Superannuation co-contribution: 2007 Budget measure Bill

The Superannuation Laws Amendment (2007 Budget Co-contribution Measure) Bill 2007 has passed all stages without amendment and received Royal Assent on 15 May 2007 as Act No 67 of 2007. The Bill gives effect to the Government's 2007-08 Budget announcement to provide an additional one-off superannuation co-contribution to double the amount received by eligible persons for personal contributions made in the 2005-06 income year. The Tax Office said it expects to make the majority of additional co-contribution payments to superannuation funds before 30 June 2007 with additional remaining payments to be paid during 2007-08.