I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Remembering the Glory Days of Co-Contribution

When the super co-contribution scheme was first introduced and presented in July 2003, it was an innovative policy submitted by the government as a way to encourage people to save even more for retirement.

The idea was simple. If you made a contribution to your super, originally, the government would match the contribution - dollar for dollar, and up to a thousand dollars, when your yearly income was less than a particular amount. You received tax-exempt money as payment for saving for your retirement. It was perfect!

In the co-contribution scheme's first year being in operation, over 600,000 Australians acquired a complimentary tax-exempt superannuation contribution from the federal government, averaging $540 for every eligible taxpayer. In the following year, the number of Australians who participated in the co-contribution scheme increased to 1.2 million recipients.

Women-Friendly Super Policies

The co-contribution scheme has become one of the few woman-friendly super policies. For instance, during the 2003-2004 year, the first year of the co-contribution scheme, 63% of recipients were women, and this trend of gender has continued all through the decade.

A large number of female beneficiaries to a means-tested super co-contribution scheme is sensible when you think that women typically earn less money than men. Moreover, women are more likely to be involved part-time jobs than men.

So far, all is going well. We have a cutting-edge policy that doesn't only encourage, but assist individuals on lower income levels (particularly women), to increase retirement benefits.

From a ground-breaking $1,000 to a substantial $1,500

From July 2005, the government-offered super co-contribution scheme was increased to a generous $1,500.

For each after-tax (non-concessional) dollar you paid to your superannuation fund, you get $1.50, and up to $1,500 maximum, when you had an income less than a certain amount. To sum up, if you made a contribution of $1,000 to your fund, you got $2,500 in your superannuation account.

Consider this for a second. You got a 150% return, guaranteed on your superannuation money before allowing for any return on your contributions (when the super fund trustees invested the contribution).

If this article was interesting to you, we can assure you that you will find more interesting articles on our knowledgebase. Visit us at - www.australiansuperfinder.com.au

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