrifice and employer super contributions are currently taxed at the rate of 15 per cent, with any income earned by a super fund also taxed at 15 per cent. However, a capital gain made by a super fund is effectively taxed at 10 per cent. Meanwhile, in order to be able to access super as an allocated pension, Australians must be aged at least 55 years, must have retired and have no intention to recommence work.
