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Date of article: 27 July 2007
Last updated: N/A

Super co-contribution payments

The Government has contributed over $3 billion in super co-contribution to those eligible since the inception of the scheme.

Under the super co-contribution scheme the Government contributes $1.50 for every $1 of after tax superannuation contributions made by employees earning up to $28,980, up to a maximum of $1,500 per year. The co-contribution phases out for employees earning more than $58,980.

There is also a once-off double co-contribution for the 2005-06 year meaning an eligible person who contributed $1,000 will receive co-contribution totalling $3,000 from the Government for that year.