Government Co-contribution Scheme
The Government Co-contribution Scheme is a powerful tool for increasing superannuation savings.
The scheme has now been extended to the self-employed, provided they satisfy the existing eligibility criteria for the co-contributions.
The lower threshold is $28,980 or less, whereby should you contribute $1,000 as a personal contribution to your superannuation fund, you could be eligible for a $1,500 Government co-contribution. The upper threshold is $58,980 at which point the co-contribution cuts out.
|
Total income
(taxable income plus reportable
fringe benefits)
|
Maximum co-contribution
|
Contribution
to receive
maximum
|
Total income
(taxable income plus reportable fringe benefits)
|
Maximum co-contribution
|
Contribution
to receive
maximum
|
|
$28,980 or less
|
$1,500
|
$1,000
|
$44,980
|
$700
|
$467
|
|
$30,980
|
$1,400
|
$934
|
$46,980
|
$600
|
$400
|
|
$32,980
|
$1,300
|
$867
|
$48,980
|
$500
|
$334
|
|
$34,980
|
$1,200
|
$800
|
$50,980
|
$400
|
$267
|
|
$36,980
|
$1,100
|
$734
|
$52,980
|
$300
|
$200
|
|
$38,980
|
$1,000
|
$667
|
$54,980
|
$200
|
$134
|
|
$40,980
|
$900
|
$600
|
$56,980
|
$100
|
$67
|
|
$42,980
|
$800
|
$534
|
$58,980
|
$0
|
$0
|
To find out if this strategy could benefit you, contact us.
To calculate the amount of government co-contribution, Click Here.