If you're a low-to-middle income earner, the government may help boost your super savings through the super co-contribution.
The ATO uses the information on your tax return and the contribution information received from your super fund to work out whether you’re eligible. If you are, the ATO will calculate the co-contribution amount and deposit it into your super account.
The 2014 financial year has a matching rate of 50% to a maximum of $500; meaning if you are eligible and contribute $1,000 you will receive a $500 co-contribution.
You are eligible for a super co-contribution if:
Now that a new financial year has started have you considered setting up a regular bank transfer into your super fund account? An annual contribution of $1,000 equates to regular fortnightly contributions of $38.46.
Please contact our office if you are unsure about your eligibility.