Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Co-contribution scheme 'supersizing' superannuation accounts.



Download PDFDownload PDF

David Hawker MP Federal Member for Wannon Electorate Office: 190 Gray Street, Hamilton, Vic., 3300 Ph: (03) 5572 1100 or Local Call 1300 131 692 Fax: (03) 55 72 1141 Email: David.Hawker.MP@aph.gov.au Web: www.davidhawker.com.au

Media Release The Hon David Hawker MP Speaker of the House of Representatives Federal Member for Wannon

15 February 2005

CO-CONTRIBUTION SCHEME ‘SUPERSIZING’ SUPERANNUATION ACCOUNTS

Member for Wannon, David Hawker, today welcomed new figures showing the Australian Taxation Office (ATO) has paid out a superannuation co-contribution to over 3,650 low to middle income earners in the Wannon electorate.

“For individuals receiving a co-contribution payment, the average value of their personal super contributions is around $2,920 - a tremendous show of confidence by low and middle income Western Victorians in the superannuation system,” Mr Hawker said.

“It’s great to see Western Victorians of all ages embracing the co-contribution scheme”.

The payments relate to contributions made during the 2003/04 financial year, where eligibility for the payment was based on the Government matching dollar for dollar personal contributions made by persons earning $27,500, phasing out at $40,000.

“Significantly, 63% of payments have gone to females, with these women receiving an average co-contribution of approximately $570,” Mr Hawker said.

37% of the payments were for males with an average value of approximately $490.

The Australian Government has paid out approximately $244 million in co-contributions to the superannuation funds of 450,000 people around Australia.

Mr Hawker reminded people that in the 2004/05 Budget the Government significantly extended the co-contribution scheme to provide further incentives to low and middle income employees.

“In the current financial year eligible personal superannuation contributions will be matched at $1.50 for every $1 contributed up to a maximum co-contribution of $1,500 for those on incomes up to $28,000. The maximum co-contribution will phase out an increased upper threshold of $58,000 (up from $40,000),” he said.

Media contact: Jane Templeton (03) 5572 1100