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).
This week's edition of Professional Pensions is out now
MPs failed to place legislation into the Financial Guidance and Claims bill that would have made pension guidance default, which Just Group director Stephen Lowe said left a "bitter taste".
Aegon has called for the government to double the tax exemption on employer-arranged pension advice, up from £500 to £1,000.
Institutional investor confidence in Europe rose by 8.9 points in April with each region showing growing appetite for risk, according to State Street Global Exchange.