Would You like The Government to Add to Your Super

Some years ago the Government introduced an arrangement whereby they would add to individual’s superannuation savings.

With the financial year drawing to a close it is timely to revisit this initiative.

The Government will contribute up to $1.50 for each $1.00 of contributions a person makes to a superannuation fund.

If you can answer “yes” to each of the following questions, you may be eligible to receive a contribution to your superannuation fund from the Government:

· Are you under 71 years of age?
· Is your assessable income (plus reportable fringe benefits) for the current financial year less than $58,980?
· Is at least 10% of your assessable income derived from employment or self employment.
· Have you, or can you make a personal non concession (non deductible) contribution to a superannuation fund by 30 June?
· Will you be lodging a tax return for the current financial year?
· You have not held a temporary resident visa at any time during the current financial year.

If you can answer “yes” to each of these questions, you may qualify for a co-contribution of up to $1.50 for each $1.00 you contribute, subject to a maximum co-contribution of $1,500.

If your assessable income exceeds $28,980, then the amount of co-contribution progressively reduces and phases out altogether once assessable income reaches $58,980.

To qualify for a co-contribution in the current financial year, you will need to ensure that you make a personal non-concessional superannuation contribution to your superannuation fund before the end of June.

If you require any further information or assistance, please contact Christian , on 07 32083 888. Christian is an Authorised Representative of Professional Investment Services and he and his team will be able to provide you with financial planning advice to suit your present needs and future goals

See our link ==> Super Co-contributions Calculator

By David Maynard

(source Professiona Investment Services)

Copyright 2014. My Tax Zone.