10 May 2024
Up to a 50% guaranteed return
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
The Federal Government Co-contribution was introduced from 1 July 2003 as an initiative to encourage income earners to save for their retirement within superannuation.
If you make a contribution of up to $1,000 into your superannuation account before 30 June 2024, the Federal Government will add an additional sum provided that you are earning less than $58,445 this financial year.
The table below shows you how much the Federal Government will contribute for various amounts.
|
If your total
annual
income is:
|
…and you make
personal contributions of:
|
…then the maximum Government
co-contribution is:
|
|
$43,445 or less
|
$1,000
|
$500
|
|
$46,445
|
$800
|
$400
|
|
$49,445
|
$600
|
$300
|
|
$52,445
|
$400
|
$200
|
|
$55,445
|
$200
|
$100
|
|
$58,445 or more
|
$0
|
$0
|
WARNING, this does not constitute Personal Advice. To discuss if this is an appropriate strategy for your given circumstances, please do not hesitate to contact us directly.
Yes, there are always additional eligibility conditions and if you have family, friends or colleagues that want financial advice please ask them to contact us and we will work out how best to help.
Our business is based on referrals, so if you have family, friends or colleagues that want advice please ask them to contact us.
At Newealth we are always looking to support and promote our clients wherever possible and if you have any ideas or comments, please feel free to email me or to call me on +61 2 9267 2322.
