The Super Co-Contribution is a government incentive to help eligible individuals boost their super savings. The government will match up to $1,000 of your personal AFTER TAX super contributions. Individuals earning between $31,920 and $61,920 are eligible to receive up to $1,000 into their superannuation account from the government.
What are the criteria?
You must meet a range of different conditions to apply for the Co-Contribution, but as a general rule:
- You earn less than $61,920
- 10% or more of your total income comes from employment activities
- You are less than 71 years old
- You are not the holder of a temporary visa
- For full eligibility
How it is calculated:
For every dollar you earn over $31,920 the amount the government contributes is reduced by $0.0333 cutting out completely at $61,920. The ATO have a calculator for you to find out exactly how much you will receive back.
Don’t hold off…
From July 2012 the government are cutting the super co contribution from $1.00 for every dollar you contribute to $0.50 taking the maximum you can receive to $500 so there is no better time than now to contribute. For more information
To find out more about this strategy and how it affects your personal circumstances please contact our office.
By Amy Flett
