Article: Fed: Some employees face more super tax


AAP General News (Australia)
08-09-2006
Fed: Some employees face more super tax

SYDNEY, Aug 9 AAP - Proposed penalties against Australians who fail to lodge their
tax file number with a superannuation fund could lead to millions of people losing almost
half of the money going into their retirement savings from next July.

A plan put forward by Federal Treasurer Peter Costello in his May budget proposals
would penalise members who fail to supply their tax file numbers by taxing contributors
at the top marginal rate of 45 per cent and disallowing voluntary contributions.

But the proposals have left the super industry rushing to obtain the tax ...

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