Super Co-Contribution rules for 2014/5
Yes the co-contribution is still here – just!
The maximum the government will pay into your super is $500. To receive this you need to make a personal contribution to your superfund before 30 June 2015 of $1,000, and satisfy all the eligibility criteria as follows…..
- At least 10% of your income must be from employment or running a business
- You must be less than age 71
- You are not holding a temporary visa (unless from NZ)
- You will lodge a 2015 tax return and
- Your total income must be less than $34,488 to receive the full co-contribution. The co-contribution is reduced for income over this, reducing to zero for income over $49,488
So if you satisfy all the criteria and want $500 free cash from the government, what are you waiting for?
The payments are made automatically after your tax return is lodged at which point the ATO match your tax return to your contributions made as reported by all superfunds.
Any questions please give me a call