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The changes to legislation, effective 1 July 2007, mean that if your superannuation fund administrator doesn’t have your Tax File Number (TFN) you:
1. Could pay up to 46.5% tax on concessional contributions (such as compulsory employer contributions and salary sacrifice).
2. Will be unable to make non-concessional contributions (after-tax contributions).
3. Could miss out on any Super Co-contribution payment (if eligible).
4. Will not be able to split your eligible contributions with your spouse.
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