We have begun paying delayed super co-contribution entitlements, with interest where applicable.
If your payment has been delayed, you do not need to do anything. Interest will be paid as an additional super co-contribution amount where we have delayed payment for more than 60 days.
After July, we will start reviewing all interest entitlements on super co-contributions and, if required, pay top-up amounts on accounts impacted by processing delays.
The superannuation (super) co-contribution is a government measure to boost super savings.
If you are a low or middle income earner, you may be able to receive the super co-contribution from the government by making eligible personal super contributions to your complying fund or retirement savings account (RSA).
The maximum super co-contribution payable and the way we work out the amount of super co-contribution we pay depend on the income year in which you made your eligible personal super contributions.
The super co-contribution:
must be preserved in a super fund or RSA – it can only be accessed when other preserved amounts can be accessed
will not be subject to tax when paid to the fund or RSA provider
will not be taxed when received as a benefit
is not included as income in your tax return.
Earnings on the super co-contribution will be taxed like any other earnings within the super fund or RSA.
From 1 July 2007, eligibility for the super co-contribution initiative was extended to include some self-employed persons.
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