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Changes to Super & Tax File Number rules

Changes to superannuation law are about to come into force, which will affect everyone. For more detailed information please visit the ATO website http://www.ato.gov.au/super/

 

From the 1st of July 2007, when an employer receives a Tax File Number (TFN) from a new employee or contractor, the employer must pass the TFN to the superannuation fund nominated to receive the employer contributions.

 

While it isn't compulsory to give your TFN to us or to your Super Fund, it is certainly to your benefit to do so.

 

What happens if I don't?

• Your contributions may be taxed at the marginal tax rate (46.5% + Medicare levy) instead of the concessional rate of 15%.
• Your fund will not be able to accept certain other contributions including personal contributions (salary sacrifice) and those that your spouse makes to your super account for you.
• You might miss out on super co-contributions.
  

 

What you should do next

1. Check if your superannuation fund already has your TFN on file. An easy way to verify this is to check your annual statement as it will be listed there. If you are unsure please contact your super fund.
2. If necessary, follow your fund's instructions to provide the TFN to them.

 

 

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