Co-contributions hit $3 billion
The Federal Government has contributed more than $3 billion to superannuation funds since it introduced its co-contribution scheme three years ago.
And, according to big health industry superannuation fund HESTA, women have been among the main beneficiaries with more choosing to make personal contributions.
According to the Government, the total amount paid out by the Commonwealth was boosted substantially by the decision to double co-contribution entitlements for those who earned less than $58,980 per annum and made non-concessional contributions for the 2005-06 year. To date, $917 million in these extra entitlements have been paid to 1.13 million workers.
Of the $3 billion in co-contribution payments made Australia-wide, $840 million went to workers in New South Wales, $785 million to workers in Queensland, $745 million to workers in Victoria, $260 million to workers in South Australia, $245 million to workers in Western Australia, $104 million to workers in Tasmania, $75 million to workers in the Australian Capital Territory and $24 million to workers in the Northern Territory.
Minister for Revenue and Assistant Treasurer Peter Dutton said those who have received extra co-contributions would be notified over the coming weeks. The Australian Taxation Office will make further payments as people lodge their 2005-06 tax returns and their co-contributions are calculated.
Recommended for you
The financial advice sector has benefited from a net rise of 11 advisers this week, according to Wealth Data, while AMP Group reports losses as several advisers open their own licensees.
Praemium has updated on the progress of its integration with platform OneVue, which it acquired from Iress earlier this year.
ASIC leadership has waded into the political debate about Qantas flight upgrades, confirming its executives hold membership of the Chairman’s Lounge but denying it affects their regulatory ability.
Perth advisory firm Capital Partners Private Wealth Advisers has announced a new managing director to take over from David Andrew as he steps down after 25 years.
