Monday 10 August 2009

Superannuation co-contribution cheque arrived

A cheque for DWs $1,501.80 superannuation co-contribution arrived in the mail today from our SMSF administrator, eSuperfund. I can only assume the extra $1.80 was due to interest accrued while the $1,500 government co-contribution was sitting in a holding account for some time. There is always a significant delay between when the $1,000 undeducted superannuation contribution is made and when the co-contribution payment is eventually received. That's because the individual who made the contribution has to lodge their tax return (which confirms if a deduction is being claimed for the contribution, and the individual's taxable income for that year) and the super fund has to lodge it's annual tax return (which presumably includes any deduction claim paperwork) before the ATO can finally decide how much co-contribution to pay out.

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