Indi super co-contributions exceeds $22 million

Sophie Mirabella, the Federal Member for Indi, today announced that over $22.7 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.

Mrs Mirabella emphasised the important role that superannuation can play in helping people achieve financial security in their retirement years. The Howard Government’s Super Co contribution scheme is practical help for low and middle income earners, directly boosting their retirement savings.

Despite this, the Labor Party wanted to abolish the Super Co-contribution scheme at the last election.

Mrs Mirabella encouraged 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.

Under the Super Co-contribution, the Howard 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 introduction of the Super Co-contribution scheme has only been possible through the Howard Government’s strong economic management.

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