Boost your super
To help you save for your retirement, the Government could give you money to boost your super. It’s called the Government co-contribution and it could make a huge difference to the size of your super balance when you retire. Time is running out to receive the Government co-contribution for this financial year, so get in soon!
You may be eligible for a Government co-contribution if:
- you make voluntary after-tax contributions to a super fund during the financial year,
- your total income was less than $61,920 (for 2011-2012 financial year),
- you are under 71 years old at the end of that tax year,
- you lodged an income tax return for that financial year,
- you have not held a temporary resident visa at any time during the financial year,
- you earned 10 per cent or more of your total income from running a business, or from eligible employment1 or a combination of both.
How much will you be entitled to?
|Your total income2 ||You pay ||Your reward |
|$31,920 or less ||$1000 ||$1000 |
|$35,000 ||$897 ||$897 |
|$40,000 ||$731 ||$731 |
|$45,000 ||$564 ||$564 |
|$50,000 ||$397 ||$397 |
|$55,000 ||$231 ||$231 |
|$61,920 or more ||$0 ||$0 |
Make your contribution
There are a couple of ways that you can add to your super and take advantage of the Government co-contribution:
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You can make one off payments using BPAY. .
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Ask your employer to make regular payments from your after-tax pay.
1 Eligible employment generally means anything resulting in you being treated as an employee. Amounts from eligible employment also includes some income of employees who think of themselves as being self-employed, such as those who run their business through a company and the company pays them salary or wages.
2 Total income = assessable income + reportable fringe benefits + reportable employer super contributions.
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The information in this article was current at 09 Nov 2011