Feds pay up on super co-contributions

The federal government has begun to transfer co-contributions the accounts of superannuation funds member who contributed up to $1,000 of their own money to their super fund in the 2003/04 financial year. Someone on $28,000 a year who contributes $1000 to their super fund would receive a $1,500 contribution from the government. The co-contribution by the government relates to voluntary contributions, and is not affected by contributions made by an employer under the compulsory superannuation system.