26-September-2007
Goldstein Media Releases, The Economy
Over $24 million has been paid into the superannuation accounts of local workers over the first three years of the Howard Government’s Super Co-contribution scheme.
“The Government’s Super Co contribution scheme is practical help for low and middle income earners, directly boosting their retirement savings,” Andrew Robb, Federal Member for Goldstein said.
“I encourage local residents to check their eligibility for the co-contribution scheme as more people can now benefit from this initiative. In particular, for the first time the self-employed are eligible for the co-contribution,” Andrew Robb said.
Under the Super Co-contribution, the Government contributes $1.50 for every $1 of after tax superannuation contributions made by eligible local residents. The maximum co contribution of $1,500 is payable to individuals with a total income of $28,980 or less who contribute $1,000 to superannuation.
Those earning up to $58,980 are still eligible to receive some Super Co contribution.
You will be eligible for the co-contribution scheme in 2007/08 financial year if:
• You make after tax contributions to your superannuation account;
• Your total income is less than $58,980;
• 10% or more of your total income is from eligible employment, running a business or a combination of both;
• You do not hold an eligible temporary resident visa at any time during the year;
• You are less than 71 years of age at the end of the year of income.
“The Super Co-contribution scheme has been a great success and many bayside residents’ retirement savings have benefited as a result.
“The ALP wanted to abolish the Super Co-contribution scheme at the last election, by contrast, over $24 million in this area alone has been put away to secure the futures of bayside residents,” Andrew Robb said.
For more information please contact Andrew Robb’s office on 9557 4644 or visit www.ato.gov.au
Media contact: Megan Cox 9557 4644 / 0414 492 674