Something for the self-employed.

1 July 2007 Better Super Change: Changes include fairer rules relating to the tax deductibility of superannuation contributions made by self-employed people. For a start, the Australian Government will treat you similarly to employers who put cash in employee super.

So, what do the super changes mean?

• Super contributions made until you're 75 are now 100% tax deductible (they didn't used to be). These are known as concessional contributions and are capped at $150,000 per year.
• The Australian Government's co-contribution scheme will partly match the money you put in super (e.g. you're currently eligible if you're earning under $58,000 a year, before tax).
• For small business owners, you guys have a lifetime cap of $1million should you choose to sell your business pop the cash in super and offset the capital gains.

[For more insight on the changes have a chat with a financial advisor or the Tax Office, or visit the ATO's Better Super website.]

Helpful stuff for things that might need doing.

• Make sure your super fund has your Tax File Number (otherwise, you could be taxed to the max). Virgin Super members please call 1300 652 770 or download the TFN Form.
• If you don't know your TFN, ask the Australian Taxation Office - call 13 28 61 (or talk to the nice HR person at work).
• Read more about making super contributions.

Other changes under the Virgin Money spotlight.

Why tell us your Tax File Number.	TFN fact sheet
When you put money in.	Money in super fact sheet
When you take money out.	Money out fact sheet