The co-contribution scheme is where the federal government puts extra money in a person’s super account if they make non-concessional contributions.
The following articles refer to Co-contributions and superannuation.
Q: I am 53 years old. I do not contribute to super and I have never been a saver. I have just paid off my unit. My question is: I earn only $37,000 a year, so I have never had a highly paid job. Is it too late for me [...]
Here’s a tip that can potentially save you thousands of dollars. Check that your super fund has your tax file number (TFN).
If you joined a super fund before July 2007, or started your current job before July 2007, then your fund may not have your TFN. Effective from 1 July [...]
The Federal Government is giving away money to anyone who makes a non-concessional (after-tax) contribution to their super fund, and who earns less than $62,000 a year.
Changes to the co-contribution rules, effective from July 2009, mean that anyone considering taking advantage of the co-contribution scheme for the 2009/2010 year needs to dot their ‘i’s and [...]
Q: My wife (age 63) and myself (age 65) have a small business. I was told by an organisation that at 65 or over I could put money into super, pay 15% tax on the way in and then draw it out when I wished and pay no tax. In fact I have been told [...]
This page gives you a list of super and retirement-related rates, thresholds and caps that are indexed in line with rising prices, or indexed in line with average weekly earnings. Indexation is a system of varying an amount (e.g. a benefit, wages, prices) in line with the movement of an appropriate [...]
If it were not for tax, superannuation wouldn’t exist. You would simply invest in your own name. Superannuation is taxed at lower rates to encourage people to lock their money away for retirement.
Here’s the short story on the tax incentives surrounding superannuation. You receive tax incentives on superannuation at four [...]
Q: My wife and I have established an SMSF. I’m fully employed while my wife has been unemployed since 1 July 09. She is most unlikely to gain employment before the end of this financial year. My question centres around maximising tax strategies for this year. Can I contribute on [...]
Q: I understand salary-sacrificed super contributions may be added back in to assessable income for co-contribution purposes from 1 July 2009. Do you know anything about this?
Trish’s response: Yes, your understanding is correct. Salary sacrificed contributions count towards the co-contribution income test from the 2009/2010 year.
What this change means is [...]
New super rates and thresholds now available. The ATO has released updated superannuation rates and thresholds for the 2009/2010 year. The main caps, rates and thresholds are listed below.
In the May 2009 edition of SuperGuide, I promised you a list of what I believed to be the top ten problems with Australia’s super system. My motivation for promising this list was the federal government’s announcement of yet another review (details at bottom of this article) relating to the superannuation system, and the appointment [...]
As a budding novelist, I love to read a good work of fiction, and on many levels, that’s an appropriate way to describe this latest Federal Budget – a fiction, or more precisely, an artifice. By treating the Budget as a work of fiction, I can then enjoy the parliamentary performance as a play on [...]
* Concessional contribution caps halved from July 2009
* Government co-contribution cut by a third from July 2009
Halving of concessional contributions cap
The Government just couldn’t resist tinkering with the superannuation rules. From 1 July 2009, the annual concessional (before-tax) contributions cap of $50,000 is to be halved to $25,000. While the transitional concessional cap for over-50s [...]
Hi - I'm Trish Power and I am the author of Superannuation For Dummies and many other books on super and investing.And guess what! This site, SuperGuide, is the only INDEPENDENT website for consumers on superannuation in Australia. Read more