If you make a personal after-tax contribution to your super, the Government may add up to $500 to your account. This is known as the 'Government co-contribution'.
You earn1 $57,016 p.a. or less in 2022/23, of which at least 10% comes from your job or a business.
Ryan, aged 40, is employed and earns $40,000 p.a. He wants to build his retirement savings and can afford to invest $1,000 a year.
He decides to make a personal after-tax super contribution of $1,000. By using this strategy, he’ll qualify for a co-contribution of $500. That’s a return of 50% on the amount he invested.
1 Includes assessable income, reportable fringe benefits and reportable employer super contributions.
Any advice and information on this website is general only, and has been prepared without taking into account your particular circumstances and needs. Before acting on any advice on this website you should assess or seek advice on whether it is appropriate for your needs, financial situation and investment objectives.
Any general tax information on this website is intended as a guide only and is based on our general understanding of taxation laws. It is not intended to be a substitute for specialised taxation advice or an assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent.
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