Super Co-Contribution
Released: 04 Aug 2009
Was it too generous? Too good to be true?
The previous $1,500 handout was a big incentive for people to make contributions to super. For the 2009/10 tax year the government payment will reduce to a maximum of $1,000.
Eligibility is based on assessable income (plus reportable fringe benefits).
Income threshold for full $1,000 govt co-contribution $31,920 p.a.
Maximum income threshold (when payment cuts out) $61,920 p.a.
(Payments reduce by 3.33 cents for each additional dollar over $31,920)
Remember that since the 1st July 2007, self employed persons who earn 10% or more of their total income from carrying on a business may be eligible for co-contribution.
The information provided above is for general information purposes only and has been prepared without consideration of the relevant personal circumstances of any individual investor. You should consult with your financial adviser before acting on the information.