Why tell us your Tax File Number.

1 July 2007 Better Super Change: Now you need to make sure your superannuation fund isn't in the dark about your Tax File Number. Otherwise you could end up paying three times more tax on your super than everyone else.

So, what do the super changes mean?

Here's what the Australian Government says will happen if you keep your TFN hush hush:

• The money employers pop into your super is taxed annually at 46.5% instead of 15%. That's a hefty amount of dollars you may not get to play with when you retire.
• Same goes if you're doing salary sacrifice contributions.
• You won't be able to make any after-tax super contributions.
• If you're eligible for the Australian Government co-contribution scheme, you might not see a cent of it.
• It could get a bit complicated if you're trying to track down lost super or roll over super from one fund to another.
• Your spouse won't be able to put money in your super (or vice versa).

[And the old rule still stands - to avoid paying a higher rate of tax super funds need your TFN before you can take money out.]

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).
• If your super fund doesn't have your TFN, the Australian Taxation Office will be providing your TFN to your super fund (unless you tell them not to).
• Read more about making super contributions.
• Find out more about super changes at the ATO's Better Super website.

Other changes under the Virgin Money spotlight.

Something for the self-employed.	Self-employed super fact sheet
When you put money in.	Money in super fact sheet
When you take money out.	Money out fact sheet