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Disclaimer

This is not advice. Items herein are general comments only and do not constitute or convey advice per se. The information contained in these articles is for guidance only and should not be relied upon without obtaining professional advice having regard to your direct circumstances.

 

Super Co-Contributions

The government will make a co-contribution to your super up to $1000.00 per year from 1 July 2009 as long as the following criteria are met:


• You make a personal superannuation contribution by 30 June of that income year to a complying superannuation fund or RSA
• You don’t claim a deduction in your income tax return for the contribution
• Your total income is below the income threshold ($61,920 from 1 July 2009)
• 10% or more of your total income is from running a business, eligible employment or a combination of both
• You are less than 71 years old at the end of the income year
• You do not hold an eligible temporary resident visa at any time during the income year
• The contribution needs to be marked as an “after tax” contribution when sent to your fund, and
• Net business income, ie after expenses, of less than $31,920 will receive the full co-contribution of up to $1000 and the amount will phase out to the point of receiving no co-contribution above $61,920.

Your net income along with the amount you contribute will ultimately determine the amount received.

 


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