Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
7,145 workers in Wannon have a Super year.



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

3 November 2006

7,145 WORKERS IN WANNON HAVE A SUPER YEAR

Federal Member for Wannon, David Hawker, today announced that the Australian Government’s expanded superannuation co-contribution scheme is working for Western Victoria, with more than 7,000 people in Wannon receiving a co-contribution payment in respect of personal superannuation co-contributions made during the last year.

“Employees in Western Victoria have enthusiastically embraced the superannuation co-contribution scheme, which works as a “helping hand” for low and middle income workers to boost their super savings,” Mr Hawker said.

“Under the 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, with the co-contribution phasing out completely for those earning more than $58,000. The maximum Government co-contribution is $1500.

“And next year it gets even better,” Mr Hawker said. “From 1 July 2007, for the first time, self employed people will become eligible for the co-contribution.”

Mr Hawker said local residents should check their eligibility for the co-contribution scheme.

You will be eligible to receive the new expanded co-contribution for the current financial year 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.

The extension of the co-contribution to the self employed will not take effect until the 2007/08 financial year.

Further information about the superannuation co-contribution scheme can be obtained by contacting Mr Hawker’s office on (03) 5572 1100.

- ENDS -

Media contact: Jane Templeton 0408 564 232