Announcement

2008-09 super co-contribution payments

A super co-contribution payment is an additional amount paid by the Government to an individual’s super fund if they make a personal super contribution to the fund by June 30 each year. The individual must meet the eligibility criteria and lodge an income tax return.

Around 200,000 out of a total of 1.3 million of super co-contribution payments may not be made by the Tax Office to us by the end of the 2008-09 financial year, due to problems with their systems.

Around 200,000 out of a total of 1.3 million of super co-contribution payments have not been made by the Tax Office to us before the end of the 2008-09 financial year, due to problems with their systems.

The Tax Office will pay interest on the payments that have been delayed at the rate specified by the Reserve Bank of Australia, which is currently at 3.16%.

If you are an eligible recipient, you do not have to do anything.

The Tax Office is working closely with us on this matter and will clear the backlog of payments, apply interest automatically and make payments to us.

Interest will continue to be paid until you receive payments or it is paid into the relevant super fund.

If you are suffering hardship as a result of these delayed payments you should contact the Tax Office on 1300 139 027 to discuss your circumstances. The Tax Office can only make payments where you meet the requirements for a direct claim (when you have retired and no longer have a superannuation account eligible to receive the co-contribution).

For more information, refer to Super co-contributions at www.ato.gov.au.