Superannuation co-contribution
Tuesday, June 5th, 2007Lucky you if you made an eligible contribution to super last year (2005-2006 tax year). That means you paid an additional amount into your super fund and met the criteria for the government co-contribution where they paid up $1.50 for every additional $1.00 to a maximum of $1,500.
If you did this before the end of June 2006, the the government is going to reward you by giving and additional one-off payment of the same amount. In other words, the government is going to double what they initially gave you.
Isn’t it a pity we can’t back-date and all do it. I would have liked and additional $3,000 paid into my super fund.
Remember though, you can still make a contribution before the end of June each year. The government will still give you the 150% co-contribution if you meet the criteria, which is nothing to sneeze at.