Just what is Co-Contribution?

Hospitality Crew: The co-contribution is bandied about in the media a lot, what does that mean?
Brendan O'Farrell: It a nutshell $1,500 for nothing. It's a fantastic initiative. Were else can you get $1,500 for nothing?. You make $20 bucks as an after tax voluntary contribution paid into your super fund and your earning under $28,000 per year the government will top that up with $1,500.

Hospitality Crew: So you're saying that anyone that makes their own contribution will get an extra $1,500 from the Government?
Brendan O'Farrell: If you are earning under $ 28,000 per year and you make that $20.00 a week contribution you will receive the $1,500 from the government. This phases in and reduces to zero if your income exceeds $59,000 per year. So another example might be if your earning $45,000 per year, that same $20 will actually give you and extra $700 from the ATO.

Hospitality Crew: If I pay in my money throughout the year when does the government pay there's in?
Brendan O'Farrell: The government usually makes contributions into the members superannuation fund really around mid to late December of each year. This is high dependant on when the individual actually lodges their tax return. Most individuals lodge a tax return before the end of the 31st of October of each year, so if its lodge by the 31st of October you can probably expect some sort of payment from the government sometime December yearly. This of course can vary and your contribution can flow into your fund at any time as you may lodge a tax return at a later date.

Thanks Siggi's at the Stamford Plaza in Brisbane for allowing us to film this on your premises