Business Services Industry
Simplified super holds sting.
Australasian Business Intelligence, December, 2006
Byline: Barrie Dunstan
Dec 07, 2006 (The Australian Financial Review - ABIX via COMTEX) -- Mercer Human Resource Consulting CEO, Peter Promnitz, has warned that superannuation simplification may pose punitive tax traps. According to Promnitz, some fund members could face tax penalties of more than 100 per cent under simplified super rules. It has been suggested that the tax penalties on people exceeding their contribution limits could potentially be as high as 93.5 per cent, or 124.5 per cent if members have failed to supply their tax file numbers (TFNs). Promnitz has called on the Australian Government to allow the Australian Taxation Office to provide super funds with the TFN for members where they have a "strong identity match".
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