Cash in on government contributions

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Did you know the government is still happy to add up to $500 to your super fund if you’re a low to middle-income earner and you make an after-tax contribution to super? The governments “co-contribution has been around for many years now and remains one of the simplest ways to boost your superannuation savings. The amount you receive will depend on how much you contribute as well as your income.
To be eligible for a co-contribution you must:

• make an after-tax contribution to your super fund
• lodge your annual tax return
• have a total income that’s less than $53,564 for the 2019-20 financial year.
receive 10% or more of your income from eligible employment and/or running a business.
• be no older than age 70 at the end of the financial year that you’re making the contribution.
• have a super balance below $1.6 million as at 30 June of the financial year prior to the year
that you’re contributing.
• not have exceeded the $100,000 annual non-concessional contributions limit.
• not have held a temporary visa at any time during the financial year (unless you are a New
Zealand citizen, or it was a prescribed visa).

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