6,832 LOCAL CONSTITUENTS HAVE RECEIVED SUPER BUDGET BONUS
The Member for Berowra, Philip Ruddock MP, today announced that 6,832 low and middle income earners in his electorate will receive up to $3,000 from the Howard Government as a superannuation co-contribution for personal contributions of up to $1,000 made in the 2005-06 financial year.
“Under the superannuation co-contribution scheme the Government contributes $1.50 for every $1 of after-tax superannuation contributions made by employees earning up to $28,000, up to a maximum co-contribution of $1500 per year. The co-contribution phases out completely for employees earning more than $58, 000,” Mr Ruddock said.
To reward people for preparing for their own future, the Treasurer announced as part of the 2007-08 Federal Budget that the Howard Government will pay an additional one-off sum to double the co-contribution in respect of the 2005-06 year.
“This means an eligible person in my electorate who contributed up to $1,000 during 2005-06 will receive a co-contribution of up to $3,000 from the Government for that year, which will be paid before 30 June this year,” Philip Ruddock said.
“This is practical help for low and middle income earners and will help my constituents directly boosting their retirement savings.
“The Howard Government’s superannuation co-contribution scheme is an important strategy for locking in the gains our nation has made over the last decade.”
People don’t need to apply – the payments are made automatically if they contribute to super and lodge a tax return. The most direct web page is www.ato.gov.au/super and click on the Super Co-contribution link