3 Jul 2009
The Australian Tax Office has advised super funds that approximately 200,000 super co-contribution payments will not have been made by the end of the 2008/2009 financial year due to problems with their systems.
Members won’t be disadvantaged by late payments
The Tax Office will pay interest on payments that have been delayed at the rate specified by the Reserve Bank of Australia, which is currently at 3.16%.
What do I need to do?
If you are entitled to a government co-contribution, you don’t have to do anything. The ATO is working to clear the backlog and make payments to us. Interest will be automatically applied by the Tax Office and will continue to be paid until your payment is paid into the relevant super fund.What is a co-contribution?
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 their fund by June 30 each year. To be eligible for a co-contribution payment you must meet certain eligibility criteria and lodge an income tax return.
Questions or concerns?
If you’ve got any questions or concerns, please contact the ATO directly on 1300 139 027.
Contact your local representative
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