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Superannuation Co-contribution Incentive
Are you Eligible?
The Co-contribution scheme gives you the opportunity to have extra Government contributions made to your super if you make voluntary contributions and your income is less than $61,920.
Despite some trimming in the budget, those on less than $31,920 p.a. will still receive a dollar for dollar co-contribution, up to a maximum of $1,000. That's a 100% return!
This support reduces for incomes above $31,920 until it cuts out at $61,920. These thresholds will be maintained for at least the next two years.
Here's how it works: Bob is 40 and earns $40,000 p.a. He has $1,000 available to invest in superannuation this year. Is Bob eligible for a Government Co-contribution?
Yes - Bob would be entitled to $730 from the Government. If Bob were able to make these personal contributions to super on a regular yearly basis, the increase to his superannuation account by the time he retired as a result of the co-contributions will be significant.
Superannuation Co-contribution Incentive
Are you Eligible?
