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01 Apr 11 On supposed excess super contributions

MEMBER 54 writes:

"A letter to the Editor was published in the Australian Financial Review on 30 March 2011 regarding excess superannuation contributions arising as a result of mismatches between payment of contributions and crediting/recording of contributions.

The letter brings into question the whole issue of the timing and recording of super contributions. We have experienced similar issues with bank interest (refer ANZ), so perhaps it is time that the ATO computers and the super fund computer data transfers are checked for accuracy as the many thousands of superannuation excess contributions may be incorrect."


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