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Government Co-Contribution 2012

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You will be eligible for the co-contribution for an income year if:

  • you make eligible personal superannuation contributions during the income year; and
  • your total income (assessable income plus reportable fringe benefits and reportable employer superannuation contributions) is less than $61,920 (the higher income threshold); and
  • 10% or more of your total income is earned from carrying on a business, eligible employment or both; and
  • you are less than 71 years old at the end of the income year; and
  • you are not a temporary resident, and
  • you lodge an income tax return for the relevant income year.

There are two super co-contribution thresholds - a lower income threshold and a higher income threshold. If you are eligible for the super co-contribution and your total income is equal to or less than the lower income threshold, you are eligible for the maximum super co-contribution amount. If your income is between the lower and higher income thresholds, when your entitlement is calculated it is subject to the taper/reduction rate.

The taper/reduction rate is the amount by which your super co-contribution entitlement amount reduces as you move from the lower income threshold amount to the higher income threshold amount. You are not entitled to a super co-contribution once your total income is equal to the higher income threshold.

 

Lower income threshold

Higher income threshold

What will I receive for every $1 of eligible personal super contributions?

What is my maximum entitlement?

From 1 July 2009 until 30 June 2012

$31,920

$61,920

$1, up to your maximum entitlement.

Your maximum entitlement is $1,000. However, you must reduce this by 3.333 cents for every dollar your total income, less allowable business deductions, is over $31,920, up to $61,920.

From 1 July 2008 until 30 June 2009

$30,342

$60,342

$1.50, up to your maximum entitlement.

Your maximum entitlement is $1,500. However, you must reduce this by 5 cents for every dollar your total income, less allowable business deductions, is over $30,342, up to $60,342.

If your income is between $31,920 and $61,920 the ATO has a Government Co-Contribution calculator that will assist you in estimating the amount of contribution should be eligible to receive. Click here to go to the calculator.

To discuss this in more detail or find out how you can make your contribution to super please contact either Tim or Debra on 02 65622295.

 

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