Instead of "Save As" have you tried using the export tool?

File>export>svg file

Illustrator CS3 doesn't give me the option of svg file with export. When I save as an svg file I do get this message:

"transforms are expanded"

You could try this:

Object > Select all > Transform > Reset Bounding Box > Save

or

Object > Select all > Flatten transparency (high res) > Save

(always use a copy of your work in case things don't work out)

Word of advice, keep working on the .ai file for changes etc. and save as .svg when needed that way you won't compromise your work

Thanks @NJ1001, I tried both of those methods, with the first method I was was still getting the initial response when saving ("transforms are expanded"). When I open the .svg file on explorer not all the graphics are visible.

Flattening the transparency seems to work better as I can see all the graphics.