Saving Through Super: Government co-Contributions
In addition to allowing people to choose their own superannuation
fund, the government has introduced other initiatives designed
to encourage personal contributions to superannuation.
The government co-contribution scheme, which was only introduced
in March 2004, has already been upgraded to offer a higher
co-continuation amount with increased eligibility for people
on higher incomes.
Effective from the 1st of July 2004, the maximum government
co-contribution has increased from $1,000 to $1,500 to match
a personal contribution of $1000.
The maximum government co-contribution of $1,500 will be
available to eligible persons who make personal contributions
with total income below $28,000. Above this amount the maximum
co-contribution will reduce by 5 cents for every dollar of
income to phase out completely at $58,000.
For example, if you are eligible and your income is $42,000
and you make personal super contributors of $1,000 during
the relevant year, you will be entitled to a Super Co-contribution
of $800 from the government.
Check on the matrix below for the amount of co-contribution
that you could receive:
|
Super Co-contributions
matrix
|
|
If
your personal super is:
|
$1,000
|
$800
|
$500
|
$200
|
|
|
|
And
your income is:
|
The
Gov. super contribution
will be:
|
|
$28,000
or less
|
1500
|
1200
|
750
|
300
|
|
$30,000
|
1400
|
1200
|
750
|
300
|
|
$32,000
|
1300
|
1200
|
750
|
300
|
|
$34,000
|
1200
|
1200
|
750
|
300
|
|
$36,000
|
1100
|
1100
|
750
|
300
|
|
$38,000
|
1000
|
1000
|
750
|
300
|
|
$40,000
|
900
|
900
|
750
|
300
|
|
$42,000
|
800
|
800
|
750
|
300
|
|
$44,000
|
700
|
700
|
700
|
300
|
|
$46,000
|
600
|
600
|
600
|
300
|
|
$48,000
|
500
|
500
|
500
|
300
|
|
$50,000
|
400
|
400
|
400
|
300
|
|
$52,000
|
300
|
300
|
300
|
300
|
|
$54,000
|
200
|
200
|
200
|
200
|
|
$56,000
|
100
|
100
|
100
|
100
|
|
$58,000
|
0
|
0
|
0
|
0
|
Disclaimer:
No investment advice provided to you.
This web site is not designed for the purpose of providing
personal financial or investment advice. Information provided
does not take into account your particular investment objectives,
financial situation or investment needs.
You should assess whether the information on this web site
is appropriate to your particular investment objectives, financial
situation and investment needs. You should do this before
making an investment decision on the basis of the information
on this web site. You can either make this assessment yourself
or seek the assistance of any adviser.
|
