Super co-contributions If you are a low or middle-income earner and make personal (after-tax) super contributions to your super fund, the Government also makes a contribution (called super co-contribution) to your super up to a maximum amount of $500. What is the Government’s co-contribution to super? Super co-contributions help eligible people boost their retirement savings. This bonus is called a super co-contribution. How is the co-contribution calculated? Views 573. If you earn less than $37,000 per year, the Government could refund the tax you pay on any before-tax contributions up to a maximum of $500. How much of a co-contribution you can get depends on your income and on the size of your contribution. The super co-contribution is only available to low and middle income earners (i.e. Government super co-contributions. Super co-contribution. Often referred to as the 'Government co-contribution', or simply 'co-contributions', this is an additional contribution paid by the Australian Government to you as a reward for making an after tax personal contribution to your super. After tax contributions means the taxpayers are not claiming a tax deduction for their contributions. The Super Co-contribution scheme is an initiative aimed at helping eligible people boost their retirement savings. The super co-contribution scheme is designed to help retirement savers build their super account balance by providing an additional payment from the government (up to $500) for super contributions you make yourself. The Super Co-contribution is a Government initiative to match personal super contributions by low and middle income earners. Any co-contribution that’s owed to you will usually be deposited into your super account. If you are a low or middle-income earner and make personal (after-tax) super contributions to your super fund, the government also makes a contribution (called a co-contribution) up to a maximum amount of $500. If you qualify for the Commonwealth Government Co-contribution it could help grow your super even faster. Receive a co-contribution of up to $500. income related to another year of employment, such as employment termination payments and lump sum payments. How is the co-contribution calculated? Super co-contribution scheme – a great initiative to boost your retirement savings. If you follow our information and it turns out to be incorrect, or it is misleading and you make a mistake as a result, we will take that into account when determining what action, if any, we should take. You can use the Super Co-Contribution calculator (available on ASIC’s MoneySmart website) to find out how much you may be eligible for. Receive a co-contribution of up to $500. Watch Queue Queue. Super Co-Contribution 2014 FY. Case study. To be eligible you must: You are not entitled to a super co-contribution for any personal contributions you have made that have been allowed as a tax deduction (see Claiming deductions for personal super contributions). For more information about the Government co-contribution, read the Super Co-Contribution Fact Sheet or refer to the ATO website. Super co-contribution. The Australian Taxation Office will deposit a co-contribution directly into your super account in the following financial year. Grow your super. How to save thousands The Government’s super co-contribution is an initiative to help you save for retirement. If you follow our information and it turns out to be incorrect, or it is misleading and you make a mistake as a result, we will take that into account when determining what action, if any, we should take. The ATO determines if you have met the criteria to receive a co-contribution. We will determine if you have met the criteria for the government super co-contribution after you have lodged your tax return. All forum topics; Previous Topic; Next Topic; Highlighted. This is clearly marked. This could mean reaching your super goals sooner, rather than later. The payments aim to boost the retirement savings of low and middle income earners who make personal (after-tax) contributions into their super account. The Super co-contribution amount won’t include cents. If you are eligible and make personal super contributions during a financial year, the government will pay a super co-contribution up to certain limits. on ‎1 June 2020 02:28 PM. The Commonwealth Government will match up to 50% of your personal contributions in a financial year, up to a maximum of $500. on ‎1 June 2020 02:28 PM. Some of the information on this website applies to a specific financial year. Often referred to as the 'Government co-contribution', or simply 'co-contributions', this is an additional contribution paid by the Australian Government to you as a reward for making an after tax personal contribution to your super. To help Australians reach their retirement goals, the Government may contribute up to a maximum of $500 to the super accounts of people who meet certain criteria. If you are eligible and make personal after-tax (non-concessional) superannuation contributions, you will receive a bonus contribution to your super from the Government. Replies 4. We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations. The super co-contribution helps eligible people boost their retirement savings. If you earn less than $37,697, the Australian Government will contribute $0.50 for every $1.00 of after-tax super contribution you make, up to a maximum of $500. Generally, income that is related to employment or business is eligible income – for example: The following types of income are not eligible income for super co-contribution purposes: We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations. Super co-contributions help eligible people boost their retirement savings. The way your co-contribution is calculated depends on the financial year in which you made your personal super contributions. Eligibility for government co-contributions. You can use the Super Co-Contribution calculator (available on ASIC’s MoneySmart website) to find out how much you may be eligible for. You may receive a lower amount if you contribute less than $1,000 and/or earn between $39,837 and $54,837. Subscribe to RSS Feed; Mark Topic as New; Mark Topic as Read; Float this Topic for Current User; Bookmark; Subscribe; Printer Friendly Page; Ask a question. You may need to seek professional advice to assist you. The Government co-contribution is an initiative to help eligible low to middle income earners boost their retirement savings. Government super contributions include both super co-contributions and low income super tax offset. The super co-contribution helps eligible people boost their retirement savings. After tax contributions means the taxpayers are not claiming a tax deduction for their contributions. In that year the co-contribution was set at 100% matching up to $1,000 – that is, if someone made a $1,000 personal non-concessional contribution and met the other requirements the government would pay another $1,000 into their super … When the Hostplus account was rolled over to AustralianSuper, the Hostplus account was automatically closed. The co-contribution scheme rewards you for personally contributing to your super after tax by offering to match a percentage of your contribution. The Co-contribution scheme rewards you for personally contributing to your super after tax by offering to match a percentage of your contribution. Ryan, aged 40, is employed and earns $35,000 p.a. To satisfy this test, 10% or more of your total income must come from either: Amounts from these sources are referred to as eligible income amounts. You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products). The super co-contribution is only available to low and middle income earners (i.e. Under the scheme, the co-contribution is a payment the Government makes to your super if you are in the low to middle income threshold and make voluntary after-tax contributions to your super. How Much Super Co-Contribution Will I Get? Super Co-Contribution 2014 FY. 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