5th Jun 2019

How to claim Government Co-contribution up to $500

Government Co-contribution up to $500

If you are on a lower income, the Australian Government is contributing 50 cents toward your super for every $1 extra you contribute to your super, up to a maximum of $500 a year. This is called the co-contribution scheme.

Eligibility for the super co-contribution:

You are eligible if:

  • your total income (including assessable income, fringe benefits and reportable super contributions) for the financial year 2018-19 is less than $52,697.
  • 10% or more of your total income comes from eligible employment-related activities or carrying on a business, or a combination of both.
  • you are less than 71 years old at the end of the financial year.
  • you did not hold a temporary visa at any time during the financial year (unless you are a New Zealand citizen or it was a prescribed visa).
  • you have a total superannuation balance less than the transfer balance cap ($1.6 million from 2017-18) at the end of 30 June of the previous financial year.
  • you have not contributed more than you non-concessional contribution cap.
  • make an after-tax contribution before 30 June 2019.
  • you have lodged your tax return for the financial year.
4th Jun 2016

Spouse super contributions & tax offset up to $540


Spouse superannuation contributions & tax offset up to $540

Under the current 2015-16 tax rules, you may be able to claim an 18% tax offset on super contributions up to $3,000 that you make on behalf of your non-working or low-income-earning spouse. You can contribute more than $3,000, but you won’t receive the spouse contribution tax offset on anything above $3,000. Read the full article here…