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Co-contributions in Canning.



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CO-CONTRIBUTIONS IN CANNING MEDIA RELEASE Friday, 10 March 2006

Federal Member for Canning Don Randall today announced that 4,355 people in the electorate have received a “super boost” as a result of the Howard Government’s expanded superannuation co-contribution scheme.

Under the superannuation co-contribution scheme the Government will pay a co-contribution of $1.50 for every $1 of after tax superannuation contributions made by employees earning up to $28,000.

The co-contribution phases out completely for those earning more than $58,000. The maximum co-contribution payment is $1500.

People in the Mandurah region were the most keen to access the scheme with 1,405 receiving the co-contribution payment.

The Canning Vale area came in at 1,150 followed by Kelmscott and surrounding suburbs at 796 recipients, the Armadale region had 556 while Byford recorded 208 recipients.

A full list of the total contributors per postcode attached.

These figures relate to entitlements calculated during the period 1 October 2005 - 31 December 2005 and all refer to after-tax superannuation contributions made during the 2004-05 Financial Year. The ATO calculates co-contribution payments by matching income tax returns against superannuation fund member contribution statements.

In an electorate of over 88,000 people, Mr Randall believes there are many more people who could be benefiting from this scheme and urges eligible people to consider taking up the Government’s superannuation co-contribution.

“It’s a great way to increase your savings in retirement”, Mr Randall said.

Across Australia, 890,630 people will receive superannuation co-contributions worth a total of approximately $695.7 million. 62,352 in Western Australia took up the Government’s offer and will have a superannuation co-contribution deposited into their superannuation funds.

People will be eligible to receive the new expanded co-contribution if: • you earn 10% or more of your income as an employee; • you make after-tax contributions to your superannuation account; • your total income (assessable income plus reportable fringe benefits) is less than $58,000 • 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

Further information about the superannuation co-contribution scheme can be obtained by contacting Mr Randall’s office on 9390 1211.

POSTCODE SUBURB NUMBER OF CO-CONTRIBUTION RECIPIENTS 6111 Kelmscott 796 6112 Armadale 556 6121 Oldbury 41 6122 Byford 208 6123 Whitby 15 6124 Jarrahdale 14 6125 Serpentine 35 6126 Keysbrook 1 6155 Canning Vale 1,150 6207 North Dandalup 9 6208 Pinjarra 71 6213 Dwellingup 10 6214 Coolup 3 6215 Waroona 41 6210 Dawesville & Halls Head 1,405 TOTAL 4,355