Government co-contribution

By: Sunsuper  09-Dec-2011
Keywords: Super Fund

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:

BPAY®
You can make one off payments using BPAY. .

Payroll Deductions
Ask your employer to make regular payments from your after-tax pay.

Contribution Caps

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

Keywords: Super Fund

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