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EXPLAIN CHANGE IN ELIGIBILITY CRITERIA FOR CO-CONTRIBUTIONS

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24
May

Super co-contribution is to help those people on lower or middle incomes to boost their retirement savings. The Australian Government has established the Superannuation Co-Contribution scheme for these people. Depending on how much you earn each year, the government can chip in to help increase your super every time you make a voluntary after-tax contribution of your own. If you earn less than $51,021 per year, the government can contribute up to $500 to your super account. Depending on your income, the government will pay up to 50 cents for every $1 you contribute yourself from your after-tax (non-concessional) income.
Who exactly is eligible for the Super Co-Contributions?
You need to pass certain basic criteria before you are qualified for a government co-contribution. In 2016-17 you are eligible:

  •  If your total income is less than $51,021 for the 2016-2017 financial year;
  • If you earn 10% or more of your total income from eligible employment, or 10% or more of your total income from carrying on a business, or a combination of both;
  • If you made one or more eligible personal super contributions to your super account during the financial year;
  • If you were less than 71 years old at the end of the financial year;    
  • If you haven’t held an eligible temporary resident visa at any time during the financial year; 
  • If you’ve lodged a tax return for the relevant financial year.

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