The Federal Government is claiming a victory with respect to the implementation of its super co-contribution scheme, quoting Australian Taxation Office (ATO) figures that more than 200,000 Australians have taken advantage of the new regime.
The Assistant Treasurer, Mal Brough said that the ATO data had indicated around 215,000 cases where a co-contribution payment has been made to a person’s superannuation fund.
“The ATO estimates that the value of these payments is approximately $110 million, with the average payment of around $510 extra toward retirement incomes,” he said.
Brough reminded taxpayers that in the current financial year eligible personal superannuation contributions would be matched by the Government at 150 per cent for every dollar contributed subject to an increased maximum contribution of $1,500.
The Minister’s announcement was welcomed by the Investment and Financial Services Association (IFSA) with chief executive officer, Richard Gilbert saying it came as no surprise to his organisation.
Gilbert also said IFSA expected the take-up of the co-contribution to be even higher in 2005.
