Around 450,000 low to middle income earners have been able to 'supersize' their superannuation accounts to date thanks to the Government's co-contribution scheme.
Minister for Revenue and Assistant Treasurer, Mal Brough, today released figures in Parliament showing that, as at 3 February 2005, the Australian Taxation Office has paid out approximately $244 million in co-contribution payments to the superannuation funds of around 450,000 Australians.
"Around 63% of payments have gone to females, with these women receiving an average co-contribution payment of $570," Mr Brough said.
Men accounted for around 37% of payments, with an average co-contribution payment of approximately $490.
The payments relate to co-contributions for the 2003/04 financial year, when eligibility for the scheme was based on the Government matching dollar for dollar personal contributions made by persons with income up to $27,500, phasing out at $40,000.
In the 2004/05 Budget the Government significantly extended the co-contribution scheme to provide further incentives to low and middle income employees.
In the current financial year, eligible personal superannuation contributions will be matched at $1.50 for every $1 contributed up to a maximum co-contribution of $1,500 for those persons on incomes up to the increased lower income threshold of $28,000. The maximum co-contribution will phase out at an increased higher income threshold of $58,000 (up from $40,000).
"Australians of all ages are embracing the co-contribution scheme."
ATTACHMENT
PERCENTAGE OF SUPERANNUATION CO-CONTRIBUTION PAYMENTS BY AGE RANGE
Age range |
Percentage of |
Under 21 |
4 % |
21-25 |
8 % |
26-30 |
7 % |
31-35 |
9 % |
* 36-40 |
11 % |
41-45 |
13 % |
46-50 |
14 % |
51-55 |
15 % |
56-60 |
12 % |
61-65 |
6 % |
66-70 |
1 % |
TOTAL |
100% |
| * For example: 11% of total co-contribution payments were made to people aged between 36-40. | |