For those earning up to $61,920 the co-contribution provides a benefit of up to $1,000 from the government to your super fund. The maximum benefit applies to those earning up to $31,920 this financial year, reducing by 3.333c per $1 of income greater than this.
To be eligible you need to make an after tax contribution up to $1,000. The team at 5 Financial will be in touch over the next 2 weeks to provide you with the details of how much to make and how to make it if it is applicable to you.
Spouse contribution tax offset
The spouse contribution tax offset enables a benefit of up to $540 for making a contribution on behalf of a low income spouse. For a contribution of $3,000 for a spouse earning less than $10,800, the full $540 offset is available.
For amounts between $10,800 and $13,799, the amount reduces to 18% of the amount between the spouses income and $10,800. Don’t worry too much about the calculations as again, the team at 5 Financial will be in touch over the next 2 weeks to provide you with the details of how much to make and how to make it if it is applicable to you.
Please note, these figures were correct at the time this article was published. For up to date figures, please contact us.
If you would like to know more about making the most of your financial situation, we invite you to book a free, no obligation consultation with one of our experienced financial advisers. They will be able to provide you with an initial appraisal and let you know if and how we may be able to help you make improvements. Book a time that’s convenient to you today.