We've got some great news about your super. You could be eligible to get some bonus $$ from the government. Check it out.
If you earn less than $61,920 and make a personal (after tax) contribution into your super account before June 30, the government will match every dollar of your personal contribution with another $1.00, up to certain limits (the maximum co-contribution for 2009/10 is $1,000, but it reduces as your income increases from $31,920, phasing out at $61,920).
Type your income into the box below and see how much the gov't will kick in.
So how does it work?
Let's consider the case of Jane, who's earning $30,000 per year:
- Jane scrapes together $500 (by selling her 80s stuff to trendy vintage stores) and puts it into her max Super account before 30th June 2010.
- She then lodges her tax return after July 1, 2010.
- The Australian Tax Office will work out that Jane's eligible for the Government Co-contribution and pays an extra $500 into her max Super account.
The best part is, she doesn't pay any tax on the Government Co-contribution. $$$ for jam!
Do I qualify?
There are some criteria you'll need to meet - don't complain, it's bonus $$ from the government! So make sure you:
- earn under $61,920 per annum (income includes your assessable income plus reportable fringe benefits);
- make a personal after tax contribution to your super before June 30th 2010 (this doesn't include salary sacrifice contributions or spouse contributions);
- are a permanent Australian resident;
- make 10% or more of your income from eligible employment, running a business, or a combination of both;
- lodge an income tax return for income year; and
- are less than 71 years old at the end of the income year.
There are heaps of ways to make a contribution: download our Voluntary Contributions fact sheet, choose a payment method, and get on to it!
If you like nitty-gritty, more details on the Government Co-contribution are also available on the ATO website.
