I'm sure someone will correct me if I'm wrong, but I understand that the killer is you have to be a resident to take advantage of the 'one off' $1,000,000 contribution between 10 May and 30 Jun 2007, at least to put it into a self-funded scheme.
For those with more than eight months to go to retirement and whose assets are largely tied up in company provident funds etc that can't be cashed in until their retirement, this 'one off' million dollar concession by the government is meaningless.
As has been stated above, a single man can't put any more than $450,000 into super upon his return to Australia (or a married couple, $900,000) and then nothing more for three years. Anything else he or they bring back will be taxed. I know many would be very happy to have half that amount in super, but basically, this means that those who have invested wisely (or not lived the high life so they will be comfortable in retirement), will be penalised.
I can't help but think that this is yet another of those "unforeseen circumstances" so beloved of Paul Keating when he had this mitts on the federal pursetrings.