Am I Eligible For Super Co-Contribution?

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Q. I am eligible to receive the $1500 superannuation co-contribution from the Government during the 2007/08 year. When will my superannuation fund receive the payment?

Josie’s answer - The co-contribution is payable when a few administrative processes have been completed.

Firstly you need to lodge an income tax return with the ATO as they need to confirm your total income was less than $28,980 (assessable income, plus any fringe benefits).

Also, your super fund needs to lodge a member contributions statement to confirm that you actually made the payment and this usually happens by 31 October, 2008.

For example, if you made a contribution on 1 February 2008, your super fund will report it by 31 October 2007. In most cases, the Tax Office would then arrange to pay your co-contribution within 60 days. Once the payment has been made, the Tax Office will send you a letter of confirmation.

Don’t forget that the above information is general in nature and not specific to your goals and objectives. It is recommended that you seek personal financial advice specific to your needs.

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