Tax Office outlines immediate impact for super funds

n a recent speech, Raelene Vivian, Deputy Commissioner of Taxation, outlined the implications for superannuation funds flowing from the simplified super reforms. Ms Vivian said there are several immediate administrative impacts that must be implemented by all superannuation funds in terms of updating information systems and procedures. From 1 July 2007, Ms Vivian said superannuation funds will need to pay tax at 46.5 per cent on contributions received in the income year for member accounts where no TFN has been quoted.