Bronwyn&Co Posted July 23, 2014 Report Share Posted July 23, 2014 Hi guysJust thought I'd point out that there is a Govt co-contribution to your Super if you earn less than $37k pa and want to/ are able to pay extra into your Super.They are currently paying 50c in the dollar, so if you put in $1000 they top it up with $500. It is only for contributions over and above your normal deductions. $500 is the max they will pay in a tax year.It's good for those of us trying to catch up our Super. If you have kids earning a low wage it also might help them.It used to be dollar for dollar but it is being cut back (and who knows what Tony will do next year). But here's the link.https://www.ato.gov.au/Individuals/Super/In-detail/Contributions/Low-income-super-contribution/ Quote Link to comment Share on other sites More sharing options...
rozellem Posted July 23, 2014 Report Share Posted July 23, 2014 Sorry, is this for a low earning individual only, or would a higher earning spouse "spoil" this for you? Quote Link to comment Share on other sites More sharing options...
Bronwyn&Co Posted July 23, 2014 Author Report Share Posted July 23, 2014 Sorry, is this for a low earning individual only, or would a higher earning spouse "spoil" this for you?No I have done it twice because I earn much less than my husband. Seems it goes on the individual income. Quote Link to comment Share on other sites More sharing options...
qwerty Posted July 23, 2014 Report Share Posted July 23, 2014 (edited) I paid $1000 into my super right before the end of the tax year...so hoping to get the $500. Our fin advisor told me about this, so thought we'll give it a go...had absolutely nothing in there at the time. He said this was probably the only time I would be able to get it...since I've only worked for 6 weeks in the financial year. Edited July 23, 2014 by qwerty Quote Link to comment Share on other sites More sharing options...
Bronwyn&Co Posted July 24, 2014 Author Report Share Posted July 24, 2014 I paid $1000 into my super right before the end of the tax year...so hoping to get the $500. Our fin advisor told me about this, so thought we'll give it a go...had absolutely nothing in there at the time. He said this was probably the only time I would be able to get it...since I've only worked for 6 weeks in the financial year.qwerty I was so irritated with myself because I only woke up on 2 July and they said it was too late for 2014. But I can still do it for 2015...meh. Quote Link to comment Share on other sites More sharing options...
Gerhardk Posted July 24, 2014 Report Share Posted July 24, 2014 There is also a tax offset (T4) available to the spouse contributing to low (or no) income spouse.Sorry can't post link but google the above. Quote Link to comment Share on other sites More sharing options...
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