Welcome toLUCRF Super School Topic: Government co-contribution scheme An online learning series
What is the Governmentco-contribution scheme?• If you make personal ‘non-concessional’ (after- tax) contributions into your super before 30 June, you may be eligible to receive a bonus payment from the Federal Government.• This is called co-contribution and is designed to help people grow their super balances.
How much can I get?• The maximum co-contribution for the 2011/12 financial year is $1,000.• The Government will match every dollar (up to $1,000) that you personally contribute if you earn $31,920 a year or less (total assessable income plus salary sacrificed contributions plus reportable fringe benefits).
How about if I earn morethan $31,920 a year?If you earn above $31,920 a year, the maximumco-contribution reduces on a sliding scale as yourincome increases until it cuts out altogether at$61,920.A partial benefit is paid if you earn between $31,920and $61,920 a year.
How about if I earn morethan $31,920 a year?Co-contribution scheme for 2011/12 financialyearSalary ($) Contribution ($) Govt co-cont ($)31,920 1,000 1,00041,920 667 66751,920 333 33361,921 0 0
Am I eligible?• You must be an Australian permanent resident and less than 71 years of age.• You must earn 10% or more of your income from eligible employment, running a business (self-employment) or a combination of both.• You must lodge an income tax return, AND• You must make a personal contribution to your super before 30 June.
To find out more about theGovernment co-contributionschemeTalk to us about professional adviceLUCRF Super offers personalised financial advice youcan trust.Advice regarding super or pensions is generally free.