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ATO confirms new co-contribution rates
The Australian Taxation Office (ATO) has reminded people making superannuation co-contributions of the new matching rates applying as a result of the changes announced in the Federal Budget.
The Federal Government used the Budget to announce a temporary lowering of the co-contributions.
The ATO announced the new superannuation co-contribution rates would be 100 per cent for the 2009-10, 2010-11 and 2011-12 financial years with a maximum superannuation co-contribution of $1,000, while it would be 125 per cent (representing $1.25 for every $1 contributed) for the following two financial years (2012-13 and 2013-14), with a maximum superannuation co-contribution of $1,250.
It said the rate would move up to 150 per cent ($1.50 for every $1 contributed) from 2014-15 onwards, with a maximum superannuation co-contribution of $1,500.
The ATO said the higher income threshold for the current financial year was $61,920.
AUTHOR
Mike Taylor
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