The government’s co-contribution scheme is still in force for the 2012/13 year -albeit in a watered down state.
The government will contribute 50% (up to a maximum of $500) of a non-concessional contribution you make to your superfund before 30 June 2013.
To be eligible, your taxable income + fringe benefits + salary sacrificed super must be less than $46,920. You must have at least 10% of your income from employment and you must be under age 71.
The government contribution is reduced where your adjusted income is between $31,920 and $46,920. A calculator is available on the ATO website to see how much you may receive.
You must include details of the contribution made on your 2013 tax return. So don’t forget to tell us! The government payment will be made automatically once your return is lodged.
Makes a great mid-year present for those uni-kids with low employment income!