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29 May 06 Super Co-contribution figures

In a media release issued on 25 May 2006, the Minister for Revenue and Assistant Treasurer, Peter Dutton, said that in the first quarter of this year 84,103 Australian women received a $76.7 million boost to their superannuation accounts courtesy of the superannuation co-contribution scheme. Under the superannuation co-contribution scheme, the Government matches $1.50 for every $1 of after-tax superannuation contributions made by employees earning up to $28,000, up to a maximum co-contribution of $1500 per year. The co-contribution phases out completely for employees earning more than $58,000.

“The Superannuation Co-contribution scheme is about to get much better,” Mr Dutton said. “From 1 July 2007, the scheme will be extended to low and middle income self employed people, who were previously unable to access this super savings incentive.”

For a copy of the Minister's press release, No 2006/032, 25 May 2006, go here

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