9 June 2009
Co-contribution payments delayed
Super co-contribution payments to approximately 200,000 out of 1.3 million super accounts may be delayed to after the end of the 2008-09 financial year. This is due to problems with the Australian Tax Office (ATO) systems.
If you are an eligible recipient, you do not have to do anything. The ATO will pay interest on the delayed payments at the rate specified by the Reserve Bank of Australia, which is currently at 3.16%. Interest will continue to be paid until you either receive the payment or it is paid into your super account.
More Information
If you are suffering hardship as a result of these delayed payments, contact the ATO on 1300 139 027 to discuss your circumstances. They can only make payments where you meet the requirements for a direct claim (when you have retired and no longer have a super account eligible to receive the co-contribution).
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