Where can you get up to 100% return on your savings?
Thanks to the Federal Government's Co-contribution Scheme, you can
boost your superannuation with up to an extra $1000 by simply
putting in extra money yourself.
The government implemented the Scheme in 2003-04 to encourage
Australians to make personal contributions to their superannuation,
and many of us are taking advantage of this offer. In the 2009/2010
financial year the total Government Co-contribution amount was
about $1.4 billion* - a sizeable handout from the government just
for contributing to your own retirement.
If you earn less than $61,920 during the 2010/11 financial year and
make a personal after-tax super contribution, the Government will
match your money up to $1,000. There are of course eligibility
requirements to qualify for the Scheme.
For instance, before 30 June 2011 you must:
• earn less than $61,920 p.a;
• obtain 10% or more of your income from eligible employment (to
check, call the Tax Office on 13 10 20 or visit ato.gov.au);
• be a permanent Aussie resident;
• lodge an Income Tax Return for this financial year;
• be under 71 years of age;
• make your own personal after tax contributions to your
super;
• and make sure your super fund has your Tax File Number
It's easy to make personal contributions, most super funds allow
you to drip feed into your account on a regular basis or make a
one-off payment whenever you like.
Your Government Co-contribution is calculated after you lodge your
tax return. So, you don't need to do anything else! After you've
lodged your tax return, the Tax Office will work out your
co-contribution entitlement and then pay it straight into your
super account. It's that simple.
How much could you receive?
Don't miss out on free money!
Remember, your super fund must have your Tax File Number to accept
any personal contributions to your super account. Also, if your TFN
isn't on record with your super fund you may even be getting taxed
at the highest rate of 46.5% on the contributions your employer
makes to your super account.
Self employed?
The co-contribution is also available to you! You must make a
personal contribution without claiming a tax deduction for it.
The Tax Office will work out your co-contribution from
information on your tax return and details of contributions
provided by your super fund. You must earn at least 10% of
your total income from employment or running a business.
(Your income is assessable income plus reportable fringe
benefits less business income deductions.)
If you haven't already taken advantage of this generous option, get
on board so you benefit from the Government Co-contribution
Scheme.
By Brendan O'Farrell
Chief Executive Officer Intrust Super
The information contained in this document is of a general nature
only, and does not take into account your individual situation,
objectives and needs. You should consider the appropriateness of
the general information having regard to your own situation before
making any investment decision. A Product Disclosure Statement is
available at www.intrust.com.au or call us on 132 467 for a copy.
While Intrust Super has no reason to believe that this information
will not provide an accurate view of the material covered, Intrust
Super does not accept liability for any errors or omissions in the
content of this information.
The Trustee of Intrust Super is IS INDUSTRY FUND Pty Ltd | ABN: 45
010 814 623 | AFSL No: 238051 | RSE Licence No: L0001298 | RSE
Registration No: R1004397 | Intrust Super ABN 65 704 511 371 |
SPIN: HPP0100AU
*
http://www.ato.gov.au/super/content.aspx?doc=/content/00258543.htm&page=57&H57
Where can you get up to 100% return on your savings?
Thanks to the Federal Government's Co-contribution Scheme, you
can boost your superannuation with up to an extra $1000 by simply
putting in extra money yourself.
The government implemented the Scheme in 2003-04 to encourage
Australians to make personal contributions to their superannuation,
and many of us are taking advantage of this offer. In the 2009/2010
financial year the total Government Co-contribution amount was
about $1.4 billion* - a sizeable handout from the government just
for contributing to your own retirement.
If you earn less than $61,920 during the 2010/11 financial year
and make a personal after-tax super contribution, the Government
will match your money up to $1,000. There are of course eligibility
requirements to qualify for the Scheme.
For instance, before 30 June 2011 you must:
- earn less than $61,920 p.a;
- obtain 10% or more of your income from eligible employment (to
check, call the Tax Office on 13 10 20 or visit ato.gov.au);
- be a permanent Aussie resident;
- lodge an Income Tax Return for this financial year;
- be under 71 years of age;
- make your own personal after tax contributions to your
super;
- and make sure your super fund has your Tax File Number
It's easy to make personal contributions, most super funds allow
you to drip feed into your account on a regular basis or make a
one-off payment whenever you like.
Your Government Co-contribution is calculated after you lodge
your tax return. So, you don't need to do anything else! After
you've lodged your tax return, the Tax Office will work out your
co-contribution entitlement and then pay it straight into your
super account. It's that simple.
How much could you receive?
|
If your after tax voluntary contribution
is:
|
$1,000
|
$800
|
$500
|
$200
|
|
And your income is:
|
Your Government Co-contribution is:
|
|
$31,920 or less
|
$1,000
|
$800
|
$500
|
$200
|
|
$37,920
|
$800
|
$800
|
$500
|
$200
|
|
$41,920
|
$667
|
$667
|
$500
|
$200
|
|
$45,920
|
$533
|
$533
|
$500
|
$200
|
|
$49,920
|
$400
|
$400
|
$400
|
$200
|
|
$53,920
|
$267
|
$267
|
$267
|
$200
|
|
$57,920
|
$133
|
$133
|
$133
|
$133
|
|
$61,920 or more
|
$0
|
$0
|
$0
|
$0
|
Don't miss out on free money!
Remember, your super fund must have your Tax File Number to
accept any personal contributions to your super account. Also, if
your TFN isn't on record with your super fund you may even be
getting taxed at the highest rate of 46.5% on the contributions
your employer makes to your super account.
Self employed?
The co-contribution is also available to you! You must
make a personal contribution without claiming a tax deduction for
it. The Tax Office will work out your co-contribution from
information on your tax return and details of contributions
provided by your super fund. You must earn at least 10% of
your total income from employment or running a business. (Your
income is assessable income plus reportable fringe benefits less
business income deductions.)
If you haven't already taken advantage of this generous option,
get on board so you benefit from the Government Co-contribution
Scheme.
*
http://www.ato.gov.au/super/content.aspx?doc=/content/00258543.htm&page=57&H57