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4 reasons why you should take advantage of this years' Government co-contribution scheme
Maximum co-contribution is being reduced
This year the maximum amount the Government will give you under the scheme is $1,000. Next year, this maximum limit drops to $500.
Changes to eligibility
You may not be entitled to it next year as the Government is lowering the eligible income cap from $61,920 to $46,920.
Matching rate to be halved
You'll have to contribute more next year to get the same co-contribution amount as this year. Currently, the Government will match you dollar for dollar up to $1,000 for contributions you make to your super. Next year, this will be reduced to $0.50 for every dollar you contribute.
Boost your super savings!
Changes to the co-contribution scheme
Year of entitlement Maximum entitlement Matching rate Lower threshold Higher threshold
2011–12 $1,000 100% $31,920 $61,920
2012–13 $500 50% $31,920 $46,920
More information on the Government co-contribution scheme can be found here.
Here's how to take advantage of the current co-contribution scheme to boost your super balance and maximise your retirement savings before the rates are reduced:
Find out if you're eligible* and what your entitlement is likely to be.
Then make a personal after-tax contribution before June 30 via BPAY, Mail or Direct Debit.
If you qualify, the Government will automatically contribute to your account after you have lodged your tax return – simple as that!
check eligibilitycalculate entitlement
Contribute now so you don't miss out.
Remember, to qualify for this years' co-contribution scheme, you have to make a personal after-tax contribution to your super account before June 30 this year. Please allow 5 working days for transactions to be received.
It's easy to do via BPAY, otherwise you can mail in a cheque or arrange with your financial institution to make automatic regular direct debit payments to your account.
Call your financial institution to arrange automatic regular payments to your Accountants Super account.
For more information:
Call 1300 651 331
Visit www.accountants-super.com |
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