The superannuation co-contribution that the government makes to the superannuation accounts of eligible contributors attracts a lot of attention and publicity towards the end of each financial year – and its free superannuation money. We wrote about it in an article previously but, as the end of the eligible contribution period for getting money in to your superannuation trustee, we are running a reference to that article again.
Government co-contribution is free money to your superannuation account
If the income earned for the current financial year is likely to be less than $62,000 1 you may be eligible to have the government add a further amount into your account, helping your superannuation account to grow – for free: you can receive a co-contribution based on your own undeducted contribution of up to $1,000 – subject to the eligibility we discussed in the article linked above (and that seems to change on an annual basis).
For advice and guidance on your superannuation account and any proposed contributions, Contact Us and arrange a meeting with a financial planner who can help you ensure you optimise your opportunities.
Annually updated information
The Australian Government authorises updated information to be published and this is done on the Taxation Office website 2 each year: it updates the eligibility criteria based on level of income – and the level of undeducted contribution the government is willing to ‘subsidise’ in this format. Refer to the link below for eligibility criteria in more recent years.
1 This was the eligible income amount for the 2012 financial year.
2 https://www.ato.gov.au/Individuals/Super/Other-contributions/Government-super-contributions/#Calculating_your_super_co-contribution
