Taxation, investments, small business Accounting and advice, superannuation - Jamiesons Chartered Accountants
 

About the super co-contribution

The superannuation (super) co-contribution is a government initiative to help eligible individuals boost their super savings for the future.

If you are a low or middle-income earner, you can take advantage of the super co-contribution payment by making eligible personal super contributions to your super fund or retirement savings account (RSA). The government will then match up to $1,000 of your personal super contributions.

You don't need to apply. If you're eligible, all you need to do is make personal super contributions to your super fund or retirement savings account and lodge an income tax return.

The maximum super co-contribution payable, and the way we work out this amount depend on the income year in which you made your eligible personal super contributions and whether your total income falls between the super co-contribution income thresholds for that year

Lower income threshold

 

Higher income threshold

 

What will I receive for every $1 of eligible personal super contributions?

 

What is my maximum entitlement?

 

From 1 July 2009 until 30 June 2012

 

$31,920

 

$61,920

 

$1, up to your maximum entitlement.

 

Your maximum entitlement is $1,000. However, you must reduce this by 3.333 cents for every dollar your total income, less allowable business deductions, is over $31,920, up to $61,920.

 

 

Please contact us if you have any queries relating to this.

http://www.ato.gov.au/content/42616.htm

 

   |   Copyright Jamiesons Chartered Accountants ©    |   Site Map   |   Disclaimer   |   Online software for accountants by Wolters Kluwer    |