Believe it or not there is still the possibility to get some free money from the government. The superannuation co-contribution is hanging on in there for a little longer so make use of it if you can and grab up to $500 of free cash.
To access the co contribution you need to fulfil the eligibility criteria, the main three being as follows
- The work test… At least 10% of your income must be from employment or running a business. It is not available for stay at home mums unfortunately.
- The income test …. Your total income must be less than $50,454 to access some co-contribution and below $35,454 to get the full co-contribution.
- The age test …. You must be under age 71, and if over age 65 you must also satisfy the work test of 40 work hours in 30 days.
The maximum co-contribution is 50c for every dollar you contribute as an after tax personal contribution to a maximum of $500.
It’s easy, transfer up to $1000 of money from your personal bank account to your superfund as a personal contribution before 30 June. The tax office calculates the co-contribution and puts it in your superfund when you lodge your 2016 tax return. There are no forms to fill in.