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Tax-deductible contributions made clearer.(regulations covering superannuation)(Brief Article)
Australasian Business Intelligence, May, 2005 by Wasiliev, John
May 08, 2005 (The Australian Financial Review - ABIX via COMTEX)
The regulations covering superannuation in Australia are very complex. They are hard to understand and convoluted. A case in point is the regulation relating to superannuation contributions made by those over the age of 70. The Australian Taxation Office has clarified this matter. The law was changed in June 2004, and now prohibits a deduction for personal superannuation contributions in the event that the contribution is made more than 28 days after an individual turns 70. However, an individual can make after-tax contributions until they are 75. They does not get a tax break but the income they generate is taxed concessionally.
Publication Date: 7 May 2005
AUSTRALIAN TAXATION...
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