Q: I’m aged 69 and I will retire in December 2012. Am I entitled to make a deposit into my super fund and receive the Government co-contribution for the 2012/2013 year? A: If an individual satisfies the age test, the work test and the income test relating to the co-contribution, then the … [Read more...]
If you earn less than $62,000 a year, or your spouse or children earn less than $62,000 a year, then you, or your spouse, or child, have 2 weeks to potentially make a 100% return on your money when you make an after-tax super contribution. Read on to find out how you can turn $1,000 into $2,000 … [Read more...]
Q: Can you clarify whether income from a pension (from a taxed and/or untaxed super fund) is considered ‘assessable income’ and/or part of ‘total income’? Is it considered self-employment income or employer income? You will need to confirm the specifics with your accountant, but whether … [Read more...]
Q: I am not working but I source my income from rents derived from my property investments. Am I able to participate in the Government co-contribution scheme? Background: The co-contribution is a tax-free super contribution from the Federal Government when you make a non-concessional (after-tax) … [Read more...]
Q: I understand salary-sacrificed super contributions may be added back in to assessable income for co-contribution purposes. Do you know anything about this? Yes, your understanding is correct. Salary sacrificed contributions count towards the co-contribution income test, and this has been the … [Read more...]
