AUSTRALIA - The government has paid out AUS$244m to around 450,000 Australians as part of its superannuation co-contribution scheme, according to new figures from the Australian Taxation Office (ATO).
Minister for revenue and assistant treasurer, Mal Brough, said: “Around 63% of payments have gone to females, with these women receiving an average co-contribution payment of AUS$570.”
Men accounted for around 37% of payments, with an average co-contribution payment of approximately AUS$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 AUS$27,500, phasing out at AUS$40,000.
In the 2004/04 budget, the government extended the scheme to provide further incentives to low and middle income employees. In the current financial year, eligible personal super contributions will be matched at AUS$1.50 for every AUS$1 contributed up to a maximum co-contribution of AUS$1,500 for those on incomes up to the increased lower income threshold of AUS$28,000.
The maximum co-contribution will phase out at an increased higher income threshold of AUS$58,000 (up from AUS$40,000).
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